We are buying a house (FHA) and hoping to close soon. My question is this – say if we close on January 20th – how many days after closing would our first payment be due? It is my understanding that your first payment is due 60 days later, so that would make our payment due on March 20th if I am understanding this correct.
After you close your loan, you generally skip a month before having to make your first official payment. So if the loan closes in January, you skip February, and the payment is due on the first of March. This is because your payment includes interest due for the previous month.
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Best Answer: From what I understand, if you close before the 15th of the month, the 1st payment would be due Sept 1. If you close after the 15th, you owe the interest for the rest of month & the month after, which would be make your first payment due Oct 1. I am closing July 18, and my first payment is.
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We closed around Christmas and our first payment was due February 1st, but we kept getting late notices. I would call every month and say that the payment was sent in, but the insisted it was late. Finally after almost 2 years someone finally asked me to get my closing papers out and look at.
This way, you pay a higher monthly payment, but you don’t have to come up with as much money down. Buying a home. the dining room myself! After the installation, the bill came and my husband said,
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By Ethan Roberts. Many first-time home buyers have little idea of what they need to do after they sign a contract to purchase a home. In this article, we’ll look at the "due diligence" part of buying a house, and discuss the various tasks that are vital to ensuring that your purchase becomes a positive event and not a nightmare.
Buying and Selling;. starting with the first payment which is due shortly after you close. Tip. Make your first house payment on the first day of the next month 30 days after you close.