FHA underwriting taking up to 2 weeks

When buying a home in the Charlotte area and using a Charlotte FHA mortgage loan, be sure to allow enough time for the underwriting process. Due to overwhelming demand, the time it is taking for underwriters to actually touch and review a file (known as turn time) is currently averaging 7-10 business days. This means that once your Charlotte FHA mortgage loan application is submitted to underwriting, you will not get an answer back for approximately 2 weeks.

When making an offer for a home for sale in Charlotte, be sure to ask for a little more time to close your loan. In the past 30 days has been sufficient. However, turn times then were 48-72 hours. While we are still closing majority of our FHA mortgage loans in Charlotte within 30 days, I am advising any clients to allow 45 days on the contract. This prevents any potential issues with going beyond the “close by” date.

With PMI companies turning off 100% mortgage loans, using FHA mortgages in Charlotte is a good move. Charlotte FHA loans are less restrictive, have better pricing, cheaper monthly mortgage insurance premiums and now allow loan amounts to over $300,000 for Charlotte FHA mortgages.

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