I am soooo close to closing on new construction. My home was already under construction, and I received my NACA approval January 15. Filed a signed contract a few days later, then had a new round of things to submit.
It took about two weeks to make the bank application, partly because the Baltimore office has no licensed person and I had to drive to Washjington, DC to make the application. The MC in DC had everything ready, I was in and out in less than half an hour.
Check your web file on the NACA website, there's a new section that will track what's needed for the mortgage. Be careful to submit anything that's requested promptly and give exactly what's asked for.
I got a whole further list (over 20) of items, many duplicating what I had done before, and a couple of contract addendums because new construction tends not to be on a standard contract but a builder's contract. My appraisal came in $17K over purchase price.
I have a commitment letter and GFE. My original target closing of March 15 is going to slip because our local electric / gas monopoly won't hook up the feed and mains promptly. I hope to close last week of March or first week of April.
I can't get the inspection until the Usage and Occupancy certificate (called Occupancy Permit in other states) is issued. I found one of the NACA inspectors who is also highly rated on Angie's list, they say they can inspect almost immediately, get me the report same dayt or next day, and as soon as I acknowledge receipt send it to NACA. This is a big difference from an existing home where NACA wants your inspection right away to see if the contract needs renegotiation.
I have bound and paid for homeowners insurance already with an effective date of March 15, the original closing target. I can update that this week to a new target date. I'm with USAA who are amazingly good to work with and charged about half what NACA estimated. From what I can see you need an insurance policy, effective on the closing date, naming the lender (CitiBank in my case) and loan number, and a paid receipt for closing. I wouldn't think you need that before a couple of weeks before closing but ask your MC. Any reputable insurer should work with you to update coverage to start on your closing date if it moves.
Given that it's going to take a while for your new home to be built maintain your savings pattern and plan to have all the statements and paystubs to keep updating your file. Congratulations!
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