Thanks to all! Just got approval for my construction loan!

[NC_Sue]

Thanks to this board - I have upped my scores, learned VALUABLE lessons and have reaped the reward.  

Received pre-approval this morning and formal approval this afternoon - construction loan at prime plus .5%.   Yahoo!

We close in 10 days and my dream house will be realized.

Thank you, thank you, thank you!

[WannaHouse]

HUGE congrat!!!! I can't wait to be able to post a similar post. This site has truly been a Godsend.

[Anonymous]

Congrats...you have outstanding scores.  There is still hope for us.

[Donna1966]

Congratulations!!

[Junejer]

Congrats Sue and nice bump on the scores in five month's time.

[Anonymous]

Congrats Sue! That's the news that I love to hear and/or read about. Your scores jumped quite a bit and that, too, is impressive.

[NC_Sue]

We broke ground today.   Boy, it feels so good to be back in credit-worthiness world.

Thanks again to EVERYONE for all the great advice in getting my credit back to norm.

[Anonymous]

Congrats. Wow, you went from scores in the 500-600's to scores in the high 700-800's. That's quite an accomplishment. Good for you. Enjoy your fabulous new credit scores and your soon to be fabulous new house!

[BrianB_The_Loan_Professor]

Congratulations - construction loans are very difficult right now

Can I ask who you got the loan through? I am always looking for more resources.

Brian

[NC_Sue]

RBC Centura - prime plus .5%   (Which on the day before closing, prime dropped to 4%, so our rate right now is 4.5 - yeah, one for the little guy in this financial mess.)

We chose them because they did the loan on LTV (value) rather than LTC (cost).

Bottom line, other than about $3500 closing costs (including their 1/2 point fee), we are keeping our cash in bank for cost overruns and the final mortgage, if necessary).