Got Pre-Approval letter!!! Now have a closing question

[Anonymous]

DW and I finally got our pre-approval for our new construction loan and perm. Financing through wells Fargo!!!  Great rate of 5.25% for 30 years.

I was wondering though the builder is financing the construction portion and I was told it will be a 2 closing loan.  Wells Fargo and the other company have already pulled my credit so 2 hard inquiries but will Wells Fargo Pull our credit again before we close the perm financing after the house is built or will the credit pulls already done be the only pulls of our reports? 

Also I was reading through all the pre approval docs to be signed and they are using the equity in the land as our monies down.  in all the paper work for the closing costs it says amount from borrower is (3725) does that mean we wont need the money?  It is like they have a credit there for the closing costs

Just concerned about to many inquiries hurting our credit and then not getting the perm. Financing. Please help

[LIGHTNIN]

The 3725 is a credit toward your closing costs,so if your closing cost is more than that, you will

need to come up with the difference,unless the cost is lower.

It depends on what FICO scoring version that the lender is going to use.FICO will count the inquiries

as one, during a 14 to 45 days span. More info on this, click on  the blue Education tab at the top,

under Credit Basics then look at the left for Credit inquiries.

Also for mortgage loans,fico will not count inquires made in the last 30 days, to you getting a loan.

Happy reading

[ShanetheMortgageMan]

The credit report is only valid for a certain amount of time.  On new construction typically it's good for 4 to 6 months (depending on the lender), for existing homes it's 3-4 months.

[Anonymous]

Thank you all for you answers. I sent the lo at wells all the requested paperwork for the loan and my deposit for the appraisal and credit report fees. I was wondering what the average wait time is to get the closing set and a final approval. Thank you again

[ShanetheMortgageMan]

From beginning to end, 4 weeks is average, some can get it done in 3.

[Anonymous]

Hi, I got the same exact interest rate and the same bank to finance my loan.  It was about 1 week with the Loan officer to gather paperwork (appraisal), 1 week with the loan processor and meet conditions(employer verification), 1 week at underwriting to approve loan, 1 week again with loan processor to meet conditions (title report), 3 days back to underwriter for final approval, after that to quality control for final sign off. So hopefully monday I get the ok to close.