The entire application, underwriting and funding process could take anywhere from 30 – 60 days. If it takes less than 30 days, you’ve got a highly efficient mortgage team. If it takes longer than 60 days, there’s some kind of problem slowing things down.n reality, the FHA process starts long before the loan application — or at least, it should. Here are the steps I recommend people take when applying for an FHA loan. 1. Set up a budget before talking to the lender.