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A loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower. loan approval process should take anywhere from 1 day to 1 month, depending on the size and type of loan applied for, as well as the credit risk and underwriting needed for the borrower.
The entire application, underwriting and funding process could take anywhere from 30 â 60 days. If it takes less than 30 days, youâve got a highly efficient mortgage team. If it takes longer than 60 days, thereâs some kind of problem slowing things down.his is when the terms of the loan are established, and when the lender and borrower commit to the agreement. It might take anywhere from 1 â 5 business days to complete this stage of the process. 2. Processing and underwriting: Youâve agreed to the terms of the FHA loan, and youâve signed a document to that effect.