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Frequent Contributor
Posts: 481
Registered: ‎09-30-2016
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Re: Let get this home building on the way

Same here in Texas.  I've been lucky.  They graded the lot on Feb 9, and today this is where we are.  Not bad.  Trying to close by end of May.  Be patient. Smiley Happy


In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 8: 693/677/687 Updated: August 2, 2017
Goal: 730's across the board
Regular Contributor
Posts: 213
Registered: ‎02-24-2017
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Re: Let get this home building on the way

Sat down with in house lender today. They will put file through underwriting in the next few days. They pretty much had everything they needed from me, but I had to write a LoE for my bankruptcy (thanks for the letter format in favorites!) Now the painful wait begins. Still trying to negotiate for builder to pay more than 3k in closing costs. I will let you guys now how it goes.
Frequent Contributor
Posts: 447
Registered: ‎03-13-2017
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Re: Let get this home building on the way

I guess I should be lucky that our builder is giving us $15K in closing costs. We also got credits towards upgrades and half off the price of the hardwood floors.

From our Loan Estimate, the total closing costs are like $24K!! We are getting a 2,400 square foot, 4 level town home.
FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Regular Contributor
Posts: 213
Registered: ‎02-24-2017
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Re: Let get this home building on the way

Ugh, got email back from my SR. Turns out they recently reduced the price of the model I am building as a way to drive interest into the neighborhood. The catch was that when they made the decision to lower the sale price, they also made the decision to not offer an incentive on this lower priced home. Our SR forgot this, and included it. He fully acknowledged it as his mistake, but says his VP has to decide to sign off on deal with it, but also guaruntees there will be no further incentive. Now I will climb the corporate chain as far as needed before I let them take away that incentive, I am not building a base model house, I have added 50k in options, the very least I can accept is that 3k in assistance. Hate how stressful this is
Frequent Contributor
Posts: 279
Registered: ‎07-20-2014
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Re: Let get this home building on the way


Dvasil wrote:
Ugh, got email back from my SR. Turns out they recently reduced the price of the model I am building as a way to drive interest into the neighborhood. The catch was that when they made the decision to lower the sale price, they also made the decision to not offer an incentive on this lower priced home. Our SR forgot this, and included it. He fully acknowledged it as his mistake, but says his VP has to decide to sign off on deal with it, but also guaruntees there will be no further incentive. Now I will climb the corporate chain as far as needed before I let them take away that incentive, I am not building a base model house, I have added 50k in options, the very least I can accept is that 3k in assistance. Hate how stressful this is

Geez!  That's a big mistake.  Just in the interest of good customer service, they need to honor the $3K in assistance that was promised.  I don't see how they would justify not giving it to you.  The reality is, that's not a lot of money for them.

Current - FICO 8/2017: EX(764); EQ(742); TU(710)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Current Mortgage FICO - EX(739); EQ(730); TU(707)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($6,000); Capital One Venture ($5,500); Discover it ($3,600); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($27,000); Macy's Amex ($14,000)
Frequent Contributor
Posts: 447
Registered: ‎03-13-2017
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Re: Let get this home building on the way

That does sound like a big mistake. It sounds like they should honor the $3K, especially since you already have a signed contract between both parties. I'm sure $3K is pennies for them. 

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Regular Contributor
Posts: 213
Registered: ‎02-24-2017

Re: Let get this home building on the way

Well got the VP to agree to keeping the 3k incentive. All documents have moved to loan proccesser expected to hit underwriting in a few days. Hopefully approval can go smoothly so my stress can come down a notch or two.
Frequent Contributor
Posts: 279
Registered: ‎07-20-2014
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Re: Let get this home building on the way


Dvasil wrote:
Well got the VP to agree to keeping the 3k incentive. All documents have moved to loan proccesser expected to hit underwriting in a few days. Hopefully approval can go smoothly so my stress can come down a notch or two.

Excellent!  I'm glad that worked out for you.

Current - FICO 8/2017: EX(764); EQ(742); TU(710)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Current Mortgage FICO - EX(739); EQ(730); TU(707)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($6,000); Capital One Venture ($5,500); Discover it ($3,600); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($27,000); Macy's Amex ($14,000)
Frequent Contributor
Posts: 447
Registered: ‎03-13-2017
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Re: Let get this home building on the way

That's great!

 

 

FICO8 Scores - 625TU / 640EQ / 649EX
On Mortgage Journey
Starting Mortgage Scores (Feb 17) 523EQ / 547TU / 564EX
Mortgage Scores Aug 17 624EQ / 649TU / 650 EX
Regular Contributor
Posts: 213
Registered: ‎02-24-2017
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Re: Let get this home building on the way

Well we finalized our options and colors today. We decided to pay cash to add hardwood to entire main level (5k seemed like a decent deal IMO) we didn't want to worry about appraisal issues so we decided to pay this chunk our selves. Now nothing left to do but wait for permits to come in and for approval from LO.

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