2020 New Construction Closers

[CA4Closure]

Home Location: Kailua, Hawaii (Oahu)
Purchase Price: $595000 (I already owned the empty lot)
Property: Single Family House - 4800 sf
Submitted Offer on: 02/15/2020 
Signed Contract on: 03/15/2020 Then Pandemic hit
Earnest (Deposit) Money: $350,000 ($245,000 loan through NFCU)
Lender Name: Navy Federal Credit Union
Notes about Lender: NFCU rocks. I took out a bit more to buy a 40 foot boat for fishing and overnight traveling to outer islands.
Type of Loan: Conventional
Inspection:
Purchase contract addendums:
Loan Rate: 2.5% Must be a military veteran
Application submitted: 11/01/2019
Loan Processing: Approved within 30 days
Mortgage Commitment Letter: January 1, 2020
Appraisal Ordered: 
Appraisal Completed: 
Went to underwriting: 
Underwriting Complete:
Final Approval:
Construction Status: Architect/engineer is my cousin. Grading for lot started late February 2020 then Pandemic hit. Foundation, swimming pool and terrace retaining walls will go in first. Once swimming pool shell and plumbing goes in, it will be covered to be completed when the main residence is 80% completed. 
Walk Through:
Closing Date: Eyeing a Summer 2021 move in. We shall see if the Governor of Hawaii opens up commerce!

[Anonymous]

Figured I should update. Updates in pink. We're getting so close. I'm so excited. Flooring and tile work are going in this week.

Home Location: Wendell, NC

Purchase Price: $257K

Property: Single Family House - 2500sf

Submitted Offer on: 12/12/2019

Signed Contract on: 12/13/2019

Earnest (Deposit) Money:  2%

Lender Name: Movement Mortgage

Notes about Lender: So far so good! Our LO is on top of things and communicative. 

Our loan officer hasn't been the greatest but we're stuck with them because of the incentives with them being the builder's lender. They are getting the loan done but it's required a lot of work and question asking on my end.

Type of Loan: Conventional

Inspection:

Purchase contract addendums: 

Loan Rate: not yet, estimated at 3.75%

We locked at 3.125, expires 8/14.

Application submitted: 12/21/2019

Loan Processing: 12/31/2019

Mortgage Commitment Letter:  01/06/2020

Appraisal Ordered:  01/08/2020

Appraisal Completed: 01/18/2020

Went to underwriting: Underwriting is done upfront. So, 1/6/2020. Approved with conditions. Will have to go through again closer to closing.

Underwriting Complete: Just got an email this morning. Had to submit an LOE for some Paypal shopping I've been doing and charges for my daughter's preschool tuition. Fingers crossed that is all we've need to submit. 

Final Approval: 

Construction Status: Model, options all selected. Drove by the property and I saw some construction going on. Waiting to get our approval to start.
Walk Through: 

Closing Date: TBD. We have an estimate of between July 24th-8/8

[Anonymous]

Home Location: Dallas, GA

Purchase Price: $259K

Property: Single Family House - 2240sf

Submitted Offer on: 06/22/2019

Signed Contract on: 06/23/2019

Earnest (Deposit) Money:  2500.00

Lender Name: Movement Mortgage

Notes about Lender: They are amazing!  They answer all my questions and are working with us as we do not have a perfect credit situation and not a ton of money but good steady income.

Type of Loan: FHA

Inspection:

Purchase contract addendums: 

Loan Rate: not yet, estimated at 3.25%

Application submitted: 06/21/2020

Loan Processing: 06/25/2020

Mortgage Commitment Letter: 

Appraisal Ordered: 

Appraisal Completed:

Went to underwriting: Underwriting is done upfront. So, 06/25/2020.

Underwriting Complete: 

Final Approval: 

Construction Status: Site and Design Selected.  Upgrades selected.  Meeting for color choices, finishes, etc is Monday 6/29
Walk Through: 

Closing Date: 10/23/20

[Anonymous]

Well the title company called this morning to verify our lender so they can begin preparing the docs. I'm guessing that's a good sign. 

I haven't heard back from my LO yet so my file must still be in underwriting. I hate this part.

[Anonymous]

Home Location: Dallas, GA

Purchase Price: $259K

Property: Single Family House - 2240sf

Submitted Offer on: 06/22/2019

Signed Contract on: 06/23/2019

Earnest (Deposit) Money:  2500.00

Lender Name: Movement Mortgage

Notes about Lender: They are amazing!  They answer all my questions and are working with us as we do not have a perfect credit situation and not a ton of money but good steady income.

Type of Loan: FHA

Inspection:

Purchase contract addendums: 

Loan Rate: not yet, estimated at 3.25%

Application submitted: 06/21/2020

Loan Processing: 06/25/2020

Mortgage Commitment Letter: 06/29/2020

Appraisal Ordered: 

Appraisal Completed:

Went to underwriting: Underwriting is done upfront. So, 06/25/2020.

Underwriting Complete: 

Final Approval: 

Construction Status: Site and Design Selected.  Upgrades selected.  Meeting for color choices, finishes, etc is Monday 6/29
Walk Through: 

Closing Date: 10/23/20

We got our commitment letter today with typical conditions.  New Paystubs, Bank Accounts, Credit Check and Employment Verification.  Proof of Earnest Money Deposit, Apprasial, and Insurance binder. I went ahead and sent the Deposit proof but we cannot do anything else till closer to closing.  This was a big PHEW! We also saw them clearing a plot that is due to close 2 weeks prior to our closing date so we should be soon!

[Anonymous]

Home Location: Dallas, GA

Purchase Price: $259K

Property: Single Family House - 2240sf

Submitted Offer on: 06/22/2019

Signed Contract on: 06/23/2019

Earnest (Deposit) Money:  2500.00

Lender Name: Movement Mortgage

Notes about Lender: They are amazing!  They answer all my questions and are working with us as we do not have a perfect credit situation and not a ton of money but good steady income.

Type of Loan: FHA

Inspection:

Purchase contract addendums: 

Loan Rate: not yet, estimated at 3.25%

Application submitted: 06/21/2020

Loan Processing: 06/25/2020

Mortgage Commitment Letter: 06/29/2020

Appraisal Ordered: 

Appraisal Completed:

Went to underwriting: Underwriting is done upfront. So, 06/25/2020.

Underwriting Complete: 

Final Approval: 

Construction Status: Site and Design Selected.  Upgrades selected.  Meeting for color choices, finishes, etc is Monday 6/29
Walk Through: 

Closing Date: 10/23/20

We got our commitment letter today with typical conditions.  New Paystubs, Bank Accounts, Credit Check and Employment Verification.  Proof of Earnest Money Deposit, Apprasial, and Insurance binder. I went ahead and sent the Deposit proof but we cannot do anything else till closer to closing.  This was a big PHEW! We also saw them clearing a plot that is due to close 2 weeks prior to our closing date so we should be soon!

[oreopanda]

Home Location: Spring Hill, TN
Purchase Price: $640,000
Property: Single Family House - 3300 sf with 1500 sf finished basement and 1000 sf unfinished total sf 4800 sf finished
Submitted Offer on: 05/15/2920

Signed Contract on: 05/15/2020 
Earnest Money: $20,000 
Lender Name: Veteran's United

Type of Loan: VA Loan
Purchase contract addendums:
Loan Rate: preapproval rate 3.15% Will lock in a rate around September/October 
Application submitted: 05/18/2020
Loan Processing: Conditional Approval received 6/05/2020

Appraisal Ordered: 
Appraisal Completed: 
Went to underwriting: 
Underwriting Complete:
Final Approval:
Construction Status: Construction on prepping lot for foundation began week of 6/22/2020
Walk Through:
Closing Date: Tenative 12/7/2020 - builder said if everything goes as plan house is slated to be completed by early November. 

[Anonymous]

Would love to hear about any one-time close (like VA) new construction loans (pay closing then construction begins). I know there aren't many lenders that offer this, but they do exit more now than in previous years).

[Anonymous]

Updates in pink. We're getting so close. I'm excited, nervous, exhausted. lol

Title company reached out and asked for buyer information and a few other things. My loan has been in processing since 6/26, they asked me for updated bank statements and a few other things. It's in line for UW. So, I'm on the edge of my seat. Closing is scheduled for 7/28 and walkthrough 7/21.

Home Location: Wendell, NC

Purchase Price: $257K

Property: Single Family House - 2500sf

Submitted Offer on: 12/12/2019

Signed Contract on: 12/13/2019

Earnest (Deposit) Money:  2%

Lender Name: Movement Mortgage

Notes about Lender: So far so good! Our LO is on top of things and communicative. 

Our loan officer hasn't been the greatest but we're stuck with them because of the incentives with them being the builder's lender. They are getting the loan done but it's required a lot of work and question asking on my end.

Type of Loan: Conventional

Inspection: Scheduled for 7/21

Purchase contract addendums: 

Loan Rate: We locked at 3.125, expires 8/14.

Application submitted: 12/21/2019

Loan Processing: 12/31/2019

Mortgage Commitment Letter:  01/06/2020

Appraisal Ordered:  01/08/2020

Appraisal Completed: 01/18/2020

Went to underwriting: Underwriting is done upfront. So, 1/6/2020. Approved with conditions. Will have to go through again closer to closing.

Underwriting Complete: 

Final Approval: 

Construction Status: Model, options all selected. Drove by the property and I saw some construction going on. Waiting to get our approval to start.
Walk Through: Scheduled for 7/21

Closing Date: Scheduled for 7/28

[Anonymous]

Home Location: Riverdale, UT

Purchase Price: $380K~

Property: Single Family House - 2490sf

Submitted Offer on: 17/May/2020

Signing Contract on: 29/Jul/2020

Earnest (Deposit) Money:  3440.00

Lender Name: Originally Home American, Now going with Security National

Notes about Lender: Home American was a nightmare. We were told for 2 months we were good to go then were randomly told they wouldn't underwrite our loan. It never made it out of prequalification status. Scores were good. DTI was good. BK7 had aged 3 years. etc. This hit hard as home american was the builder's (Richmond American) lender. So now my realtor put us in contact with her lender (Security National) and Brenn has been fantastic. We're now preapproved and have received all contingencies for closing. We expect it to be smooth sailing from here on out but you never know.

Type of Loan: Depends on date of closing. Prior to 26/Jan/21 will be FHA. After will be VA.

Inspection:

Purchase contract addendums: 

Loan Rate: not yet, estimated at 2.5%

Application submitted: 10/Jul/2020

Loan Processing: 10/Jul/2020

Mortgage Commitment Letter: 

Appraisal Ordered: 

Appraisal Completed: 

Went to underwriting: Underwriting is done upfront. So, 10/Jul/2020. Will be done again closer to closing.

Underwriting Complete: 

Final Approval: 

Construction Status: We broke ground last week. Going to the design center in a week for all interior options and finishes.

Closing Date: TBD, Estimated Dec-Feb

[Peazmom]

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!

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@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 

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