topic Re: New Construction Journey in AZ in Mortgage Loans

New Construction Journey in AZ

MauiMan85297 — Wed, 06 Jul 2016 20:07:05 GMT

We finally found the house we want to call home for awhile, I signed the contract on 6/20 and dropped down the earnest deposit and will go through their mortgage lender because they give approx 8k in upgrades and 2% towards closing as they had 5 different lenders (going with imortgage so far but not thrilled so far). Lenders said they have to pull credit to do a pre-qualified letter to builder which turned out to be a 665 mid score (My 3B report just renewed yesterday and went up to 672 mid).

6/23 Sent pre-qual letter to builder and sent info to veterans to get my COE for VA loan.

6/28 Went to design studio to choose expensive options

7/2 Get email from lender that VA needs more information for my years of service through Reserves (it's odd because my eligibility is based on my active duty time).

Problem with builder not able to do wrap around porch on a corner lot and sales rep didn't catch the mistake so they are gifting us 2k for problem.

7/6 Signing addendum showing the 2k difference and will send to HQ, expects to break ground next week for a late Nov/early Dec move in.

Will keep you posted and hope this goes smooth.....

Re: New Construction Journey in AZ

Anonymous — Wed, 06 Jul 2016 23:25:29 GMT

Congrats. Not sure if this is your first build or not, but it's an exciting, and at times, slow process. They got you in the design center super quick!!! It took about 9 weeks before we had our appointment. Hope your journey is free from worry and headaches. Definitely keep us posted.

Re: New Construction Journey in AZ

MauiMan85297 — Thu, 07 Jul 2016 13:08:58 GMT

@Anonymous wrote:
Congrats. Not sure if this is your first build or not, but it's an exciting, and at times, slow process. They got you in the design center super quick!!! It took about 9 weeks before we had our appointment. Hope your journey is free from worry and headaches. Definitely keep us posted.

Not my first so hoping this is a smooth ride because hiccups from builder agent before we break ground but some honest mistakes.

Re: New Construction Journey in AZ

MauiMan85297 — Tue, 19 Jul 2016 14:55:59 GMT

Finally starting my property, expected finish is end of Nov.

Re: New Construction Journey in AZ

Anonymous — Tue, 19 Jul 2016 15:12:02 GMT

I remember the early days of staking the lot with forms. Great memories. November is gonna be here in no time. That'll be awesome to move at that time as the Black Friday sales heat up and the weather is exponentially cooler than it is now.

Re: New Construction Journey in AZ

MauiMan85297 — Fri, 22 Jul 2016 17:18:48 GMT

7/21_ More information needed from the VA, my LO said he hasn't ever seen what is being asked to get a COE, here's what they are asking for now:

The form we need is called D.A.R.P. form FM 249-2E or also called A.R.P.C. form 606-E
Those are Army Reserves forms and he would need to check with his personnel from the Army. They need to account for 6 years of service and each year has a certain number of points. If he was discharged before 2002 he can also go to archives.gov or call the national archives. If he was discharged in or after 2002 he could call 888-276-9472.

I was discharged Honorably from active duty after 1.75 years and spent 9 years in the Reserves after a 9 year break in service after active duty (I had family issues which resulted in completing less than 2 years of a 3 year service). The VA loan requirements during the timeframe of serving for active duty (1982-1984) is 181 days of continuous service and that has been accomplished. If they are asking for all this Reserve information does this mean they are trying to tell me I'd only qualify via Reserves? The difference in Active to Reserves from what I've been told is the funding fee to VA from 2.15% to 4%. Any VA loan experts can help on this?

I want to start a new post to ask this type of question as well.

Re: New Construction Journey in AZ

MauiMan85297 — Mon, 22 Aug 2016 15:16:48 GMT

8/22_ Update, as you can see we have structure as 1 week ago they just had foundation done. Still on schedule for an early Dec delivery

Re: New Construction Journey in AZ

NYKnicks65 — Mon, 22 Aug 2016 16:42:51 GMT

Congratulations on your new home!! I'm in a new build too and we have foundation as of last week. Meeting with the construction super this week.. Expected build completion scheduled for OCT/NOV..

Re: New Construction Journey in AZ

MauiMan85297 — Mon, 22 Aug 2016 17:11:24 GMT

@NYKnicks65 wrote:
Congratulations on your new home!! I'm in a new build too and we have foundation as of last week. Meeting with the construction super this week.. Expected build completion scheduled for OCT/NOV..

Congrats on your new build as well, new homes for the holidays!

Re: New Construction Journey in AZ

Anonymous — Wed, 24 Aug 2016 01:59:45 GMT

Congrats! We have been in the new construction process for awhile but got our clear to close and keys today. We close on Friday. My best advice is to visit the property as much as possible to check to make sure everything is going as stating in the contract. Mistakes are very possible and we seen that first hand. We literally went just about everyday after the framing was started. We didn't live but maybe 10 mins from the new home so it wasn't too much of an inconvenience to visit often.

Remember that scheduling doesn't always go as planned with new construction. We was suppose to close the end of May, then June, then July and now here we are in August and just now closing. It was so worth the wait and I hope you're not delayed because it's very frustrating but don't be shocked if dates get pushed. At the end of the day it was a great experience!.........Who am I kidding, I will never build another house again! Seriously though, I hope you have a smooth, stress free experience. Enjoy!

Re: New Construction Journey in AZ

MauiMan85297 — Wed, 24 Aug 2016 14:22:57 GMT

@Anonymous wrote:
Congrats! We have been in the new construction process for awhile but got our clear to close and keys today. We close on Friday. My best advice is to visit the property as much as possible to check to make sure everything is going as stating in the contract. Mistakes are very possible and we seen that first hand. We literally went just about everyday after the framing was started. We didn't live but maybe 10 mins from the new home so it wasn't too much of an inconvenience to visit often.

Remember that scheduling doesn't always go as planned with new construction. We was suppose to close the end of May, then June, then July and now here we are in August and just now closing. It was so worth the wait and I hope you're not delayed because it's very frustrating but don't be shocked if dates get pushed. At the end of the day it was a great experience!.........Who am I kidding, I will never build another house again! Seriously though, I hope you have a smooth, stress free experience. Enjoy!

We also live 15 mins away and go at least once per week to stay informed, congrats on your new build and enjoy your Su Casa.

Re: New Construction Journey in AZ

MauiMan85297 — Sat, 27 Aug 2016 17:48:21 GMT

8_26:

8_27: received my COE for VA loan so I'm set now.

Re: New Construction Journey in AZ

MauiMan85297 — Sat, 27 Aug 2016 17:50:37 GMT

8_26: The entire roof is on with radiant barrier heating panels and all duct work is installed

Re: New Construction Journey in AZ

MauiMan85297 — Thu, 08 Sep 2016 20:00:39 GMT

9_8: Another update, all the windows are in as well as tiles starting to be put on the roof, electrical is going in today and last night they started the scaffolding around the house to start the latheing

Re: New Construction Journey in AZ

Sbrooks1 — Thu, 08 Sep 2016 20:29:25 GMT

Oh congrats !! I hope to be you in a year God willing.

Re: New Construction Journey in AZ

MauiMan85297 — Thu, 08 Sep 2016 20:45:48 GMT

@Sbrooks1 wrote:
Oh congrats !! I hope to be you in a year God willing.

You will if you put your mind and drive to it. 1.9 years ago I had to go through BK7 because of a $70,000 medical bill (dog bite that got infected, 5 days in hosp) while I was in between jobs with no insurance. Followed to BK to 700 thread almost to a tee and all scores are 30 pts from 700 and mid mortgage score is 665. This website has been phenomenal and wouldn't be where I'm at today and re-established credit cards to 30k. Let us know when you get there as well

Re: New Construction Journey in AZ

MauiMan85297 — Tue, 27 Sep 2016 14:21:29 GMT

Update

9_26: All electrical has been put in and last Sunday they completed the drywall for the walls and ceiling. I also got an email from builder that says my walk through is set for Dec 6th @ 9am and shortly thereafter the closing of the home. It also said if I was using their preferred lender (I am) I will get keys to the home and if I weren't then I would get the keys when loan funded and recorded (usually 3 days later), I forgot what this is called as I'm in one of those states that doesn't give keys when you close (Happy I chose their lender now).

9_27: Have appointment at granite quarry to select granite slabs for kitchen and bathrooms.

Re: New Construction Journey in AZ

MauiMan85297 — Fri, 14 Oct 2016 14:14:00 GMT

10_13: Primer coat of paint on and they installed all doors and shelving in closets and also we did extended window ledges, scaffolding was taken down as they stucco'd the entire exterior of the house.

On the mortgage front, LO said that the board he looks at everyday was red yesterday (rates went up) but Thursday it went green but didn't want to lock a rate, he says they do a 45 day (can do a 60 or longer but rate is higher) lock and said for a 30 yr VA no points it's 3.625 but he can get me 3.5%.

So with a purchase price of $273,333+ VA funding fee of $6559 (2.4%) and a builder doing 2% towards closing costs my $$ to bring to closing is $196 and my payment of $1556 includes my $105/mo HOA fee. First payment due 2/1/2017

Date of walkthrough is 12/6/2016 @ 9am then a 12p close, he says "Blandford" the builder doesn't waiver from there close dates, house looks like it would be done in 40 but 50 days to close.

Re: New Construction Journey in AZ

MauiMan85297 — Tue, 18 Oct 2016 12:18:35 GMT

Update 10_17: We now have paint inside and out and all moldings and shelves are installed, it's now looking like a house. 47 days to close.....

Re: New Construction Journey in AZ

MauiMan85297 — Tue, 25 Oct 2016 14:33:08 GMT

Update

10_24: Entire Spanish style roof tiles are installed, garage door installed and flooring at time of pic (10/22) was 80% but now fully installed. Our file is sitting with UW right now as they have all documents asked for and haven't been asked for anything else just yet, closing is still set for Dec 6th. Searching for homeowners insurance now.

Lender charge was $1175 (origination) but using the mortgage company referred by builder they are crediting the $1175 back to us. Coming to closing is a cost of $74 and rate is 3.5% but I'm still floating, will decide to lock within 2 weeks (hoping it goes down).