Cash Loans Today
How long does the underwriting process take on FHA loans with Countrywide?
1st time homebuyers and we submitted all paperwork needed on the 16th. Was advised today on the 22nd that our stuff was sent to underwriting. We have great credit, 10+ years of employment with the same company, and enough cash to close. Is there anything that could derail us? LO says we can close by August 6th, is that a reality or is she being optimistic? Thanks!
It depends on how busy they are. An underwriter has to be Direct Endorsement Certified by HUD in order to underwrite FHA/VA loans.
Countrywide is pretty short on those folks.
It actually takes only about 30 minutes to underwrite the file, but with them, will probably take about 48 hours.
Ask your loan officer if they underwrite them “in house” or if they send them to an off-site location. If they send them to an off-site location (that means, not in his office), then count on it taking about a week.