So now what??

[GreenbayLover]

Hi all!

So our house is being built and we jumped into the process without being able to get a preapproval.  Hubby's middle score was a 612 when they initially pulled his credit in mid-July.  Since then, our credit has been re-pulled and his mid is now a 626 which is enough to fit their 620 requirement.  (SIDENOTE: the double pull of his report DID affect his score.  It dropped by 7 points!  Guess that whole 45-60 day window thing is a myth??)  Anyway, we've been granted a pre-approval and have locked our rate.  Our home is slated for completion by the end of Septemeber, early October with a closing date of October 4.  

Where are we in the process now?  Are we in underwriting?  Or are we just sitting in wait?  Also, if our closing date is October 4, is it safe to assume our first payment would land on December 1st?

[DallasLoanGuy]

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@GreenbayLover wrote:

Hi all!

So our house is being built and we jumped into the process without being able to get a preapproval.  Hubby's middle score was a 612 when they initially pulled his credit in mid-July.  Since then, our credit has been re-pulled and his mid is now a 626 which is enough to fit their 620 requirement.  (SIDENOTE: the double pull of his report DID affect his score.  It dropped by 7 points!  Guess that whole 45-60 day window thing is a myth??) if you put $50 on a credit card and it can affect the scores more than that. we cant tell either way. Anyway, we've been granted a pre-approval and have locked our rate.  Our home is slated for completion by the end of Septemeber, early October with a closing date of October 4.  

Where are we in the process now?  Are we in underwriting?  Or are we just sitting in wait?  Also, if our closing date is October 4, is it safe to assume our first payment would land on December 1st?

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lenders usually start processing 30 days before completion.... underwriting a week or two after that.

[ShanetheMortgageMan]

Regarding your first payment, yes if you close on October 4th you should have the option of your first payment being due on December 1st.

I am not sure what your lender's process is, but on new construction as soon as my clients appear to be able to be approved we submit it to underwriting... whether it's 30 days before completion or months.