It looks like you have received some good answers to your question. In reading/thinking more about your situation, I'd also add, depending on the seller's situation, the extra time could work to your advantage, or perhaps disadvantage.
1. A seller who is building and the expected completion date of their new home is the end of December. An offer from you with your timing might get you a better price vs. a buyer who wants to close in 30 days. The sellers wouldn't have to move twice and incur extra expenses going with you.
In this senario, if you wanted to lock in one of these rock bottom interest rates of today, it may be in your best interests to close sooner, and do a lease-back to the sellers, so you wouldn't have double payments..
2. A bank who owns a property is looking to close as soon as possible, so they may not accept a 60 day closing timeline.
If you are only looking online at this point, I'd suggest to you to start touring some homes. Houses can really look different in person. Also, when making your final selections, donâ€™t only consider your needs in a home, but also think about the needs of the market if and when you decide to sell.
If you hire your own agent, they will help you throughout the entire buying process; touring homes back to back saving you time, making a solid financial decision, negotiating the best price and terms for YOU, choosing the right mortgage, hiring the right inspector for the particular house, etc... every aspect from where you are today all the way to the closing table. They can help you come up with the best solution for the property you choose, like my example number 1.... Whether you choose your agent today, or when you are ready to write an offer, they get paid the same amount. So, the sooner you get someone involved in your behalf, the more bang you'll get for your buck!
I hear a lot of the time, the seller pays the Realtor(s) commissions; I disagree, I see it as the buyer's money funding the entire transaction, including the commissions, which are included in the listing price.
Now, if you were planning on calling the listing agent(s), BEWARE! They were hired by the seller to get the best price and terms for the SELLER. They can't point out potentially negative attributes of the property, things you may not see or even think about.
Clearly, the listing agent deserves to get paid for the work they have done to put the property on the market, but, do they deserve to be paid for representing YOUR best interests, when they legally cannot? My advice is hire an agent you trust to start working for you asap.
Buying a house is a huge investment in a lot of ways and is very exciting . I wish you all the best!
As said by others your first payments will be betweeen 30-60 days in future. At the closing table, you will pay interest to the end of the month of closing and then your monthly payments will start the first of the next month after that. Some say you skip one months payment, you can look at it this way however the Interest to the end of the month is actually paying that interest.
The closing itself can take anywhere from 3 weeks to 60 days
Faith Home Loans
The typical FHA mtg takes 45-60 days from the time you go into contract until the time you close. Depending when your lease is up and how much notice you need to give you current landlord, you may also want some time to do painting or make improvements to your new home after you close. If you are not working with a realtor, call or email me and I'd be happy to work with you. 614-668-6008