2015 New Construction Closings

[liltootsie_00]

Ok so my phone just copied allll the comments from the board...excuse me while I figure out how to correct...smh

[Anonymous]

We finally have an update because we finally made it down there to check on the progress. The builder is ahead of schedule by about 2 weeks but I doubt we will be able to close that early. My husband had to drop off his new contract to the LO today and she is going to try and push for us to get our CTC by the end of next week. We are at my MIL and my hubby is at an extended stay down there because he has already started work. We asked about how much we are supposed to take to closing because according to HUD-1 it looks like $2,800 but the LO advised that at this stage it's $0 because the builder is also taking care of our prepaids for the first 12 months (HOI and tax assessments). That was a nice surprise.

Home Location: Cape Coral, FL

Purchase Price: $209,900 (was $214,900 builder rebate of $5K)

Property: House 1879 sf

Submitted Offer on: 03/29/2015

Signed Contract on: 03/29/2015

Ernest (Deposit) Money:  $1K

Lender Name: Guild Mortgage

Notes about Lender: We've had to LO's. One in Orlando who did our initial application as a courtesy to the Cape Coral office so we wouldn't have to make the drive. App transferred to Cape Coral office but both LO's are/were amazing. Prompt with answers and accommodating.

Type of Loan: VA

Inspection:

Purchase contract addendums:

Loan Rate: 4.25%

Application submitted: Pre-approval received 

Loan Processing: 

Mortgage Commitment Letter:  

Appraisal Ordered:  05/27/205

Appraisal Completed: 06/08/2015 (waiting for the VA)

Went to underwriting: 

Underwriting Complete: 

Final Approval: 

Construction Status: Exterior paint & driveway done, all fixtures are in including counter tops, tile is in just waiting for carpet in bedrooms, appliances and final coat of interior paint. Landscaping still to be completed.  
Walk Through: 06/26/2015 TBD

Closing Date: 06/30/2015

[Anonymous]

The wait is painful. ... our home will be completed on Tuesday, once the final inspection is complete the mortgage company will release the docs.

How long after docs are sent to the title company cam we close? And this means no keys to probably Friday. .. arggg torture!

[ChrisinKC]

An update on our progress...

Home Location:  Lincoln, NE

Purchase Price: $270,000

Property: House (2900+ sq ft)

Submitted Offer on: April 6, 2015

Signed Contract on: April 6, 2015

Ernest (Deposit) Money: $6,000

Lender Name: Lincoln Federal (will be sold to someone else, probably Stonegate Mortgage)

Notes about Lender:  Excellent loan officer (Ben Barrett)

Type of Loan:  Conventional 30 yr fixed

Inspection:

Purchase contract addendums:

Loan Rate: The highest will be 3.75%, with a chance to lock at a lower rate if one becomes available before closing

Application submitted: May 1, 2015

Loan Processing: 

Mortgage Commitment Letter:  Received on 5/6/2015

Appraisal Ordered:  Ordered on 6/1 for 6/15/2015 

Appraisal Completed: Even though the appraisal was ordered for 6/15, I received a notification on 6/4 indicating that my appraisal was done.  The good news is that the appraised value was well over my contract price, so that's enabling us to include a refrigerator, blinds, and other upgrades in the loan.

Went to underwriting: May 1, 2015 

Underwriting Complete: Auto UW was complete on May 1, 2015, but final UW is not yet

Final Approval: Was told it would be sent to final UW 1 week before closing.  Bank has finally started looking at all of the documentation (W2's, Tax returns, pay stubs, etc) sent to them a month ago, as they recently asked for my Home Owner's insurance agent contact information.

Construction Status: The inside is completely done, except for carpet and final cleanup, and the garage door openers.  The outside still needs underground sprinklers and sod.
Walk Through: Tentatively set for 6/22

Closing Date: June 30 at 8:30 am

Move in Date - July 1st - let the fun begin!

[Anonymous]

Update: I guess they really move quickly. The builder informed my husband that the house will be completed this week.

As of Friday, all countertops are in, shelves in closets, lighting, hurricane protection installed, first interior coat of paint. Floors will be completed today and landscaping today as well.

LO is hoping for CTC this week so maybe we will have keys before the 30th!

[Anonymous]

Tomorrow morning is our New Home Owner Orientation and the final appraiser inspection will be done. Papers should be released shortly after and we can sign papers.. In Nevada we have to wait until the loan gets recorded for the keys. 

[divadrekadreke]

Home Location: Columbia, SC

Purchase Price: $255,000

Property: House - 4023 sf

Submitted Offer on: 6/19/15

Signed Contract on: 6/21/15

Ernest (Deposit) Money:  $1500

Lender Name: Guild Mortgage

Notes about Lender: So far, very responsive and great to work with!

Type of Loan: USDA 30 yr fixed

Inspection:

Purchase contract addendums: -

Loan Rate: TBD quoted 4.25

Application submitted: Pre-approval received 

Loan Processing: 

Mortgage Commitment Letter:  

Appraisal Ordered:  

Appraisal Completed: 

Went to underwriting: 

Underwriting Complete: 

Final Approval: 

Construction Status: Nothing, settting appointment to go to the design center to pick out different options...woo hoo!!!
Walk Through: 

Closing Date: TBD (Dec. likely)

[Anonymous]

How goes everyone's journey? We have had some movement on our loan processing. On Wednesday we received an email asking for the last 3 months bank statements and pay advices plus some other random proof of funds for a car loan that was paid in full in February. We also received the VA debt questionnaire. I suppose it has been 3 months since we provided all the financials and they needed updated ones. Closing is supposed to be Tuesday and I was frustrated today but it's the weekend so I will go lay on the beach again and hope for news on Monday!

[ChrisinKC]

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@Anonymous wrote:

How goes everyone's journey? We have had some movement on our loan processing. On Wednesday we received an email asking for the last 3 months bank statements and pay advices plus some other random proof of funds for a car loan that was paid in full in February. We also received the VA debt questionnaire. I suppose it has been 3 months since we provided all the financials and they needed updated ones. Closing is supposed to be Tuesday and I was frustrated today but it's the weekend so I will go lay on the beach again and hope for news on Monday!

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Sounds just like what has been going on for me.  We also submitted all of our financials a couple of months ago, and I was notified on Wednesday that they wanted more recent bank statements.  Evidently, they have now received all of the required information as everything has been submitted to UW for final approval.  I may be wrong about this, but I thought that once you received your final HUD that means your loan is ready to go.  

I received my HUD today, so hopefully that means everything is good.  Our closing is also scheduled for Tuesday, so it was nice to have my final closing costs a couple of days in advance.  I don't have a beach anywhere even close, so I'll have to waste my time by doing shopping for the house.

Good luck with closing and your move!

[Anonymous]

Excited for you guys!!

JayneDoh - what is the VA debt questionnaire? We're about 45 days out from our house being done so we're resubmitting all of our pay stubs, etc next week. Then the anxiety peaks :-)