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Financing in Orinda : Real Estate Advice

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Activity 1
Thu Jul 16, 2009
Grace Hanamoto answered:
Hello Clara and thanks for your question.

On the average, you should anticipate the following time line:

1. About 2 weeks for a preapproval from the mortgage broker/lender, provided you have all of your documents available and completed
2. About 2 months to find a home
3. About 30-40 days to close escrow using a conventional Fannie Mae or Freddie Mac loan and about 45-60 days to close escrow if using an FHA loan.

So, given this window, the very very latest that you can be in contract (in other words, having found a home and having had your offer accepted by the seller) would be October 1, 2009, if using an FHA loan.

Good luck and you better get moving!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
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