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Ok, so to all those who have helped me in the past, a huge thanks! I was preapproved for the house price (had a specific lot and contract price in mind) and provided the builder with the 3% down to get going.
I now have 3 days due diligence for my lender, and an additional 7 days for the builder. My question is, what should I do with it?
Looking around online, a lot of the questions for due diligence period are things like, crime rate, history of the land, easements, elevation, risks, etc. This is an established subdivision and this builder has several subdivisions off in the same plot of land, and obviously I live here so I know the crime rate etc.
Is there anything else I should use this time to do? My lender forwarded me an email with a guess at my APR as it currently is (won't be locked until 60 days out from build completion) etc etc. So I'm not really sure what to do now.
It seems like I probably shouldn't just twiddle my thumbs
Get your supporting documents for your mortgage app together and be ready to submit EVERYTHING with you application. That will minimize waiting time to get it through underwriting. What is the build time ... more than 5 months?
Its 5-6 months yeah. The LO told me there was no rush on getting me through underwriting. They need 30 days paystubbs, rental history, and 2012 2013 taxes. But he said its not due until next month sometime. He said not to worry about it as the closing date was so far out and that there was nothing borderline about my loan so no one was concerned.