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Profile picture for cinammonswirl

30 Day Closing?

I currently have FICO scores in the mid 700 range and I am looking to buy a home in the 29229 zip code area of Columbia, SC.  I will be securing a VA Home Loan for the purchase.  I would like to maintain a monthly mortgage that will not exceed $1100.00.  Realistically speaking, what would the purchase price (with all variables included., insurance, hoa fees, etc.) have to be in order to achieve this?  Once I acquire the services of a realtor/real estate agent, I would like to close within a month.  I will be conducting the process while in PA and and wanted to know if the entire process can be done with a months' time.

  • August 14 2012 - Seven Oaks
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Answers (2)

Profile picture for Academy Mortgage AZ
Cinammonswirl, 

Get all your documentation together and see if a lender will underwrite your file as a credit package subject to: purchase contract, appraisal and title work.   With a competitive real estate market this can give you an advantage over other offers.

Chad
  • August 20 2012
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Profile picture for funds2
Your qualification and payment is based on credit score, and actual taxes, ins. and HOA fees.  They can vary even with in a zip code but $1,100 payment would equate to $160-$175K loan amount. I would locate a lender in SC and begin the pre approval process. 30 days for a closing date can lead to unrealistic expectations. It also would involve some delays if you are in PA and closing by email/FedX.  Never set a closing date without lender giving you assurance they will be able to meet the date.
  • August 14 2012
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