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.

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.

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.

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