My husband and I are interested in buying our first home. We have been pre approved for a mortgage that is $20,000 or more over the asking price for several homes. One home, we are absolutely in love with on paper. My husband will be flying from California back to New York to look at it in person the first week of August. Our lease is up the final week in August, which is when my husband deploys for a few months. Ideally, I'd be moving into our home as soon as possible, but have planned to stay with family starting the final week of August until we close on the property.
Assuming inspections go as planned, and we negotiate a reasonable offer with the buyers, how fast could we expect to close on a property? There is no issue with the mortgage and the move, as my husband is in the military and keeping the same employer (the Navy) despite the relocation (he has orders). We would be making the first offer the first week in August, if we like the property.
We are not using a VA loan, as we don't want to deal with the hassle and we have a downpayment. It's only about 8%, so we will need to have PMI, but with bonuses we intend on paying down that portion of the mortgage relatively fast. We also have a few different lenders in mind, but with our income and credit, we know that we can get the mortgage without an issue.
SO… Assuming we make an offer the first week of August, when would be a realistic closing date?
Read more: What is a realistic estimation for the time between making an offer on a home and closing?
