New Construction

[kingmidas]

I currently live in upstate,ny (syracuse) and I am looking into Ryan Homes as a possible builder in the surrounding area.  I know its probably lender specific but I wanted to see on average how long it takes for the loan app to the underwriter to when they start the actual build as well as how long it usually takes to build the house. I know I can call and ask them and get their standard answers but I know alot of people on the forums are either starting the process, currently in it or have went through it so I wanted to see from experiences.

[adymax]

We juststarted this process. Our file went to underwriting this Friday, it takes 2 week to get the ok. I would say 1 month to start building depending on how fast you get your file ready and how fast the builder gets permits. Another 4-6 month to build the house.

[foofighter74]

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@kingmidas wrote:

I currently live in upstate,ny (syracuse) and I am looking into Ryan Homes as a possible builder in the surrounding area.  I know its probably lender specific but I wanted to see on average how long it takes for the loan app to the underwriter to when they start the actual build as well as how long it usually takes to build the house. I know I can call and ask them and get their standard answers but I know alot of people on the forums are either starting the process, currently in it or have went through it so I wanted to see from experiences.

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My house in the Syracuse area was just finished by Ryan Homes last friday. This week, inspections are being completed, and our final walk through is friday afternoon.

As for when they start to build - they have build schedules that are in place when you buy and they try to stagger them.  In our case, we signed the contract on December 29th, but they weren't actually going to start building until late March.  Ryan homes requires that either their mortgage company, NVR, or your preferred lender, give you an underwritten commitment before they start excavation. This isn't final loan approval, because they need to verify employment, IRS records, etc, but they'll do that once the house is underway.  To start construction, they just need a commitment plus (in the case of Ryan Homes specifically) a $5,000 deposit before they'll dig an inch of dirt. 

Our lot was excavated on March 28th, and the house was completed, for all intents and purposes, on June 7th.  Their are people who sign contracts and a month later their house is being built. It just depends on how many other houses in the area are under construction, and what delivery date you prefer.  At the time they started on our house, their was only one other home in our community being built (though Ryan has a ton of them throughout this area, and builds are going on in all of them).  That house was finished three weeks ago, and the owners closed a couple weeks ago.  NOw, in addition to our house, their is another home in the framing stage on our street, two other lots were excavated in the last week or so, foundation is done in one of them, and there are 2 or 3 more lots waiting to start soon. 

[accidentalpancake]

Foo's answer is probably the best since they built with Ryan, but here's my experience:

Applied for pre-approval through lender's builder (not an actual application process) in late-January and was approved to move forward. Contracted 1/30.

Construction started in April.

Just submitted the formal application 6/11. 

Construction planned to complete around the end of July/early August (4-5 months).

Different builders have different requirements. Some want to have the actual application done before they start construction, but some will start as long as they have a good idea of your qualification. Also depends on the state of the development they are building in. We contracted before any construction started in the phase we are in, which is wholly controlled by our builder. Lots of parcels to sell, so no harm I guess if someone ends up falling through.

[kingmidas]

Thank you guys for your responses!

[tooleman694]

It took us 4 weeks to get thru underwriting, then they started building the home. When we were 45 days out from closing we went back into underwriting to get the final approval.. We closed right on schedule as we planned a few months earlier.