Post # 1
FI and I are looking to purchase our first home. We are getting married April 5th and would like to be in our home before or shortly after that. Is this even possible?
By the way, we don’t live in the same state right now, he’s moving here mid January.
We have a large amount for a downpayment but have not been pre-approved for a mortgage yet. Basically just been shopping online and seeing some for sale by owner properties.
Post # 3
You might want a separate account for wedding expenses (or one for your downpayment). Lenders don’t like to see a bunch of money moving in the accounts where your downpayment is.
Otherwise, I don’t see why it would be an issue. I gor pre-approved twice. Once it came back the next day and the other it occurred the same day.
Post # 4
@Lily_of_the_valley: yes, it’s absolutely possible. my husband and i looked at houses for less than a month before buying (went on 3 tours and a lot of open houses). we actually didnt even meet our realtor in person before the closing lol
i would recommend going with a local lender to get preapproved–ours was super efficient when it came to making an offer and getting us our documents (preapproval letter, etc). we found ours through redfin. if they cover your area, i highly recommend going to one of their free homebuying classes
ETA: closing is usually about a month from your offer being accepted, i think, so i’d keep that in mind.
Post # 5
You can get pre-approved in a day. Then after you make an offer on a house, it would take 30-60 days to get a mortgage committment from a bank.
ETA: closing is NOT usually 30 days from offer being accepted. Maybe it could be that quick if you weren’t getting financing, but that’s really not feasible in most cases.
I would be very very careful doing this while planning a wedding. You cannot make any big purchases in between the offer and the closing, so I’m not sure how you would be able to pay for the wedding without losing the mortgage committment. I would also tend to steer clear of anything FSBO.
Post # 6
We randomly started looking at houses with no serious intent, but we found one we loved, got pre approved in a day and made an offer a week later. Its really not a long process at all as long as you have access to all the paperwork you need. We closed 2 months after our offer was accepted. We were supposed to close 45 days after it was accepted, but the sellers needed some extra time and we weren’t opposed so it was extended.
For me one the biggest hassles was that I have multiple student loans. One of them, even though its in my name, my mother pays. This was a problem because the loan was in my name, but the payment was not coming from any of my accounts. I had to contact the provider to get paperwork stating that the payments were coming from my mother’s account. They couldnt fax or email this info, so it was by mail and took 7-10 days to receive. Of course… the first time they sent the letter it included all of the wrong info. PITA!!! So yeah, if you have any weird situations then I’d get all that straightened out in advance.
Post # 7
Our process was very quick but that was thanks in large part to our lender being able to close so quickly (the original one could not meet our deadline). We started looking at houses the beginning of October, our offer was accepted in the middle of October (I think the 18th?) and we closed on the house on the 15th of November. With such a quick turn around we had to be quick about getting our inspections done but it helped that the owners wanted out sooner as well since they were carrying two mortgages.
Post # 8
@Lily_of_the_valley: Yes, its definitely possible. You can get qualified quickly, and escrow is generally 30-60 days.
The only thing that could really delay moving is if you’re buying a short sale home, there are almost always complications and delays. I’m not sure if they’re popular in your area right now, but there are a ton in california.
Aside from that, be sure to explain to your realtor that you’re in the process of getting married so those expenses are explained. The bank won’t hold it against you if you’re using your savings, but definitely don’t run up any credit card debt during the process.
Post # 9
I looked and purchased in a month’s time. It may have been a bit longer but I really remember it being about 30 days.
Post # 10
We stalked real estate websites for a few months to get an idea of how much house we could afford and what area we wanted to live in, but we weren’t planning to go through the loan process until after the wedding. Then when we found our house, it was a great deal, and a prime location, we knew if we didn’t act fast, it’d get snatched up. We went and got a pre-qualification. Took about 30 minutes. The next day, we toured the house, decided to put an offer in, and started the loan process. Our lender actually rushed ours through pretty quickly so we could close before the wedding. From pre-qualification to closing, maybe 30-35 days? We closed the day before the wedding.
A lot of factors are involved. We already found the house we wanted, so we didn’t spend time looking at numerous houses with a realtor. We had already looked into various bank loan programs to figure out interest rates and such, so we knew which lender we wanted to work with. Our house was a remodeled and flipped house, so we didn’t have to wait for the owners to move out, it was move-in ready.
Post # 11
We got preapproved really quickly, as soon as our mortgage lender had all of the required documents (tax forms, bank statements, W2s, employment confirmation, pay stubs, identification cards, etc). We put an offer on a house and closed exactly one month later. We moved in 30 days from the date our offer was accepted.
Post # 12
We got pre-approved but had issues with our lender so when we found a house we switched lenders. We put an offer on our house and started the paperwork with the new lender (through the builder of our house) the next day. We closed 3 weeks later. So yes it’s very possible to be in by April unless you’re thinking of doing a short sale. We had an advantage by using our builder’s lender, they beat the interest rate the other lender offered us, paid our closing costs plus upgraded some items, they also paid down the interest on the first year of our loan And they were so motivated they got it done quickly. Not all lenders are that motivated fortunately.
Post # 13
@adoc86: I also have multiple student loans and HIGH ones at that. They are currently in deferment. do you think that will be a problem?
Also, I just started my job in September (3 months) so I only have pay stubs from that time, before that I was self-employed for 3 years. FI is in the same boat as we have the same exact job with the same company
Post # 14
@Lily_of_the_valley: I had high student loans too, but I’m not sure how the deferment will affect you either way (mine weren’t deferred). I guess they would take into consideration how much you’ll be paying out once they come out of deferment and calculate that into what you can afford in terms of a mortgage. I’m not really sure to be honest with you. I do know that student loans are considered “good debt” so as long as you’re able to pay them they generally don’t go against you.
We needed pay stubs for the past 6 months. If we didn’t have them (my DH didnt because he had recently started a new job) then we had to write up a letter explaining their absence and the lender had to approve the reasoning. I do remember my mortgage agent saying, “neither of you was self employed right??” as if it would have been more of a hurdle, but I’m not really sure. Since you aren’t self employed anymore it might not be a problem. You may just need your tax records from that period.
Post # 15
Pre approval takes very little time. Then its just however long it takes to find a home, make an offer, have the seller acept, and sign papers. We closed in 30 days after having our offer accepted. It took longer for us to find a something we liked than it did to seal the deal really.
You really only need a separate bank account if you are being given, or are going to spend, a large sum of money before you close. If you DO they will want an explanation.
Post # 16
I would just go talk to your bank. From what I know your student loans will definitely have an impact on the loan, as well as being self employed. I’d find out if and how much you’d be approved for and just go from there.