December is here and the countdown to year-end is upon us. With the year-end push, it’s important to remember the FAA and banking holidays and schedules if you’re planning to purchase, finance and close before year-end. Couple this with planning for extraneous events (i.e. an ice storm in Oklahoma City that may shut down the FAA title office as happened last year), and we recommend considering the following timetables to meet a year-end closing target. Note that Applications can still be submitted after these dates, but meeting year-end closings may be compromised.
- For loans over $2 Million, we recommend submitting completed credit applications no later than December 9th.
- For loans between $750,000 and $1.99 Million, we recommend submitting completed credit applications by December 15th.
- For loans below $750,000, we suggest a target of no later than December 17th for submitting a completed credit application.
Note also please the following this year:
- December 24th – FAA typically closes early (Wednesday)
- December 25th – FAA and banks are closed
- December 26th – FAA projecting limited staffing (Friday)
- December 31st – FAA typically closes early (Wednesday)