Building a new home and closing FHA before November 31st?

[Anonymous]

I am considering building a new home which take approximately 90 days.  If the builders begin building mid-August and finish in early to mid November, what are my chances of closing an FHA loan before November 31st? How long does closing an FHA loan usually take? Also, can an FHA loan begin closing before the house is complete?

[Anonymous]

We're actually looking into building as well. My realtor said if we went that route, that we should be able to have everything closed by November 30th.

[ShanetheMortgageMan]

At most, give it a week after the home is complete you should be signing your papers to close on the home... could just be a few days.  Everything should be taken care of on the mortgage except for the final inspection to the appraisal, even the initial part of the appriasal with comparables, value, etc. should be done... so all that has to happen is the day the occupancy certificate is issued, the appraiser writes a final addendum stating the occupancy certificate has been reviewed and the home is suitable for occupancy... it's reviewed by the lender and you are issued the clear to close.  Sometimes the lender will even accept just the occupancy certificate without further work from the appraiser, but it's always best to anticipate the worst.