1. How long does it take once I find a home to close on it? When do I get the keys?
Most closings take anywhere from 10 days (cash purchases) to 60 days (VA & USDA Loan purchases). Most conventional & FHA Loan purchases close on an average of 30-45 days.
When you get to the closing table the title attorney will have a TON of paperwork for you to sign for legal and lending purposes. Once signed, they will send off the signed documentation to your lender and await a “funding number”. Once they receive that funding, you are officially CLOSED and receive the keys to your new home!
2. Do I need a Home Inspection? What about for New Construction? What type of inspections are required?
We highly suggest that you “need” a Home Inspection as well as a WDO (Wood Destroying Organisms commonly known as Termite Inspections). Termites, mold & fungi growth are highly prevalent in Florida so we strongly recommend you have not just a general inspection, but also a WDO inspection, too. Some lenders, based on your loan type will also require you to have a WDO inspection.
Your General Home Inspection will typically cover a full overview of your home with the focus being on main components such as Plumbing, Electrical, Gas, Cracks that may appear Structural, A/C, Appliances, Water Heater, Smoke/CO2 Detectors; anything that can affect the main function or safety of your new home!
If the property you are purchasing has a well & septic system, we also recommend (sometimes your lender will actually require) for you to have those inspections as well with a specialist. The well inspection will typically cover the main equipment as well as a water test. The septic, similar to the well inspection, will typically cover the main equipment as well as a drain field. A septic system typically has to be pumped out to check the tank.
3. What do I need to receive a pre-approval?
To get the process started, you need to complete a loan application with your lender of choice. Once they receive it, they will call you to review and ask any questions they may have. Then they will typically request a copy of your last 2 years of W2’s or 1099’s as well as your last (2) pay stubs, most current bank statements, and a contact to verify your current employment.
Once all of that information is complete, received and verified, your preferred lender can issue a pre approval letter for you and your Realtor®.