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How much longer does a fha mortgage approximatly take to get approved compared to a conventional home mortgage loan?
Laura24mario
That would depend on several factors like if the people you are working with are brokers or direct lenders. Their ability to underwrite in house vs. sending out will directly influence the time to close. Their overall knowledge of the FHA process and years of experience will play a factor. So in general do your best to work with a direct lender that has years of experience and specializes in FHA and you should do just fine.
In general we turn transactions in under two weeks but this will be different on purchase transactions where a specified closing date mandates when you close.
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∙ 14y ago
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What is a conventional Uninsured Mortgage?
Are you sure this is a "mortgage protection" question?
Does a mortgage pre approval guarantee a mortgage loan approval?
Pre-approval for a mortgage does not guarantee that you will be approved a mortgage loan. However it does mean that it is very likely that you will be approved when you apply.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Is one of the advantages of getting a government sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
What is a conventional Uninsured Mortgage?
Are you sure this is a "mortgage protection" question?
Does a mortgage pre approval guarantee a mortgage loan approval?
Pre-approval for a mortgage does not guarantee that you will be approved a mortgage loan. However it does mean that it is very likely that you will be approved when you apply.
Is there a difference between jumbo mortgage rates and the rates of a conventional mortgage?
A jumbo mortgage is a loan larger than the conventional mortgage limits. The rates of jumbo mortgages is typically 0.25% to 0.5% higher than traditional mortgage rates.
What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Is one of the advantages of getting a government sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Which is true of an adjustable rate mortgage?
conventional mortgages
What type of mortgage loan has a fixed rate a fixed term and a fixed payment?
Conventional Mortgage
Can you get approved with a credit score of 502 with a mortgage?
no.
If you took out a conventional mortgage when can your rent out the property?
after 1 year
How are jumbo mortgage rates different than conventional mortgage rates?
Jumbo mortgage rates are generally 0.25-0.50% higher than conventional mortgage rates. Jumbo loans are a higher risk for lenders and therefore are charged higher interest rates to offset that risk, in the event of default.
What does the term jumbo mortgage rate refer to?
A jumbo mortgage is an amount borrowed that is over the conventional limits. A jumbo mortgage rate is the percent interest to be paid on this inflated mortgage.
Do you qualify for the 8000 credit if you go through a conventional mortgage company and not FHA?
Yes. Whether you have a mortgage or not or where you got it is not relevant.
