Would you move in before you close on a new construction?
We have been approved for a USDA loan. The house is a new construction. It should be done this week. We are approved from the bank, waiting for the final appraisal which is 11/2. After that we will wait until we have the final report and then if everything looks good from there, we are wondering if we can just move in. The only things we have to wait for beyond that are the report to go back to underwriting and then off to USDA for final approval. Our builder says we can move in, our loan officer said sure as long as we have insurance... We were told it could take up to two weeks to close after the appraiser is there. We wanted to take advantage and start moving our stuff in. Any advice?
Re: Would you move in before you close on a new construction?
no, you should not move in before closing. You do not own the property until then and in this credit market and with underwriting rules changing on a weekly basis, moving in early could be disaterous. For example, I have had 3 lenders close and file BK since I bought my home. One was the day after I closed. Had I not gotten closed that day, I would have lost the deal (and we did exactly what you are wanting to do...we moved in 3 days before close because we werer told everything was done and the seller was OK with it.) We got lucky that noting popped up to put off closing 24 hours or we would have been in alot of trouble.
