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2019 New Construction Closers!

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Anonymous
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2019 New Construction Closers!

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 Smiley Sad

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 

 

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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.

4 REPLIES 4
Anonymous
Not applicable

Re: 2019 New Construction Closers!

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! Heart

Message 2 of 5
CAS2019
Frequent Contributor

Re: 2019 New Construction Closers!

Congratulations on a super well done, job!  

Starting Score: 784
Current Score: 784
Goal Score: 800


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Message 3 of 5
Anonymous
Not applicable

Re: 2019 New Construction Closers!

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!

Message 4 of 5
newmomnewme
Valued Contributor

Re: 2019 New Construction 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: 

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