Post # 1
Member
3568 posts
Sugar bee
How long did it take to close?
Fiance and I are probably insane just bought our first home. We were told earlier this week that our closing date should be around Oct. 4th. Everyone is telling us that seems like a unusually long time to close on a house.
Our lender says it’s possible to get the paperwork back from USDA before the wedding and we can close then. He also said if it’s after the wedding, then closing will have to wait until we receive our marriage certificate because my name will change (the loan is in my name, not FI). However, I can’t legally change my name until I get the marriage certificate back anyway. Basically, we really have no clue when we’ll close.
We are crazy for doing this so close to the wedding, but it’s a house we love and in our budget.
I’m so exhausted/stressed about everything, I may just sleep the entire time we are on our honeymoon! 🙂
Post # 3
Member
1566 posts
Bumble bee
I can’t offer any help.. We were going to do USDA, but the FDA(?) loan wound up being lower interest for us (house is in DH’s name, I don’t know much about it)… Friendly bump 🙂
Post # 4
Member
3691 posts
Sugar bee
@MrsPaperFlowers: Did you mean FHA?
Post # 5
Member
12955 posts
Honey Beekeeper
We did a conventional loan, and closing took 30 days.
As an aside, I got certified copies of my marriage license the day it was returned, and my name change process took a little over three hours (Social Security and DMV) – so hopefully it won’t be a big hold up for you!
Post # 7
Member
676 posts
Busy bee
@MissCountryGirl727: We went with a VA loan, but if I had known about USDA loans that might have been a contender (our house definitely qualifies). 8 weeks is not a “long” time to close on a loan, but it can seem like it once you are elbow deep into the process. We were hoping to close within 45 days on ours but our bank was a PITA and it ended up taking us 2 1/2 months just about (contract signed April 15, closed on the loan July 3).
Who told you your closing date is about Oct 4?
Also, we did the entire home purchase in my maiden name and then after we closed I went about changing it. Well, except when I thought the loan was going to fall through I went and changed it with the SS administration, bank, and my passport but it wasn’t an issue. I never even told the bank but it never came up.
Post # 8
Member
3568 posts
Sugar bee
@MrsPaperFlowers: Yes, the FHA loan was lower interest too, but the house qualifies for USDA and no down payment so we went with that. We ended up getting the seller to agree to pay closing costs and had money left over from that so our lender applied it to some kind of fee to get us a lower interest rate, which is what the FHA rate is. Thanks for the bump! 🙂 lol
@abbie017: Thanks! I hope it doesn’t take long!
@BluePeaches: Our contract says Oct. 2nd, but since we don’t get back from our honeymoon until Sept. 30th, our lender told us it will probably be Oct. 4th (or later bc of the marriage license thing.) I asked him if I didn’t change my name immediately after we get back, could we just close and I’ll just change my name later and he acted like that was unheard of, and told me he’s hoping to get everything done so we can close before the wedding, because he wants to give us the best wedding gift. LOL However, it really depends on how long USDA takes with the paperwork.
Post # 9
Member
676 posts
Busy bee
@MissCountryGirl727: Thats really strange considering not everyone changes their name when they get married (I actually had an argument with a guy at the SS office over this during my first marriage). Its none of his business if and when you change your name or not. You could go change it tomorrow if you wanted to, or get married and wait five years to do it.
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