How long does it take to get money from the Texas First Time Home Buyers Grant?
Wednesday, May 12th, 2010 at
3:56 am
We have been trying to close quickly and I will be using a FHA loan, but the Texas First Time Home Buyers Grant will pay up to 7% of downpayment and closing costs….has anyone recieved this money or gone through this process? How long does it take for it to be approved and completed? Do they write you a check or do they give the money to the lenders?
Tagged with: closing costs • downpayment • fha loan • first time home • first time home buyers • first time home buyers grant • home buyers grant • lenders • money • time home buyers
Filed under: First Time Home Buyer Loans and Grants
The money is funded at the same time the lender funds the money and you won’t hold any of it at any time. Instead you will see the money applied on your HUD-1 closing statement. These programs make closing an FHA loan take a little longer because they require added paperwork. Much depends on the experience of your mortgage broker. If he/she has used this program many times before you should be able to close within 35 days, but if it is the first time for the mortgage broker, add another 10 days.