How Long Does It Take To Get Approved For A First-Time Home Buyer Mortgage? A first-time home buyer’s mortgage approval process can take a variety of lengths of time, contingent on several variables, including the lender, the loan programme, the borrower’s financial standing, and the intricacy of the application.
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- The average wait time from submitting your loan application until the loan closes is thirty to forty-five days for mortgage approval. However, some lending programmes, like FHA loans, have more standards and a more involved approval process, which makes them take longer.
- Other variables that may affect how long it takes to get approved include the borrower’s credit score, the lender’s workload, and the accessibility of the required paperwork. An applicant may be approved more quickly and easily if they have excellent credit, consistent income, and all the paperwork on hand.
- To learn more about the requirements and timeline for being accepted for a first-time home buyer mortgage and to make sure you have all the required paperwork on hand to expedite the approval process, it’s always a good idea to speak with a lender or financial advisor.