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Illinois and Wisconsin Turn Around Time for FHA Mortgage Loan Underwriting

Current FHA underwriting turn time: 5-6 Days
Last Updated: 02/12/2009

One of the biggest complaints from home buyers and Realtors today is that it seems to be taking forever to close a loan, especially Wisconsin and Illinois FHA mortgage loans. The average turn time to get a loan submission through underwriting is roughly 21 business days... only counting business days means that's a month!

One of the main reasons for the slower processing of FHA mortgage loan submissions is that too many mortgage brokers that only did subprime mortgages are trying to convert these loans to an FHA mortgage. FHA is not subprime, and while too many past buyers that could have gone FHA were sent to subprime (due to faster turn times and good pricing at the time), loan officers must realize that FHA mortgages are not the same as subprime.

With the sheer volume of "manually underwritten" FHA mortgage loans, lenders are simply getting overwhelmed. There are not enough underwriters to keep up with the submissions, and the ones they are hiring need to be trained.

So what can you do?

Get to know who can really do FHA mortgages. Contact Ameristar Mortgage because we know how to package a loan properly to get it looked at quickly.

Our current turn around time for Wisconsin and Illinois FHA mortgage loans is stated at the top of the page. We will keep this page updated to reflect the most current turn times.

For Illinois and Wisconsin FHA mortgage loans, give us a call. We know how to package a loan for fast approval and clearing of any underwriting stips to get your loans to the closing table fast. Of course, a mortgage loan that needs to be manually underwritten will still take a little longer, but with the attention to detail we bring to the table, you can rest assured that the deal will be submitted with the best possible chance of getting it closed quickly.

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