@JM-AM wrote:
You will go through UW again, stay clean, no new loans, etc etc...
Yep, was told the same thing on another forum. Here is what someone else said:
It really depends when the house is ready. For new construction, you need to be prepared for two full underwriting processes, and here's why: Your credit documents have a limited shelf life. Your credit report most likely is only valid for 90 (maybe 120 days). In your "loan commitment" there should be a date the documentation starts to expire. So while your loan approval should hold up provided nothing changes: your deposits continue from your self employment, your bank statements are relatively the same and your new credit report doesn't reflect new debt and so on and so on. When you have your pre-drywall meeting with the builder, the lender will start to update your file and order the appraisal. It will feel like they have never seen your file before - they will need to re-acquaint themselves with it and make sure you are ready for the second loan submission........like make sure they have a copy of the options check you gave the builder and the statement showing it clearing and so on. Get yourself a big expandable file.......put everything in there......copy every check you deposit that is not payroll......don't make any unilateral decisions if you aren't sure of something. Call your lender first. You'll be fine.......but you do get to repeat the process.
