Building a new home journey with PICS

[adymax]

gotideas I'm in the same boat as you. Estimated closing is end of October, early November. We cannot send our file to UW until we have 3 year from deed in lieu which will be in 3 weeks.   High DTI as well. What’s your DTi? 

[Christian123]

Hi Adymax.Thanks for sharing with us.   We are building a home too and going VA.  We signed the contract the first week in May and they started building about two weeks ago. We went through full underwriting and got a commitment letter in the end of July and have to update our docs ever 6 weeks (so exhuasting).

The builder told us that we will be going to settlement in December and I will be so glad to get this done with so I can relax again.  

[gotideas]

around 50% maybe a little less 49% depends on my exact tax rate

[gotideas]

[krenee2525]

Finally figured it out. Here's my house so far, my pre- drywall meeting is on Monday and I've been given a completion date of 10/10/13...the house is 1619 sq ft. This completion date is my 4th one so far. Signed contract on 4/16, construction started 7/10, final loan approval from USDA was on 8/21. We shall see if they actually complete it then.

[adymax]

@krenee - it looks good. Why they changed completion date 4 times?

[adymax]

@gotideas please let us know if you get final approval.   We are at about 47% DTI FHaAalso.

[krenee2525]

@ adymax... The first date they gave me when I signed the contract in April was 8/23/13, they changed it because they were behind in submitting for building permits for all of the new contracts.  Second date was 9/4/13 - they moved this date because they had to fire the construction manager so all activity was stalled for about a week or two.  Third date 9/30/13 - the house failed an inspection because of something the construction manager who was fired didn't complete or let anybody know he didn't do to the house, so now the new construction manager says he has everything under control and back on track to be completed by 10/10/13.

[smallfry]

House looks great. Seems like a long time between the time you went to contract and first shovel in the ground. I am experiencing a similar stituation down in NC on my new build. Signed the contract on June 20th and due to some permitting issues they have yet to start. I paid for a 180 day lock on my mortgage rate. Since he is taking so long to start I got an extra 10K in upgrades free and if we go to closing after my paid for lock expires the builder has agreed to lock my rate in at his expense. So it all works out good for me.

[gotideas]

will definitely let you know.  Originally tried to go with builder who turned me down for being at 47%.  at the time i first applied i was only at 45% because of interest rates and they were not sure they could approve me so they shoved me to the back of the pack and waited over 9 weeks to actually work my loan.  So now I am stuck with the higher interest rates due to their incompetence.  In fact if i hadn't gotten approval from another lender I don't believe the builder would have approved me at all.  The funny part is that several of the purchasers in  my area who they did approve and started building for-later backed out of the contract and they are now inventory homes.  I would post pictures but i cannot for the life of me figure out how to do it lol.  Guess I need to get my kids to do it for me.