Hal's Mortgage Blog

That depends.

If you are purchasing with FHA, VA or Conventional financing, most lenders are still on a 30 day turn time. Check with your lender to see if they can close before the November 30 deadline. Remember to factor in the Thanksgiving Holiday.

If you are purchasing with USDA financing, here’s the fly in the ointment. Your loan must first be approved by your lender, then go to USDA for review and approval before it can close.

Normally this might be three to five days additional. With the pipeline bursting at the seams with last minute submissions, that time has lengthened here in Tennessee to several weeks.

We are recommending that Realtors write Purchase Agreements with a minimum of 45 days to close, perhaps even 60 days to be safe.

If your loan is submitted October 12 you have just over 6 weeks to get it closed. On December 1, 2009, you will no longer be eligible for this rebate program.