Loan Options & 30 Day Process Once Under Contract
When it comes to loan options there are many options to obtaining a certain type of loan. From Conventional, VA, to FHA we will talk through to ensure your lender advises you on the best option for you! A few of my favorites are the two well known grant programs in our area. These options are especially helpful to first time home buyers!
The first option is a Grant Program called THDA. This grant is partnered with an FHA Loan. The grant will provide buyers with a certain portion of money to help pay for the down payment. You must have a credit score of at least 640 to qualify.
The second option is another Grant Program called USDA. This grant program provides all of the buyers down payment but it is specified for only certain locations. Only certain areas qualify for this program. You must also have a credit score of at least 640.
The Lender will go over all your options that are available to you and advise you on what works best for you and your family. We will work hard to ensure you are satisfied with your terms before our house hunting begins.
Once you are approved for your Home Mortgage then our search begins! Once we find you the perfect home and get an accepted offer our 30 day close out period will begin.
30 Day Close Process
After your offer has been accepted and bound you will work closely with our Home Team for the next 30 days. We will begin our process with the inspection period phase. An inspection period is when the buyer has the right to inspect and hire an inspector to inspect the home. Typically this is a 7-10 day period. After the inspections have been completed we can negotiate with the seller for any repairs needed until we come to a mutual agreement.
After the Inspection Period, we move on to the Appraisal. An Appraisal is what the lender will order for you to make sure that the home appraises for the amount we have offered. Once we receive the appraisal back you will be on your way to your closing day.
Closing Day. Expect to do your hand exercises a day before! This is the day you become a homeowner! We will meet with our title company and review all the paperwork from the contract and the lender. We will make sure all the numbers align and you will begin your signing! Once that is completed, you will receive your keys right then and there and get to take a picture with the exciting “SOLD” sign!
