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One of the biggest complaints
from 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 24-48 hours. 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 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.
Additional
FHA information
Search FHA Maximum County Mortgage Limits by State
Current FHA Mortgage
Rates
About Ameristar Mortgage
Wisconsin and Illinois Mortgage
Programs
Apply Online
Contact Ameristar Mortgage
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