topic Re: New Construction Journey in Mortgage Loans

New Construction Journey

Anonymous — Sat, 05 Mar 2016 15:41:27 GMT

Building/buying my first home and it's already been quite the journey to get to this point and we really haven't done anything yet lol. Just getting the building started after about 8 months of credit repair. Got throught AU and file is soon to be underwritten for 1st approval/conditional approval. Scheduled to get to the design center next month. Contract signed at the end of January. About a year ago this time my credit score was near 600 and the wife was near 580. I'm now in the 750s for the mortgage score and she is a little over 700. Hard work and patience really does pay off when fixing damaged credit!

Re: New Construction Journey

Anonymous — Sat, 05 Mar 2016 15:38:08 GMT

Construction has begun!!!

Re: New Construction Journey

StartingOver10 — Sat, 05 Mar 2016 19:23:40 GMT

Nice! I bet you are excited now to get started. Who is your builder and where (generally) are you ?

Re: New Construction Journey

Anonymous — Sat, 05 Mar 2016 21:44:06 GMT

More anxious than excited at this point. Like many others in the same position, just hoping nothing goes wrong between now and completion. I'm building with Richmond American Homes in Phoenix.

Re: New Construction Journey

Anonymous — Sun, 06 Mar 2016 01:31:02 GMT

Congrats! I hope to post something similar in the next few weeks. Appraisal came back Friday on the property/home. I cannot wait to get started. Thankfully my property is already cleared just an old structure that needs to be torn down. Existing well and septic. I too began clean up approx 8mths ago. This is where my patience kick in which isn't my strong suit. Lol good luck and keep us posted.

Re: New Construction Journey

Anonymous — Sun, 06 Mar 2016 02:00:26 GMT

@Anonymous wrote:
Congrats! I hope to post something similar in the next few weeks. Appraisal came back Friday on the property/home. I cannot wait to get started. Thankfully my property is already cleared just an old structure that needs to be torn down. Existing well and septic. I too began clean up approx 8mths ago. This is where my patience kick in which isn't my strong suit. Lol good luck and keep us posted.

We've made it this far. Credit fixing is no small task, and then coming up with tens of thousands of dollars isn't any easier lol. I'll definitely keep things updated

Re: New Construction Journey

Anonymous — Sun, 06 Mar 2016 05:18:15 GMT

@Anonymous wrote:
Building/buying my first home and it's already been quite the journey to get to this point and we really haven't done anything yet lol. Just getting the building started after about 8 months of credit repair. Got throught AU and file is soon to be underwritten for 1st approval/conditional approval. Scheduled to get to the design center next month. Contract signed at the end of January. About a year ago this time my credit score was near 600 and the wife was near 580. I'm now in the 750s for the mortgage score and she is a little over 700. Hard work and patience really does pay off when fixing damaged credit!

Congrats.....

Similiar story, signed contract 01/18

how you post pic??

Re: New Construction Journey

Anonymous — Sun, 06 Mar 2016 12:52:33 GMT

@Anonymous wrote:
@Anonymous wrote:
Building/buying my first home and it's already been quite the journey to get to this point and we really haven't done anything yet lol. Just getting the building started after about 8 months of credit repair. Got throught AU and file is soon to be underwritten for 1st approval/conditional approval. Scheduled to get to the design center next month. Contract signed at the end of January. About a year ago this time my credit score was near 600 and the wife was near 580. I'm now in the 750s for the mortgage score and she is a little over 700. Hard work and patience really does pay off when fixing damaged credit!

Congrats.....
Similiar story, signed contract 01/18
how you post pic??

Congrats to you as well. I've read your posts . To post a pic, click on the insert image button right under the font sizes button in the menu ribbon above the text field and upload the image.

Re: New Construction Journey

Anonymous — Sun, 06 Mar 2016 16:39:12 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Building/buying my first home and it's already been quite the journey to get to this point and we really haven't done anything yet lol. Just getting the building started after about 8 months of credit repair. Got throught AU and file is soon to be underwritten for 1st approval/conditional approval. Scheduled to get to the design center next month. Contract signed at the end of January. About a year ago this time my credit score was near 600 and the wife was near 580. I'm now in the 750s for the mortgage score and she is a little over 700. Hard work and patience really does pay off when fixing damaged credit!

Congrats.....
Similiar story, signed contract 01/18
how you post pic??
Congrats to you as well. I've read your posts . To post a pic, click on the insert image button right under the font sizes button in the menu ribbon above the text field and upload the image.

Thanks

I'll keep you updated w/pics

I'm super anxious and excited

as of now they did'nt start anything but i'll be looking for more pics.......

Re: New Construction Journey

Anonymous — Sat, 12 Mar 2016 17:35:45 GMT

Picture on top shows that they've backfilled the trenches and leveled the dirt. Bottom picture from this morning shows rebar has been put in. Superintendent says that concrete should be poured by the end of next week.

Re: New Construction Journey

stellar — Sat, 12 Mar 2016 22:07:23 GMT

Very exciting! Your hard work is paying off!

Re: New Construction Journey

Anonymous — Sat, 12 Mar 2016 23:25:16 GMT

A Big Congrats. The road is hard but the reward is so sweet.

Re: New Construction Journey

Wolfeyy — Sun, 13 Mar 2016 04:04:16 GMT

Do you have any photos yet of what your house will look like? Im excited for you!! I also want to build my own home. I perfer that to buying as I will build for what I need not want.

Re: New Construction Journey

Anonymous — Sun, 13 Mar 2016 14:00:05 GMT

It's definitely been an adventure fixing the credit and saving the money. Still in the early stages with everything but so far so good. My biggest concern is making it through final underwriting. Not a lot of room for error lol. Here's a pic of the model home. The shutters I chose will be brown instead of green and no glass on the garage. Wanted a different elevation color but they wanted 2k for the next round of colors and it wasn't that serious to spend 2k on the outside of the home. I can paint it down the line.

Re: New Construction Journey

reneasworld — Sun, 13 Mar 2016 16:50:20 GMT

Did you purchase the land first or was it part of the building deal? I am in Miami and am looking at maybe building but I want to bring my scores up a bit but see some opportunities for land and was wondering if I get the land first and then when I am ready to build next year I can do something with it.

Re: New Construction Journey

Wolfeyy — Sun, 13 Mar 2016 17:01:43 GMT

@Anonymous wrote:
It's definitely been an adventure fixing the credit and saving the money. Still in the early stages with everything but so far so good. My biggest concern is making it through final underwriting. Not a lot of room for error lol. Here's a pic of the model home. The shutters I chose will be brown instead of green and no glass on the garage. Wanted a different elevation color but they wanted 2k for the next round of colors and it wasn't that serious to spend 2k on the outside of the home. I can paint it down the line.

Oh wow that looks beautiful!. Yes, there deff over pricing that paint. l0l

Re: New Construction Journey

elim — Sun, 13 Mar 2016 17:28:48 GMT

sweet thread, keep it coming

congrats on the house :]

Re: New Construction Journey

Anonymous — Sun, 13 Mar 2016 20:09:52 GMT

@reneasworld wrote:
Did you purchase the land first or was it part of the building deal? I am in Miami and am looking at maybe building but I want to bring my scores up a bit but see some opportunities for land and was wondering if I get the land first and then when I am ready to build next year I can do something with it.

The land and house are part of the deal. If the pricing for land is good and you can afford to hold it, go for it. Only downside is paying property tax on land with nothing on it, even though I don't think it'll be too much.

@Wolfeyy

I would've loved to get the gray paint I really wanted but the budget is already tight and that would've meant 2k less for the inside of the house.

Re: New Construction Journey

Anonymous — Sun, 13 Mar 2016 20:10:20 GMT

@elim wrote:
sweet thread, keep it coming

congrats on the house :]

Thanks!

Re: New Construction Journey

Anonymous — Sun, 13 Mar 2016 22:35:58 GMT

Awesome post and congrats! I'm waiting on the permits to get approved and I'll be on a similar journey with you, keep the pics coming