Credit-based insurance scores (discussed in detail below) are based on information in your credit report. The first thing you should know is that if GEICO does obtain a credit-based insurance score as part of calculating your insurance quote, the inquiry is labeled as being from the insurance company.
So how long does it take to clear underwriting and close the deal? An FHA loan can stay in the underwriting stage anywhere from two to six weeks, depending on how many issues come up. If you get a superstar underwriter, your file might clear his desk in a week or less.
Once a loan officer has a completed loan file, income documents and a credit report, the application will be submitted to a VA underwriter for processing. Underwriters can take as long as 14 days to render a decision on underwriting a loan for individuals with a solid credit background. Those with credit problems can wait as long as 30 days for a decision. Once the file has been processed, the appraisal for the property you wish to purchase will be ordered. The appraisal can take as long as 10 days to be returned to the lender. Should there be any issues with the appraisal, you have some options.