Ask Ahmed · Buying a home
“Ahmed, what can I do so my loan closes on time and my lender and underwriter don’t have to chase me?” Here is my answer, with the written rules behind it and a timeline you can follow from offer to keys.
The short answer
From the day you apply until the day you get the keys, freeze your money picture. Don’t open new credit, don’t change jobs, don’t move money around, and don’t make deposits you can’t prove. When your lender asks for something, send all of it the same day. Most delays happen because something changed and the underwriter has to check it again.
Ahmed Makkiyah, REALTOR®
Read these five first
The 36.8 days is a national average from ICE Mortgage Technology. Your own timeline depends on your loan, your lender and your contract dates.
See it move
Scroll and the house moves down the road. Tap any stop to read what happens there and what you should do.
The average purchase loan, March 20261
Dark: application to rate lock. Blue: rate lock to closing.
Your lender pulls your credit and reviews your pay stubs, W-2s and bank statements before you shop.
Your job Send the full set at once, every page of every statement. Shop lenders within 45 days: mortgage credit checks in that window count as one inquiry.2
You sign the contract and send the earnest money deposit to the settlement agent.
Your job Call the settlement agent at a number you already trust before you wire anything. Keep the bank record of the deposit; the lender will ask for it.
An appraiser values the home, unless the loan qualifies for an appraisal waiver. You get a copy at least 3 business days before closing.13
Your job If the value comes in low, ask about a reconsideration of value. Fannie Mae allows one per appraisal, and Freddie Mac allows up to five other sales to back it up.14
The underwriter checks your income, debts and money against the rules, then sends a list of “conditions” (things still needed).
Your job Answer each condition the same day, completely. Send whole statements with every page, even the blank ones.
You must receive it at least 3 business days before closing.11
Your job Open it the day it arrives, compare it with your Loan Estimate, and sign the receipt right away.
You sign the loan and the deed at the settlement agent’s office, after a final walk-through of the home.
Your job Bring your photo ID. Confirm wiring instructions by phone at a known number, never from an email.16
In Virginia, the settlement agent must record the deed and pay out the money within 2 business days of settlement.18
Your job Keep your closing package. Now you can buy the furniture.
The freeze list
Your loan was approved on a snapshot of your credit, job and bank accounts. Anything that changes that snapshot has to be checked again, and that is where most delays start.3
Don’t
Do
Watch the file
Pick a change and watch the underwriter’s desk. Every change sends the file back for another check, and that second check is the delay.3,4,5
Pick a change above to see what the underwriter has to do.
The car-loan test
Your debt-to-income ratio is every monthly debt payment, including the new house payment, divided by your monthly income before taxes. Fannie Mae’s ceiling is 45% for a manually underwritten loan and 50% for an automated (DU) approval.23
Fannie Mae’s limits shown. FHA, VA and other loans use their own rules, and your lender can be stricter. Ask your loan officer for your number before you sign for anything.
Try it yourself
For a purchase loan, Fannie Mae and Freddie Mac call a single deposit “large” when it is more than 50% of your total monthly qualifying income. Large deposits need proof of where the money came from.5,6
This checks the written Fannie Mae and Freddie Mac rule for purchase loans only.5,6 FHA loans have their own rules; for example, earnest money over 1% of the price needs its source documented.9 Lenders can also ask about smaller deposits.
Gift money
| Loan | Who can give | Who can’t |
|---|---|---|
| Conventional (Fannie Mae) | A relative by blood, marriage, adoption or legal guardianship, and other people the guide lists8 | The builder, the developer, a real estate agent or anyone else with an interest in the sale8 |
| FHA | Family, your employer or union, a close friend with a documented interest, a charity, a government program9 | Anyone with an interest in the sale |
| VA | A donor with no tie to the builder, developer, real estate agent or other interested party10 | Anyone with an interest in the sale10 |
Tip: move gift money early, ideally before you apply, and tell your loan officer it’s coming. A gift that shows up the week of closing is the classic last-minute scramble.
The 3-day clock
The Closing Disclosure must reach you at least 3 business days before closing. If one of these changes after that, you get a new one, and the 3 days start over.11
Try a late change:
Smaller changes don’t restart the clock, but they still need a corrected form. So the best move is the same: no changes to your loan in the last week.
Wire fraud
Scammers send an email that looks like it’s from your agent or settlement agent, with “new” wiring instructions.16 Real estate losses reported to the FBI rose 58% in one year.15
From Closing Team <[email protected]>
Subject URGENT: updated wiring instructions, wire today
Hi, our bank changed after an audit. Please send your closing funds to the new account below so your closing isn’t delayed. We’re in meetings all day, so reply by email instead of calling.
New account: •••• •••• 4417
Virginia closings
Virginia law gives the buyer the right to pick who handles the escrow and the closing. A seller can’t make you use a certain company as a condition of the sale.17
After settlement, the settlement agent must record the deed and the deed of trust and pay out the money within 2 business days.18
Behind the scenes
No agency publishes a ranking of delay causes. This list comes from common lender practice and from what I see on my own deals.
Questions
Freeze your money picture from application to closing: no new credit, no job changes, no moving money between accounts and no deposits you can’t prove. Send every document your lender asks for, complete, the same day. Most delays come from a change the underwriter has to check again.
Wait until after closing. The CFPB advises against applying for credit cards, car loans or other credit during the mortgage process, and Fannie Mae requires lenders to confirm that a recent credit inquiry did not lead to new debt. New debt has to be counted, which can change your approval.2,3
Talk to your loan officer before you accept. Fannie Mae has lenders confirm your job within 10 business days before closing, and a change in employment has to be fully re-evaluated. A new job can still work, but it needs paperwork such as a signed offer letter, and it can add time.4
For a purchase loan, Fannie Mae and Freddie Mac treat a single deposit as large when it is more than 50% of your total monthly qualifying income. You’ll need to show where it came from, such as a statement from the other account, a bonus pay stub or a gift letter. Money that can’t be verified can’t be used for the down payment, closing costs or reserves.5,6
Get a gift letter signed by the giver with the amount, a statement that it never has to be repaid, and their name, address, phone and relationship to you. Then keep proof the money was in their account and a record of the transfer to you or to the settlement agent. Each loan type has its own list of who can give.8,9,10
If the APR changes beyond the allowed amount, the loan product changes, or a prepayment penalty is added after you get your Closing Disclosure, the lender must give you a corrected one at least 3 business days before closing. That restarts the wait.11
The average purchase loan closed in 36.8 days in March 2026, according to ICE Mortgage Technology: about 11 days from application to rate lock and 26 days from lock to closing. Your own timeline depends on your contract, your loan and how fast documents come in.1
The buyer does. Virginia law gives the purchaser or borrower the right to choose the settlement agent, and a seller can’t require a particular one as a condition of the sale.17
Working with me?
My clients get the complete version: what to gather before the offer, what to do in the first 72 hours under contract, the closing-week list, and ready-to-use letter outlines. Your code is in your invitation.
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