17 Day Close – Conventional and FHA Only; Nobody Closing Jumbos “Fast”
We tout our “Super 17” or 17 Day Closings often, but we need to emphasize that this is only for Conventional and FHA Loans, and not for Jumbo Loans.
Nobody is closing jumbo loans fast. This is really important b/c our borrowers and Realtors are often confused about this.
All jumbo lenders and investors are exceptionally skittish and demanding, and most lenders need at least 25 days to close a jumbo purchase. We quote 30 to 35 days b/c of the risk of unexpected or irrational conditions surfacing. We also have a lot more appraisal issues in the jumbo arena, as jumbo investors scrutinize appraisals much more carefully. Some lenders tout “21 days” for jumbo purchases and we can close in 21 days too in some cases, but all the planets and stars have to be aligned (which is pretty rare).
In summary, we can still close Conventional and FHA transactions in 17 days whenever it is necessary. But Jumbo financing requires much more time no matter what lender is involved.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646