How long does it take to get a down payment assistance loan?
Last modified June 10, 2023
Whether you're a First Time Home Buyer or not, when it comes to down payment assistance home mortgages, the main problem is to how long does it take the Borrower(s) to get get all the accurate information to the Lender. Things like pay stub's, tax returns, divorce decrees, bank statements, court ordered child support documentation, 401K statements, Annuity statements, Social Security award statements etc. The Lenders effort in gathering paperwork might take an additional 24-48 hours depending on the sense of urgency from the Borrower(s). Good Lenders that know how to process and Originate, either 1st Time Home Buyer down payment assistance loans or even people who aren't 1st time home buyers, but want down payment assistance take about 30-35 days. It really depends on the Borrowers(s). Down payment assistance loans generally don't take any longer than a regular FHA or Conventional mortgage.