Home Buying in Tinton Falls>Question Details

Pamela Russo, Home Buyer in 07716

How quickly can a Streamline 203k loan close?

Asked by Pamela Russo, 07716 Mon May 4, 2009

We are waiting on final approval on a bank owned property that started as a short sale. From the time we put in our offer until now, the sellers removed all of the appliances. We also think that the roof may need a small repair, and one window in a bedroom may be too high for FHA guidelines. In anticipation of this, we want to go with the streamline 203k loan, but are concerned that the bank may want to close quickly. Is it possible to move through the streamline process for a 30 day close?

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Make sure you have all the needed paperwork all the paperwork. When you received the comment have the mortgage person email it to you. Then go through the document and make sure you have all the needed paperwork on a timely manner. A 30 day close is not a problem when all the issues are addressed quickly.
0 votes Thank Flag Link Thu Aug 27, 2009
Yes it is possible to do this -- I have done it before. It all depends on the lender, whether they 1) do a lot of 203ks and 2) whether the files are approved locally (in NJ) or sent to a big central processing office which can and will take longer.
If you would like me to take a look at your loan situation, just call or email.
Ruth Bonapace
senior loan officer
201 741 5269
0 votes Thank Flag Link Mon May 4, 2009
when i have a buyer for a hud home that needs 203k or the streamline program, the hud official told me to always use the max time of 60 days to close. he told me that it has been his experience that those types of loans require more than 30 days from the lending institues and hud has started a more aggressive process when the title does not close on the time indicated in the contract. that's a $25 per day penaltiy. ask your loan officer and check out the programs at this link: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Web Reference: http://GregoryBain.com
0 votes Thank Flag Link Mon May 4, 2009
Yes steamline is a very quick process, as long as you have been curent on all your payments it should only take 15-30 days. Call me if you have any questions.
0 votes Thank Flag Link Mon May 4, 2009
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