When we first started to look for a home 2 months ago, we really had NO idea what to expect. I wasn't aware that the home buying timeline was SO stretched out and I couldn't really find any answers on how long certain steps would take, so I thought I would provide my timeline here in case anyone else might be wondering the same thing. Keep in mind that states are different, loan companies are ALWAYS different, everyone's experience will definitely be unique.
This was an FHA loan, 4.5% interest, with 13% Front End and 48% Back End Ratio:
03/03 Contacted a Real Estate Agent, Started looking at properties
04/02 Put an offer on the house (this was our 6th offer / 6th house)
04/03 Offer Verbally Accepted
04/07 Received and Signed Foreclosure Addendums
04/10 Home Inspection Complete
(We jumped the gun on this one since we had a verbal agreement already)
04/13 Signed Purchase Contract Received from Seller
04/15 Loan Assigned to Processing
04/16 Appraisal Ordered
04/27 Appraisal Received
04/29 Loan Submitted for Final Underwriting
05/05 Loan Approved with NO PTD Conditions
05/06 Closing Documents Ordered
05/06 Closing Documents Sent to the Title Company
05/07 Signed all the closing documents and handed over our check
05/12 Seller Signed HUD, Funds Transfered, Deed Recorded, GOT KEYS!!!
I hope this info can prove helpful to some one.
GOOD LUCK!
Message Edited by bubasti on 05-14-2009 10:03 AM
