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Home owners question

Anonymous
Posted by Anonymous
  • 104 Replies

If you had preapproval before finding a house, how long did it take you to be able to move in? We've been working on getting preapproval since August, we were close but needed to fix DH's credit a little. we've had our eye on this one house and today we were told his credit score is above where we needed it and they'll be resending paperwork for us to fill out and mail back, it should be mailed back to them on Friday so by Monday they'll have it and the pre-qualification letter will be here within a few days while they process the rest of the paperwork to get preapproval for us. He told us to find out if they'll accept an offer if we have a pre-qualification letter so we're waiting on the realtor to call us back about that. I know it'll vary because of several factors like how long negotiations take and such, but trying to get a rough idea of everything so I can plan better since we're pretty clueless on all this stuff and I only know from what I've read on articles and their website :)

Well I got the truckload  of papers this morning, he sent us the list of stuff we need for preapproval too instead of just prequalification, I have it all printed ready to go :) dh is signing everything tonight and its being mailed out tomorrow from whenever he gets it well have preapproval letter within 20 days according to their time line but this guy has seemed really on top of our stuff so should be quicker! :) only down side is interest went up from last time :( 

Posted by Anonymous on Oct. 9, 2013 at 7:57 PM
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Replies (1-10):
Anonymous
by Anonymous 2 on Oct. 9, 2013 at 7:59 PM

We are renting now and plan to buy a house next year. But that's awesome that your dh got his credit score up. Congrats! And here's a bump for you. =)

BaconQueen
by on Oct. 9, 2013 at 8:02 PM

Generally you're supposed to get pre-approved for a loan before you even start looking so you know your price range. It also depends on the downpayment you will be putting down, the type of home (HUD, short sale, etc), how efficient your retailer is, and the type of loan you end up with. 

1105
by on Oct. 9, 2013 at 8:03 PM

Loans need 30 to 45 day closing. Sometimes they get their stuff put all together before then.

Leigh84
by Gold Member on Oct. 9, 2013 at 8:04 PM
I think it was about 6 weeks but it varies
christina0607
by on Oct. 9, 2013 at 8:05 PM
We've. Bought 4 homes and each has been different. I guess maybe the average was 4-5 months.
Canvas_says
by Ruby Member on Oct. 9, 2013 at 8:05 PM

Up to 45 days after contract to.close, and another possible 60 days depending on the current residents needs.

Anonymous
by Anonymous 1 - Original Poster on Oct. 9, 2013 at 8:05 PM

thhanks :) I've been working on it like crazy on it (we originally had it high enough then something from 4 years ago--before we even got married-- showed up out of the blue so had to go back and get it back up!) So now it's just the rest of the process lol


Quoting Anonymous:

We are renting now and plan to buy a house next year. But that's awesome that your dh got his credit score up. Congrats! And here's a bump for you. =)



Christywf
by Platinum Member on Oct. 9, 2013 at 8:06 PM

Too long to type here.  PM me if you can, with very specific questions.  (was in the RE business for 11 yrs)

christina0607
by on Oct. 9, 2013 at 8:07 PM
Maybe i misunderstood the question. But did it really only take you 6 weeks from your first offer on a house until move in?

Quoting Leigh84:

I think it was about 6 weeks but it varies
Anonymous
by Anonymous 3 on Oct. 9, 2013 at 8:08 PM

I've never closed on a house in less than 60 days. Lawyers drag their feet, you'll need a home inspection, etc.

Good luck!!!

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