Asked by Kristi Maris, Colorado • Thu Dec 27, 2012
We are buying a house (FHA) and hoping to close soon. My question is this - say if we close on January 20th - how many days after closing would our first payment be due? It is my understanding that your first payment is due 60 days later, so that would make our payment due on March 20th if I am understanding this correct. We need to pick our closing date and I dont want to miss any days of basically "free" mortgage time. Are lenders different or do they follow the same guideline - first payment is due 60 days after closing? I have reached out to my lender but he is out of town until January 2nd so I am just trying to see if there is a "standard period" before your first mortgage payment is due or it is all discrectionary and completely up to lender. Do they all use the same guidelines or can this be different depending on which mortgage company we use? Thanks in advance for your help on this.
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