Orange County FHA, VA & First Time Buyer Loan Information: October 2010

How To Close an FHA Loan in 30 Days in Orange County

Closing an FHA loan in Orange County in 30 days or less is not only possible, but is easy. But for the loan to close this quickly, all parties involved must be ready to react quickly to requests from the lender.

What Needs to Happen For a 30 Day FHA Loan?

  • Borrower - it helps tremendously if the borrower has already met with an Orange County Direct FHA Lender and has a PreApproval in hand. If the borrower is already PreApproved for a FHA loan, then the lender should have tax returns, paystubs, bank statements, loan application, and credit. The lender may need to update the file with new paystubs or bank statements, but PreApproval will give the lender a good head start in closing the deal quickly.
  • Real Estate Agents - The lender will need the complete purchase contract and any counter offers, as well as escrow company contact information. The Orange County FHA lender needs this information so they can contact escrow immediately.
  • Escrow Company - The lender will send the "Initial Fees Worksheet" to the escrow company, along with the lenders contact information. The lender needs to receive the Estimated HUD-1, also known as the Estimated Closing Statement, from the escrow company prior to completing the Good Faith Estimate and loan disclosures for the borrower. The appraisal can't be ordered until the lender has sent loan disclosures out, so receiving the Estimated Closing Statement from escrow is an important step in closing escrow in 30 days or less.
  • Appraisal - The FHA appraisal is ordered by the lender through an Appraisal Management Company. It typically takes less than 1 week to receive the appraisal from the day it is ordered, so the lender needs to order the appraisal as soon as possible.

If there is a break in the chain, if one of the parties involved in the transaction causes a delay, 30 days can quickly turn into 35 or 40 days. For this reason, the lender should have a timeline mapped out and make it clear to all parties that items needs to be received quickly. An experienced lender can pull off 30 days FHA loan closings almost every time as long as everyone works as a team.

FHA Loan PreApproval is the First Step

The first step is to get PreApproved for a FHA loan before making an offer on a home.  Finding an experienced FHA loan officer who works with a Direct Endorsed FHA lender in Orange County is important. While it is easy to find FHA lenders on the internet, Orange County has some very experienced FHA loan officers. Also, it can be helpful to meet face to face with the loan officer and get all of your questions answered.

Authored by Tim Storm, an Orange County, CA  FHA Loan Officer – Please contact my office at Home Point Financial for more information about an Orange County, CA home loan.  949-829-1846

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report. 949-829-1846 | tstorm (at) ochomebuyerloans.com 

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Comment balloon 0 commentsTim Storm • October 30 2010 07:02PM
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