First post, thanks to this forum

[Back2work]

First I wanted to say thanks to this forum, though I am new (1st post) I was able to work through the FHA back to work program (crazy hoops) and we will be signing our closing paperwork this week. 

I do have a couple questions.  

It's a purchase through a FSBO, and the home owners will be signing the paperwork from the title company this Saturday.  We will be signing the paperwork Monday am early.  The tittle company said I would need a cashiers check and she would try to get the paperwork to the courthouse as soon as we get it signed.  

Will it be considered our home at the time she gets it through the courthouse?  Or is there some kind of waiting period, before the homeowners get their money from the sale?

I'm  going to be asking questions about paying more on the mortgage to shorten the length of the loan, ASAP.  I don't want to pay extra the wrong way, and not get it credited properly. 

15 year loan 4% interest and it's way under what we could afford.  Just trying to stay way ahead after our foreclose.   

Thanks for the time and any answers.  

[dreamer2014]

First, Congratulations!!! We will be applying for the same program this summer.

[ezdriver]

Congratulations. My new home, being purchased with FHA mortgage under the Back To Work prgram, is being built and will be done in June.

[ShanetheMortgageMan]

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@Back2work wrote:

Will it be considered our home at the time she gets it through the courthouse?  Or is there some kind of waiting period, before the homeowners get their money from the sale?

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The contract should spell out when you get "posession", usually it's the day the deed is recorded with the county.  At the end of the process the order of events is typically:

1. Buyer signs loan documents (or if no mortgage) and provide any remaining funds due

2. Buyer's lender wires mortgage amount to title company

3. Title company records deed (sometimes this will come after step #4)

4. Title company pays off any liens seller has and disburses remaining amount to the seller