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2020 New Construction Closers

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Established Member

Re: 2020 New Construction Closers

Congrats on your closing! Enjoy your new home!!

 

We're getting close. Our LO said we should have the CTC soon. So, closing is still on track for July 28th. 


@Peazmom wrote:

Update:

 

Everything went smoothly and we closed on time, June 15th.  Navy Federal was the bomb throughout the whole process.  My Loan Processor was on top of everything and from them, there were no surprises.

 

Due to COVID-19, my company decided to defer the 2019 bonus payout until 4th quarter 2020.  So, the money that I had been banking on for closing and for other household expenses suddenly disappeared, so on my end, I had to scramble between March and June to bank the funds needed.  It was a stretch, but doable, and in the end, my closing costs were less than half of what had originally been projected.

 

Good luck to everyone, and heres hoping for smooth closing for everyone!

 


@Peazmom wrote:

Thanks for starting this tread!  I’m glad to have some to commiserate with.  Here are my stats!

 

Home Location: Fairview, TN

Purchase Price: $349K

Property: Single Family House - 2135 sf

Submitted Offer on: 12/19/2019

Signed Contract on: 12/19/2019

Earnest (Deposit) Money: 1% 

Lender Name: Navy Federal Credit Union

Notes about Lender: No complaints so far.  Loan officer and loan processor have had excellent communication

Type of Loan: Military Choice

Inspection:

Purchase contract addendums: 

Loan Rate: not yet, estimated at 4.25% (zero down and no pmi)

Application submitted: 12/20/2019

Loan Processing: 12/23/2019

Mortgage Commitment Letter: 12/26/19

Appraisal Ordered:  

Appraisal Completed:

Went to underwriting: Underwriting is done upfront. So, 1/6/2020. Approved, only condition is source of closing cost ( 4K from building, rest from corporate bonus that will be deposited in checking account in mid March). Will have to go through again closer to closing.

Underwriting Complete: 

Final Approval: 

Construction Status:  New build, all options selected.  Builders agent said grading on my lot expected to start later this week.
Walk Through: 

Closing Date: TBD. Tentatively scheduled for June 15, 2020...though I feel that is rather optimistic 

 


 


 

Message 21 of 27
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Valued Member

Re: 2020 New Construction Closers

Home Location: Parkland, FL

Purchase Price: $797K

Property: Single Family House - 4200sf

Submitted Offer on: 06/24/2020

Signed Contract on: 07/17/20

Earnest (Deposit) Money:  10%

Lender Name: PRMI

Notes about Lender: Awesome, they seem to work with all credit.

Type of Loan: Conventional

Inspection:

Purchase contract addendums: 

Loan Rate: Started at 3.99%, I learned about early exclusions and got my numbers significantly and dropped to 3.37% day before close

Application submitted: 12/21/2019

Loan Processing: 12/31/2019

Mortgage Commitment Letter:  01/06/2020

Appraisal Ordered:  07/06/2020

Appraisal Completed: 07/06/2020

Went to underwriting: 07/06/2020

Underwriting Complete: 07/16/2020

Final Approval: 07/16/2020

Construction Status: Finished January ( I think )
Walk Through: 07/14/20

Closing Date: 07/17/20

Starting Score: EX: 625 | EQ: 690| TU: 674
Current Score: EX: 733 | EQ: 692 | TU: 735
Goal Score: EX: 700 | EQ: 725 | TU: 715

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Message 22 of 27
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Regular Contributor

Re: 2020 New Construction Closers

Peazmom Congrats on your closing!! I'm thinking of using NFCU based on your experience (I bank with them now). Actually, I didn't know they did new construction loans. Did you end up closing after your home was complete or did you do two closings, one at the beginning and one at the end of the process? Thanks!

Message 23 of 27
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Frequent Contributor

Re: 2020 New Construction Closers

@ArsenalGunner They do not do "construction" loans in the traditional sense.  I bought a new build in a subdivision, so the builder essentially funded all of the construction and I closed with a Navy Federal Military Choice mortgage loan after construction was complete.  Navy does have a select group of loan professionals who handle new construction like this and follow up with the builder for progress reports.  I personally found them great to work with.


@ArsenalGunner wrote:
Peazmom Congrats on your closing!! I'm thinking of using NFCU based on your experience (I bank with them now). Actually, I didn't know they did new construction loans. Did you end up closing after your home was complete or did you do two closings, one at the beginning and one at the end of the process? Thanks!

 

Starting FICO 8 December 2017

FICO 8 as of 6/7/20



Sock Drawer:

Message 24 of 27
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Established Member

Re: 2020 New Construction Closers

I thought veterans United wouldn't do a loan on a new build? I used them for my first loan and it was very easy. Looking to do a new build so I been lurking on this forum. 

Message 25 of 27
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Contributor

Re: 2020 New Construction Closers

Home Location: Port Saint Lucie, FL

Purchase Price: $351

Property: Single Family House - 2400sf

Submitted Offer on: 06/20/20

Signed Contract on: 06/20/20

Earnest (Deposit) Money:  5%

Lender Name: NVR

Notes about Lender: The LO Chris has been really helpful since the beginning, nothing bad to say about them. I chose the builder's lender as they were offering $5000 off closing costs if we chose their lender.

Type of Loan: FHA (signed for an FHA at middle score of 633) now Middle score is 697 so we will go conventional.

Inspection: Not yet

Purchase contract addendums: 

Loan Rate: Started at 3.65%, looking to get very low in the 3's.

Application submitted: 

Loan Processing: 

Mortgage Commitment Letter: 

Appraisal Ordered:  

Appraisal Completed: 

Went to underwriting: 6/26/20

Underwriting Complete: 07/02/2020

Final Approval: 07/02/2020

Construction Status: Looking to Move in around 1/21 (waiting on permits still!)
Walk Through: 

Closing Date: January (Fingers crossed)

Message 26 of 27
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Valued Member

Re: 2020 New Construction Closers

Hello!

I think this is a general question about financing a new home. 

I have been preparing to purchase a home for the last couple of years and I have done just about everything I can do.  The final steps will be to complete the initial payments on a payment plan with the IRS.  My plan was to apply for a mortgage next week and ask my LO to put my file through pre-underwriting to identify any red flags or issues up front. Now that I am close to applying, the market has shifted towards a seller's market and existing homes are becoming scarce.

 

I found a new construction community that I like and am wondering if I can enter into an agreement to buy now and, by the time the home is finished, I will have made three payments to the IRS. 

I have read through the New Construction thread but there seem to be varying finance options.  I think I just need to understand the process.

 

Thank you!

Message 27 of 27
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