Quote:
Originally Posted by graciegirl
I thought that closing in thirty days and the penalty was only on new homes from the developer who requires a conventional mortgage. I think each lender has their own closing rules on used homes.
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The OP said that they were buying a new home. I think you can purchase new homes only from the developer, so that's where the thirty day closing requirement comes from.
The OP didn't mention building but did say they would be purchasing in the next 60 days so it doesn't seem like that would be possible if they are building.
I didn't know that the builder specifically disallowed FHA/VA loans... it's just that those kinds of don't typically close in 30 days that prevents their use.
However when we sold our house in MA the purchaser wanted to use a VA loan but our broker warned us that can take a months to close in some cases. So as part of the purchase and sale agreement we required the purchaser to get both a conventional mortgage and a VA mortgage. It turned out the VA mortgage ended being ready in less than 30 days to the purchaser ended up using it.
I don't know if the developer would refuse that kind of a P&S agreement.