If you're buying a home, a cash purchase can take as little as a few weeks. As soon as the contract is signed and the title is clear, you're ready to start. As a conservative estimate, you might want to plan for the closure for about a month. From start to finish, the closing process when buying a home with a mortgage can take more than a month.
Conversely, when you buy with cash, you can close a house in as little as a week or two. Open days can help you get an idea of the housing stock in the area and what is meant by a dog trot house or a railroad floor. The Federal Housing Administration formula, used by many lenders, recommends not allocating more than 31 percent of your monthly income to paying for housing.
