NJHMFA communicates our underwriting review timelines on our daily rate sheet. Due to increasing loan volume, NJHMFA is temporarily increasing the expected timeline for initial review to 5 business days, and 2-3 days for resubmissions.
Files are reviewed in the order of receipt, and lender requests for rush review will only slow down the process for all loans. Please plan accordingly and allow enough time prior to closing to allow for both the initial review and any resubmission for outstanding conditions.
As a reminder, AUS findings must be followed, the full list of documents required per the Lender Underwriting Checklist must be submitted, and the file must be fully underwritten (clear-to-close other than NJHMFA review) prior to submission to NJHMFA for review.
