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Moving Forward, you are buying a new build in Colorado? We are as well
Ours is currently a pile of dirt being excavated Tentative close is late April. We went under contract early November and finally got loan approval right after Christmas. Very excited but nervous something will go wrong between now and April, eeek!
Are you in the Denver area? If you don't want to share I understand
We did something similar so I will tell you what worked for us,however, this was 25 years ago. In your situation, we went to a local bank, explained our situation, and showed how we could afford to pay for the house. They agreed to give us a signature loan instead of a mortgage loan, which we didn't qualify for, with the house as collateral for the loan. They had to take it before the board, but the board approved. It worked out really well. The signature loan was structured with a balloon note due in a year. At the end of the year, they just rewrote the loan with the lower balance. The idea was that in 3-4 years making timely payments, we would qualify for mortgage loan. But...there was a happy consequence. House note was $800 a month. Since it was a signature loan it was about 1/2 principal ans 1/2 interest. This is much higher principal being paid than on a mortgage loan. We ended up just asking them to continue with the balloon loans. We paid off the house in Nine years And some years the note went down. Side note...we had to pay our own taxes and insurance every year. No escrow.