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As exciting, and nerve-wreaking this process has been -- it's so comforting to read others going through or have went through the same/similar situation. I hope this helps others as much as it helps me! But I'm almost there!!!
Home Location: Riverview, FL
Purchase Price: $512K (+$35,000 builder incentive)
Property: House - 4218 sq ft, 5 bedroom/5 bathroom
Submitted Offer on: 09/15/2018
Signed Contract on: 09/15/2018
Ernest (Deposit) Money: $52,000 + remaining 10% due at closing (I'm so envious at those who were able to deposit $5-$10K lol) = $103,000 total
Lender Name: Homebridge
Notes about Lender: Not the best, but not the worst. We'll see.
Type of Loan: Conventional
Inspection:
Purchase contract addendums:
Loan Rate: Too soon, but estimated at 6.75% 5/1 ARM. Self-employed
Application submitted: Pre-approval received 10/06/2018
Loan Processing: Begins 03/04/2019
Mortgage Commitment Letter: 10/08/2018
Appraisal Ordered:
Appraisal Completed:
Went to underwriting: The chaos, i mean fun, begins 03/04/2019
Underwriting Complete:
Final Approval:
Construction Status: Insulation complete, dry-wall is going in this week.
Walk Through:
Closing Date: Estimated May 1, 2019
A little backstory, 2 years ago, husband and I attempted to obtain a pre-approval. My husband had just acquired his business, and I had worked in the same field for 6 years. Yes, we had debt. Yes, we had very little saved. But we had hope (lol) and not only were we not given the chance, or guidance, we were laughed at. That laugh echos in my mind until today. But we took that gesture as motivation -- fast forward 2 years, we are able to build our first home, and down 20% deposit. We are beyond blessed.
Hell to the YES! Tell'em! They did you a favor by not approving you for a house bc now you're building a CASTLE! Keep those pics and updates coming!
Congratulations on a super well done, job!
Home Location: Texas
Purchase Price: 263,242
Property: House - 3499 5 bedrooms 3.5 bathrooms
Submitted Offer on: 12/02/2018
Signed Contract on: 12/08/2018
Ernest (Deposit) Money: $50
Lender Name: Dr. horton
Notes about Lender: Seemless
Type of Loan: VA/TexVET
Inspection:
Purchase contract addendums: sod in the rear
Loan Rate: Too soon, but estimated at 3.8
Application submitted: Pre-approval received 12/08/2018
Loan Processing: Begins
Mortgage Commitment Letter:
Appraisal Ordered:
Appraisal Completed:
Went to underwriting:
Underwriting Complete:
Final Approval:
Construction Status: Cabinets, countertops, tile, painting, doors, trim, driveway complete.
Walk Through:
Closing Date:
I am hoping my lender informs me of my close date next week as it seems the home is almost complete. Final electric/plumbing is being done next week, fixtures, hardwood and carpet soon after.
Congrats on your new build, 2019 closers!
I am so anxious...details below:
Home Location: Newark, DE
Purchase Price: 307,500 (29,995 incentives)
Property: Townhouse 1917 sq ft 3 beds 2 full 2 half baths
Submitted Offer on: 02/28/2019
Signed Contract on: 02/28/2019
Ernest (Deposit) Money: $3000
Lender Name: NVR
Notes about Lender: Offer includes 7k closing cost assistance; need updated cost estimates
Type of Loan: FHA
Inspection:
Purchase contract addendums: 3/1/2019 subtracted 6.9k upgrades (flooring)
Loan Rate: 4.65%
Application submitted: Still waiting for approval and final numbers
Loan Processing:
Mortgage Commitment Letter:
Appraisal Ordered:
Appraisal Completed:
Went to underwriting:
Underwriting Complete:
Final Approval:
Construction Status: To be complete 6/15/2019
Walk Through:
Closing Date: