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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?

2 Thoughts on How long does it take to get money from the Texas First Time Home Buyers Grant?
  1. Reply
    July 18, 2011 at 10:35 pm

    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.

  2. Reply
    July 18, 2011 at 11:15 pm

    Finding a home loan that is affordable when you have bed credit can seem nearly impossible and can be very frustrating. However, there are lenders out there who will approve yourhome loan regardless of your credit history. Yes, there will be some fees and catches associated with this, but it is possible. There are some things you can do, however, to help you buy a home and be approved for ahome loan even if you have bad credit. The following suggestions will prepare you for getting a home loan even with poor or bad credit.

    A home loan approval for people with poor credit generally requires a 10-20% down payment. Basically, the higher the down payment you can make the betterhome loan rates you will receive. When you make a large down payment you have immediate equity, which goes a long way to you being approved for ahome loan.

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