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House Buying Timeline
Posted on 5/4/20 at 11:26 am
Posted on 5/4/20 at 11:26 am
(no message)
This post was edited on 7/15/21 at 7:55 am
Posted on 5/4/20 at 11:51 am to blackoutdore
From accepted contract to closing date in most markets is 30-45 days.
Most good realtors will want you to talk to a lender so they do not waste their time on a borrower that does not qualify. I would start talking with a lender after the new year, maybe around Valentines day or slightly before. The good ones will make sure your credit report looks good( these are good for 120 days) this gives them a little time to fix blemishes if there are any and let you know what fits in your budget payment wise and cash to close wise.
Then start the initial steps of looking at those houses in your price range in the neighborhoods you are looking at. Find an experienced buyers agent realtor to represent you that works in that area. If you have a hard set date by June, 1 I would make it a goal to start making offers on houses around spring break/first of April. You will more than likely want to have an accepted offer by Tax day 2021 to make sure you close by that date.
Most good realtors will want you to talk to a lender so they do not waste their time on a borrower that does not qualify. I would start talking with a lender after the new year, maybe around Valentines day or slightly before. The good ones will make sure your credit report looks good( these are good for 120 days) this gives them a little time to fix blemishes if there are any and let you know what fits in your budget payment wise and cash to close wise.
Then start the initial steps of looking at those houses in your price range in the neighborhoods you are looking at. Find an experienced buyers agent realtor to represent you that works in that area. If you have a hard set date by June, 1 I would make it a goal to start making offers on houses around spring break/first of April. You will more than likely want to have an accepted offer by Tax day 2021 to make sure you close by that date.
Posted on 5/4/20 at 12:28 pm to blackoutdore
You should buy right now. Hillsboro/West End area. I’ll send you the link when our house lists later this week.
Posted on 5/4/20 at 12:35 pm to blackoutdore
quote:
We will likely use a physician loan so we will have to find a lender there.
A couple of things to take note:
1) Physician loan wise, if you're a 1099 contractor, most lenders will require 2 years of income data before they will approve you for a loan OR you need to have a contract stating a salary guarantee.
2) White Coat investor - LINK - has a list of physician mortgage lenders by state. I've used SunTrust and now Synovus for my two loans. What's important is to make sure that the loan officer you are dealing with has experience in physician loans. I've had loan officers from the same bank tell me I didn't qualify, but usually, the physician loan officers will talk to the underwriters to see what exactly they want to suffice the loan requirements and can be flexible at times in this regard. They want your business.
---
In general:
Pre-qual letter from a lender (2days- 2weeks to obtain) --> house hunt --> offer --> Finalize financing from the same lender or another lender who might can beat their rates.
As stated above, usually recommended that you reach out to a lender/multiple lenders first to get a pre-qualification letter. Most lenders can turn around your app within a few days-2 weeks if you are quick to provide them all of the required documentation to give you a pre-qualification letter, which you can use to support your offer.
Most will also tailor the pre-qual letter to your property and offer price. i.e. You are pre-qual'd for 750k, but the house your offering is at 500k -- When you ready to make an offer, you can get a new prequal letter that shows the 500k and not the 750k, so that way it's less obvious that you could afford more if you wanted.
as mentioned, Once your offer is accepted, typical closing periods are 30-45 days.
Posted on 5/4/20 at 12:37 pm to blackoutdore
Know your monthly payment limit and stick to it so you’re not house poor. Always buy in a good area you can’t change the plot of land your on but you can always change the house that’s on it. What is the difference in a physician loan? Is it just the fact that physicians have large student loans? I would think no matter what occupation you are that the standard debt to income requirements would be the same in underwriting.
Posted on 5/4/20 at 12:47 pm to Puffoluffagus
(no message)
This post was edited on 7/15/21 at 7:54 am
Posted on 5/4/20 at 12:49 pm to tigersfan1989
quote:
What is the difference in a physician loan? Is it just the fact that physicians have large student loans? I would think no matter what occupation you are that the standard debt to income requirements would be the same in underwriting.
No PMI regardless of the down payment, ability to get a LTV 100% - i.e. 0% down payment if desired. Due to large student loans, most will allow higher than usual debt to income ratios (around 40-50%).
Posted on 5/4/20 at 1:06 pm to blackoutdore
quote:
Wife is a w-2 at two different practices. She is paid on % of production at one, and will start the other [starting late May] as a per-diem before switching to % of porduction. Do you think there will be any issues there?
I'm not sure, probably gonna vary by lender, and may be one of the loan officers here can comment. But my experience has been that for W-2 employees, usually just last 2-3 months of paystubs will usually suffice. For 1099 contractors is when they get a little more strict. I had to provide the formula for my production based compensation to give them.
quote:
Have the banks you worked with required you bank with them? We've been really pleased with Ally over the past few years.
Yes. Mine have required me to set-up escrow accounts with both institutions.
Posted on 5/4/20 at 2:58 pm to blackoutdore
Where are y’all looking to buy?
Posted on 5/4/20 at 4:40 pm to blackoutdore
Exciting time for you and your family.
Since you are talking about a year out from buying, I would spend your time focusing on neighborhoods rather than homes. Reason being (as you know), the Nashville market is super hot right now and houses move fairly quick. Neighborhoods change but not nearly as fast as homes sell. Nashville also has different pockets with different vibes. I’d recommend spending the next year choosing which area you guys like. After that, when you are ready to contract a home, move your focus to which home in that specific area of town you want.
Just my 2 cents.
We live in Belmont Hillsboro and absolutely love it.
Best of luck!
Since you are talking about a year out from buying, I would spend your time focusing on neighborhoods rather than homes. Reason being (as you know), the Nashville market is super hot right now and houses move fairly quick. Neighborhoods change but not nearly as fast as homes sell. Nashville also has different pockets with different vibes. I’d recommend spending the next year choosing which area you guys like. After that, when you are ready to contract a home, move your focus to which home in that specific area of town you want.
Just my 2 cents.
We live in Belmont Hillsboro and absolutely love it.
Best of luck!
Posted on 5/4/20 at 6:39 pm to SmashvilleTiger
(no message)
This post was edited on 7/15/21 at 7:54 am
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