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