How Long Will This Take?
These days, transaction time frames are largely dependent on appraisal turn times. Most transactions take 30-45 days from application to funding. That timeframe can vary greatly depending on how responsive the borrower is in getting us any required documentation and how quickly (or slowly) the appraiser inspects the property and provides the completed appraisal report. Appraisal turn times are typically quicker during the winter when home buying slows and slower in the warmer months as home buying picks up. The lender will also play a role in determining how quickly the transaction is processed. If it is a refinance transaction on a singlewide 1976 manufactured home with little to no equity and borrowers that barely qualify, it will have to go to a lender that will take longer to process the deal than if we were working on a purchase transaction on a 2005 doublewide with borrowers with good credit, ready to put down 10%. The cleaner the scenario, the quicker the process.