Once the lender receives your loan application and all the associated information, it may take from two to four months to close on your mortgage loan and complete the purchase of your home. During this time, you will need to:
- Meet with a resident in the neighborhood in which you plan to live to do a CCR orientation.
- Attend any neighborhood meetings that take place in your new neighborhood while you are in the process of purchasing your house.
- Update OPAL staff with any changes in income or debt. Remember, this is not a good time to quit your job, take on new debt, or spend your savings.
- Meet with an attorney to review the OPAL Ground Lease and the neighborhood CCRs.
- Complete USDA’s Orientation (if applicable).
- Be sure you have the cash needed for closing.
- Meet with OPAL staff for your pre-closing meeting to set the date/time and make sure everything is in place!
When it is finally time to close, go to San Juan Title (behind Islanders Bank) at the appointed date/time; bring a photo ID. There you will review everything with OPAL staff one final time, sign all the relevant documents, and then proceed to the bank to get a cashier’s check for the correct amount of money needed to close. You are now an OPAL homeowner. Congratulations!