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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
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
@Anonymous 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.
@Anonymous 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!
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.
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)
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!
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: 9/18/20
Appraisal Completed:
Went to underwriting: Underwriting is done upfront. So, 06/25/2020. Second underwriting 9/18
Underwriting Complete:
Final Approval:
Construction Status: Site and Design Selected. Upgrades selected. Meeting for color choices, finishes, etc is Monday 6/29. We currently have gotten to the point of drywall and cabinets and they are painting Walk Through:
Closing Date: 10/23/20
Home Location: Gallatin, TN
Purchase Price: $349k
Property: Single Family House - 2500sf
Submitted Offer on: 9/18/2020
Signed Contract on: 9/18/2020
Earnest (Deposit) Money: $500
Lender Name: CMG Financial
Notes about Lender: Love them so far!
Type of Loan: FHA
Inspection:
Purchase contract addendums:
Loan Rate: not yet
Application submitted: 9/1/2020
Loan Processing: 9/1-9/18 (had to pay off 1 small acct to bump up scores)
Mortgage Commitment Letter: 9/18/2020
Appraisal Ordered:
Appraisal Completed:
Went to underwriting:
Underwriting Complete:
Final Approval:
Construction Status: Pad being poured next week
Walk Through:
Closing Date: Late Dec/early Jan
@Anonymous wrote: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.
We are doing a new build through Pulte and using Veterans United. We will have our closing in November/December and we have been conditionally approved. The only thing they are saying we will need for closing will be paychecks from the 30 days before closing, a homeowners policy, and an appraisal. We are only closing once as the builder is holding the construction loan in the development.
We have been very happy with our interactions with VU and they have been quick to respond on any questions. They will be sending over rates to us about 45 days out so we can lock in and they are providing breakdowns on APR and points - so far the highest they are mentioning is 2.85% w .5 points and said we could go as low as 2.25% (not sure how many points for this one), but they are doing everything in an excel
sheet to show how long it will take to recoup the points.