Home Buying in Atlanta>Question Details

Arkla, Home Buyer in Atlanta, GA

is it possible for a ga dream loan to close in less than 30days? i have read 45-120days for a buyer using this option?

Asked by Arkla, Atlanta, GA Fri May 3, 2013

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For a GA Dream mortgage, 45 days would pretty much be the minimum. You really should plan on 45-60 days for a closing where down payment assistance is being used. As of today, DCA is doing the initial review of files received 10 business days ago. A lender can only send the file to DCA once it has been pretty much fully approved. All of this makes a 30 days closing virtually impossible.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Tue May 7, 2013
Georgia Dream is currently working on files delivered 12 days ago. Your lender would have an appraisal completed, underwriting finished and cleared to close in two weeks. Not writing that it can't happen, but those tasks often take a while. I too would plan on 45 to 60 days.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®, REALTIST®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Fri May 3, 2013
45 Days is pretty much the minimum - if your lender does not have experience w GA Dream, it can be longer.

I would not make plans that don't allow for at least that time frame.
0 votes Thank Flag Link Fri May 3, 2013
Getting a GA Dream loan is more complicated than getting a regular loan. There is more paperwork and particular requirements for you and your loan officer. I have worked with a lender who has a lot of experience with GA Dream and she says 45 days is the minimum.
Good luck!
0 votes Thank Flag Link Fri May 3, 2013
I would say give it a minimum of 45 days. it may be possible to get it done in 30 days I just haven't seen it.
0 votes Thank Flag Link Fri May 3, 2013
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