David Neal's Mortgage Blog

I have to tell you about an FHA mortgage that we recently did. It really shows off the system that I have worked on for several years, to expedite the loan process.

This FHA loan was one that had to be done by the 11th of September,  because of the downpayment assistance programs going away and our ability to fund them after that date. The official date was supposed to be October 1st, but we like many others got surprised at the last minute. To make a long story or not so long, depending on how you look at it....we cleared the loan to close in 8 business days. That's right I said it... an FHA in 8 business days. We only had a week and a half, and not only did we get it done, but we had the settlement statement to the borrower 24 hours in advance. I know lenders that can't provide the HUD 24 hours in advance after working on the loan for 30 days.

Now most certainly, we can't do that on every deal, but when push comes to shove......I have to mention that the only reason that this was possible is because the loan was very clean, the Realtor and borrower were very organized. The Realtor Jennifer Goodspeed was very skeptical and even after my assurances, didn't feel real confident about our ability to pull this off. I'm quite sure, that's because we had never worked with her before and well let's face it...most are lucky to get them done in 30 days. Here is what the buyer's agent wrote to us in a thank you card, that I just received.