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CAT | Home Buying Process

When a buyer finds a home to buy, and is obtaining financing to buy a property it can take 30-60 days to close on it. FHA 203k on a property can take up to 90 days to close, because of all the lending conditions to bring the property up to par. FHA 203k’s are different than regular FHA loans. FHA loans currently average 2 weeks in underwriting. To say the least it, takes 5 weeks for FHA financing and 4 weeks best case scenario for conventions financing. This is simply underwriting and does not include the inspection period of 10 days, and the time it takes to acquire an executed contract. To simply the number of days it takes to close on a home, please read below.

  • Time to execute a contract(both seller and buyer signatures) =3 days
  • Time for inspection period=10 days
  • Time to order an appraisal and submit it to the lender=7 days
  • Time in Underwriting to receive conditions= 14 days
  • Time to meet conditions=4 days (updated paystubs, tax returns,..etc)
  • Time to Satisfy conditions and receive docs from the underwriter=3 days
  • Time for the Title company to prepare the lender docs and setup an apt with you=1 day
  • Time for Funding=1 day max

    All together, it ads up to 43 days, assuming your file does not have to be submitting more than twice to the underwriter.

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