topic Re: Let get this home building on the way in Mortgage Loans

Let get this home building on the way

Anonymous — Sat, 25 Mar 2017 17:46:46 GMT

Well we officially laid down our deposit today and secured our lot. Tomorrow we finalize the paperwork. We then have 2 weeks to make changes before construction begins. We will be choosing between Guaranteed Rate and their lender. Leaning towards theirs right now due to closing cost assistance that is offered. Spent a little more than anticipated but we are getting the house we both wanted.

Re: Let get this home building on the way

ALHondaGuy — Sat, 25 Mar 2017 21:59:40 GMT

Congratulations!!!

Did the same thing two weeks ago. Meeting with the "designer" was yesterday. Race you to the finish line? :-)

Re: Let get this home building on the way

Anonymous — Sun, 26 Mar 2017 00:50:47 GMT

I'm there with you all! Signed contract on February 18th, and made design choices on March 11th. We are in Phase 1 of the development with only about 5 families currently living there. Construction is set to start in May for us with closing currently scheduled for August 31.

I'll also add that we did not go overboard with our design choices, and we still have a $3K credit to use. Our pre-construction meeting is supposed to happen in April, and at that time we will use our credit to add extra cable lines and outlets.

Congrats to you both!!

Re: Let get this home building on the way

Anonymous — Sun, 26 Mar 2017 01:12:06 GMT

Our home is well under construction and the drywall was just installed last week. Congrats to you all!

Re: Let get this home building on the way

ucdcrew — Sun, 26 Mar 2017 01:32:05 GMT

Me too! Had design meeting last week, preconstruction on Monday. Right now my home is just a hole in the ground for the footings.

Re: Let get this home building on the way

Anonymous — Sun, 26 Mar 2017 02:23:00 GMT

Awesome, looking forward to seeing the house grow. We went with a smaller home than our last house but really let loose on the options. We will have one the few basement houses in the the neighborhood so despite starting with the smaller house the finished square footage will be a bit higher than the biggest. We are expecting a late August finish as well.

Re: Let get this home building on the way

Anonymous — Sun, 26 Mar 2017 02:24:34 GMT

Their lender is also offering a free 90 day rate lock and with the way rates have been lately thats a nice warm security blanket lol

Re: Let get this home building on the way

dragonfly66 — Sun, 26 Mar 2017 07:43:53 GMT

Congratulations!!! I did the exact same thing a couple of weeks ago. Signed a contract and paid my deposit. Just had my design appointment this past Thursday. I'm using the captive lender to take advantage of the closing cost assistance they provide. I can't wait for them to begin construction. I keep driving by the lot hoping that they've at least broken ground but, so far, nothing. They say they are aiming for a late July closing, but I have a feeling it may push into August because that would seem kind of fast at this point.

Re: Let get this home building on the way

Anonymous — Mon, 27 Mar 2017 13:43:28 GMT

@Anonymous wrote:
Our home is well under construction and the drywall was just installed last week. Congrats to you all!

They are drywalling my new place as well! I stopped by Saturday and they looked to be almost done already. Brick was delivered and sitting out front. So bricking starts this week!!!

Re: Let get this home building on the way

Anonymous — Mon, 27 Mar 2017 14:29:54 GMT

I cannot wait until I'm at that point. Foundation has not been poured yet for ours. We are moving into our rain season, so I'm sure that may have a delay on things.

This process is like being a kid again waiting for Christmas!

Re: Let get this home building on the way

Anonymous — Mon, 27 Mar 2017 14:55:03 GMT

Same here in Texas. I've been lucky. They graded the lot on Feb 9, and today this is where we are. Not bad. Trying to close by end of May. Be patient.

Re: Let get this home building on the way

Anonymous — Tue, 28 Mar 2017 21:35:06 GMT

Sat down with in house lender today. They will put file through underwriting in the next few days. They pretty much had everything they needed from me, but I had to write a LoE for my bankruptcy (thanks for the letter format in favorites!) Now the painful wait begins. Still trying to negotiate for builder to pay more than 3k in closing costs. I will let you guys now how it goes.

Re: Let get this home building on the way

Anonymous — Tue, 28 Mar 2017 22:28:18 GMT

I guess I should be lucky that our builder is giving us $15K in closing costs. We also got credits towards upgrades and half off the price of the hardwood floors.

From our Loan Estimate, the total closing costs are like $24K!! We are getting a 2,400 square foot, 4 level town home.

Re: Let get this home building on the way

Anonymous — Wed, 29 Mar 2017 00:58:04 GMT

Ugh, got email back from my SR. Turns out they recently reduced the price of the model I am building as a way to drive interest into the neighborhood. The catch was that when they made the decision to lower the sale price, they also made the decision to not offer an incentive on this lower priced home. Our SR forgot this, and included it. He fully acknowledged it as his mistake, but says his VP has to decide to sign off on deal with it, but also guaruntees there will be no further incentive. Now I will climb the corporate chain as far as needed before I let them take away that incentive, I am not building a base model house, I have added 50k in options, the very least I can accept is that 3k in assistance. Hate how stressful this is

Re: Let get this home building on the way

dragonfly66 — Wed, 29 Mar 2017 03:25:50 GMT

@Anonymous wrote:
Ugh, got email back from my SR. Turns out they recently reduced the price of the model I am building as a way to drive interest into the neighborhood. The catch was that when they made the decision to lower the sale price, they also made the decision to not offer an incentive on this lower priced home. Our SR forgot this, and included it. He fully acknowledged it as his mistake, but says his VP has to decide to sign off on deal with it, but also guaruntees there will be no further incentive. Now I will climb the corporate chain as far as needed before I let them take away that incentive, I am not building a base model house, I have added 50k in options, the very least I can accept is that 3k in assistance. Hate how stressful this is

Geez! That's a big mistake. Just in the interest of good customer service, they need to honor the $3K in assistance that was promised. I don't see how they would justify not giving it to you. The reality is, that's not a lot of money for them.

Re: Let get this home building on the way

Anonymous — Wed, 29 Mar 2017 12:32:30 GMT

That does sound like a big mistake. It sounds like they should honor the $3K, especially since you already have a signed contract between both parties. I'm sure $3K is pennies for them.

Re: Let get this home building on the way

Anonymous — Wed, 29 Mar 2017 21:10:03 GMT

Well got the VP to agree to keeping the 3k incentive. All documents have moved to loan proccesser expected to hit underwriting in a few days. Hopefully approval can go smoothly so my stress can come down a notch or two.

Re: Let get this home building on the way

dragonfly66 — Wed, 29 Mar 2017 22:39:41 GMT

@Anonymous wrote:
Well got the VP to agree to keeping the 3k incentive. All documents have moved to loan proccesser expected to hit underwriting in a few days. Hopefully approval can go smoothly so my stress can come down a notch or two.

Excellent! I'm glad that worked out for you.

Re: Let get this home building on the way

Anonymous — Thu, 30 Mar 2017 15:22:20 GMT

That's great!

Re: Let get this home building on the way

Anonymous — Fri, 31 Mar 2017 22:05:38 GMT

Well we finalized our options and colors today. We decided to pay cash to add hardwood to entire main level (5k seemed like a decent deal IMO) we didn't want to worry about appraisal issues so we decided to pay this chunk our selves. Now nothing left to do but wait for permits to come in and for approval from LO.