GeoffM

At the risk of a "length of a piece of string" question, we're looking to move in to our first "owned" place in June/July this year. It's a fairly narrow window so timing is important. The numbers of viable properties isn't a problem where we're looking. We're first time buyers, will be looking at FHA because we don't have too much deposit, barely have 2 years of credit history, and in southern California. Anybody recently had a similar scenario - how long did it take from begging the bank for a mortgage to walking into your new abode?

I've heard the process can be extremely quick - but FHA can slow things down. Not sure what to believe.

Thanks.

cluedweasel

It was a fair while ago (2002), but it took us around 6 weeks from beginning to end to buy in Riverside, CA. Our situation was a bit different though. It was a new build, we had a hefty deposit (50%), but next to no credit history. Good luck and hope it all goes smoothly.

Hawkini

We just bought a house in the East Bay San Francisco - we moved in Feb 2011 to the US so I guess a little under 3 years credit history, we did FHA (3.5 % deposit) using the maximum adjusted FHA loan (yes, crazy PMI).

We started the entire process beginning of October, offer accepted on the 5th October 2012 - we signed title on 11/12/13 (cool date huh?) - so just over one month and had keys the same afternoon.

md95065

Total time end to end was about 5 months.

We started looking for a place at the beginning of February, found what we were looking for by mid-April, negotiated with the sellers and had our offer accepted at the start of May and moved in about 8 weeks later at the start of July.

Hawkini

Forgot to add we started looking at start of September - first offer end of September for an end to end.

Rete

75 years

dunroving

From memory, "a few weeks" (in 1998). My first home involved assuming an existing FHA mortgage (taking over the existing mortgage), but the application process wasn't ostensibly any different than applying for a new mortgage.

The other two occasions it was a similar amount of time - around a month, I think.

Philk

we went the FHA route, took around 6 weeks from deciding to make an offer to having all the paperwork done and moving in.
The one snag that hit us was we did this just before the government shutdown which delayed getting the FHA approved - so we came to an arrangement to 'rent' the house until it was approved ( which turned out to be only an extra 2 weeks)

good luck

SultanOfSwing

We did an FHA mortgage when we bought our first house in 2009. I can't remember exactly when we were pre-approved but I think it was around February.

Anyway, from accepted offer to closing was about six weeks, so in line with a few of the other posters. It could have been quicker, actually, we went for 45 days because we thought it would take all that time to go through but I think from memory, in reality we could have closed in four weeks.

AmerLisa

We bought in 2005 when a dog could get a mortgage and they wouldn't bat an eye.

The only credit we had was that we had paid our rent and utilities on time for a year, we bought a new build through FHA and put 3% down. It took 6 months because that's how long it took to build the house (we still live in it.) My husband was only contracting at the time, I didn't work. Thankfully he became permanent and his salary went continually up, or we would have been in with all the rest.

NatashaB

We were planning to buy in November 2010, but as we were already renting the house, the bank decided we had a 'conflict of interest' and that we'd have to wait 3 months, not sure why that made a difference to any conflicts. So we started the process in August 2010 and it ended in February 2011, the following year. We were straight off the plane, though, so had limited options as to which bank would work with us.

Rete

that is 75 years before I bought a home and it was seen in late March and closed on April 27. So about 30 days and we had a pre-approved mortgage.

dunroving

Did you live in rented until you were 75? That's pretty rare.

Michael

There are also HUD 203(k) mortgages (fixer upper loans) where the mortgage is more than the market value of the house. I believe with the extra money, you hire a contractor to do the repairs under the guidelines of HUD.

203(k) mortgages

ChocolateBabz

I was signing the papers to build our new home on the plane flying over at the end of May 2008. We moved in at the end of October 2008 when the house was complete.

Big deposit 60ish% but no credit history.