How long does it take to buy a home?

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The overall time frame to buy a home from prequalification to closing will vary depending on a variety of factors.

  • Credit History
  • Financing
  • Type of Home
  • Transaction Setbacks
  • Market Conditions

Credit History

If your credit scores are above 620 (the minimum to qualify for the $500 Down Payment Program), the prequalification process can be completed in about 24 hours or less.

Now, home buyers with credit scores below 620 will experience a delay. The delay could be as little as 60 – 90 days to 6 – 12 months. It really depends on what is hurting your credit.

Working with a Realtor can help determine what you need to do and speed up the process.

Collage of words: Bankruptcy, Overdue, Collections

Your Financing

The method that you use will factor in to how long it could take to buy a home. For example, if you’re paying with cash, you could close in about two weeks. If you’re applying for a mortgage to buy a home, the closing time can vary based on the type of loan.

  • 30 Days - Conventional Loan
  • 30 Days - VA Loan
  • 30 Days - FHA Loan
  • 45 Days - MFA Loan
  • 60 Days - 203k Rehab Loan

Type of Home

The type of home you purchase can also effect the time it takes to close. This can be a result of the circumstances surrounding the Seller. Distressed properties can result in longer transactions.

  • 25 - 30 Days - Privately Owned Homes
  • 30 - 45 Days - Bankowned Homes
  • 40 - 45 Days - HUD Homes
  • 3 - 12+ Months Days - Short Sales

Transaction Setbacks

During the course of your home purchase, you can hit a few speed bumps. Most are quick and easy to overcome. Others can be long and stressful.

  • Waiting For Appraisal Report
  • Repairs Not Complete
  • Complications With Buyer’s Financing
  • Title Issues
  • Buyer/Seller Scheduling Conflicts

You can just imagine what it would be like to buy a short sale home that has a clouded title while using a 203k Rehab Loan. Have a seat, it’s going to be a while.