First-time Home Buyers: Time Line for a Home Loan! Part 3

Real Estate Agent with Crye-Leike Realtors

Typical Loan Closing 

Conventional / VA / FHA: 20-30 Days

THDA/ Rural Development: 30-45 Days       

Concurrent Actions: This all done by your Lender     

Appraisal: 4 - 14 Days

Termite inspection: 3 - 10 Days

Survey: 4 Days - ? (Acreage could take several weeks depending on how much land)



  • Hire your home inspector and have him inspect your new home; do this as soon as possible. This way if there are any major repairs you will have time to discuss your options with your Realtor.
  • Call several insurance companies for home owners insurance. You must select which company you want and prices vary greatly; so check around. Do not let them pull your credit until you decide to go with that company. Do not give them any money; this will be paid at closing. Do this as soon as possible; you do not want to delay closing because you have not done your homework!
  • Call all the utility companies (Electric, gas, water, phone & propane (if you have a propane tank) find out what you need to do to have the utilities transferred to your name. Utilities should be turned on the day prior to closing; so you can have a through walk-thru prior to closing. Caution: make sure your agent knows when the water/electric/gas will be turned on; they need to make sure that the house has not been winterized and/or faucets are all turned off (be sure to check the washer hook-up) and hot water heater is full of water before electric is turned on (or make sure the circuit breaker is off) this will prevent burning up the hot water heater.
  • Give notice to your landlord; insure you can extend your stay just in case the closing is delayed.

Do Not:

  • Increase your bills; buy anything on credit, 90 days same as cash or have anyone pull your credit report. This is very important... I have seen buyers get their loan denied because of not listening to this advice!
  • Make a late payment on any accounts; to include your rent, car payments, loans, utilities etc.
  • Withdraw money from your checking/savings besides paying your normal bills. If you plan to purchase anything paying cash... talk to your lender first. Your lender will need to verify a certain amount of money in your account and you can be denied if the balance is low!
  • Make a large deposit into your checking/saving accounts; talk with your Lender first.  Underwriters will question large deposits; so always check with your Lender first.
  • Quit or change jobs before your loan closes. This could cause you to be denied; even if it is a better position; just check with your Lender before you make any changes.
  • Closing day is set... Now what?

  • Stay in touch with your Lender and Realtor.
  • You will have your final walk-thru with your Realtor; normally the day prior to closing.
  • Make sure your Lender has everything he needs from you.
  • Find out what company is doing your closing their address & phone number.
  • Find out the amount you need to bring to closing: this will need to be a cashier's check made payable to the closing company. Caution: no cash or personal checks will be accepted; you may have the money wired to the closing company.

     Contact Brenda Tressler if you have any questions at

    Best of Luck!


    Part 1

    Part 2


     Equal Housing Lender





Comments (5)

Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Brenda

You have posted really good info and very sound advice for First Time Homebuyers.

P.S. About how to link your posts. All you need to do, put the name or put part 1 and so on of each part on each post, highlight it and do the same thing as put a link to your website in the post.

This is a link to part 1 of your series.

Part 1

When I put a link in a post I always set it up to opne in a new window.

What I did was go to the Insert / edit link box and put in

That's all there is to it.

Baker Home Inspection and Consulting

Aug 18, 2008 03:03 PM
Brenda Tressler
Crye-Leike Realtors - Clarksville, TN

Thank youDale: A HUGE Thanks... I did it! You are making me so smart... I just finished linking these reports. Now I can do it for all of my posts. Thanks again and Have a great evening! Brenda :)

Aug 18, 2008 04:01 PM

The Act authorizes qualified first-time home buyers a $7,500 tax credit. As I understand it, it is a tax credit that operates as a loan. The buyer receives a tax credit for federal tax purposes and then begins repaying it two years later. You can get still more information about home buyers which I browsed on internet can fetch you help.

Aug 19, 2008 08:16 AM
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

Hi Brenda!  You are really doing a great job figuring out this blogging stuff!  I would have thought you had been doing this for years!   They look great and have wonderful content. 

Ann Allen Birmingham Realtor

Aug 19, 2008 08:30 AM
Brenda Tressler
Crye-Leike Realtors - Clarksville, TN

Thank youAnn: Thank you so much for taking the time to read my post & make such a kind comment! This is such a struggle for me... I can talk to people all day but writing is a whole new world. Thanks again, I just love reading comments. See you around! Brenda :)

Aug 19, 2008 10:14 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Those rules are still the same, but the loan process became much more complicated( full docs for a person and for HOA).

Jun 23, 2015 05:41 PM