Home Buying in Coram>Question Details

Mkaszub, Home Buyer in Coram, NY

How long does it take to close on a SONYMA loan?

Asked by Mkaszub, Coram, NY Fri Nov 13, 2009

I am buying a short sale and they are giving me a month deadline to close, my paperwork was submitted a week ago and I am nervous about meeting the deadline with a SONYMA loan.

Help the community by answering this question:


These loans must go through 2 underwritings, the bank & SONYMA. It is not possible to complete in 30 days. 30 days is barely enough under current rules for ANY mortgage to be issued. There are mandatory waiting periods for you to review the paperwork the bank sends to you. They cannot underwrite without the appraisal & title report either.

Some banks will allow you to be late in closing if you agree to pay $100.00 per each day you are late. Some will waive this if you finance with them. Do not count on this.
0 votes Thank Flag Link Sun Nov 22, 2009
It takes a minimum of 60 days from submission to closing.
0 votes Thank Flag Link Fri Nov 13, 2009
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