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My new construction has been delayed until 2022. I was to close by EOY 2021 but it didn't work that way. Therefore, I made a new thread for those of us closing in 2022.
New Construction in Texas
Purchase Price: $355K
Earnest Money Deposit: $1k
DPA: 0
Lender credit: 1% of Purchase Price Update: Switched lenders 0 credit
Loan Type: USDA
Mid-Score: 693 (at time of pre-approval)
Rate: Going to lock at 30 days (closing March/April)
Update: 60 Day Rate Lock at 3.5% - closing mid-April
New Construction in North Carolina
Purchase Price: $310K
Earnest Money Deposit: 10%
DPA: 0
Lender credit: $0, Chase relationship discount = 2 points though.Loan Type: Conventional or maybe ARM, depends what rates are like.
Mid-Score: 760+ at pre-approval, should be similar when I apply some awkwardness now.
Rate: Won't know till March/April
I drove past the place this weekend, condo build, looks like (not that I'm a great judge) there's on the order of 4 months or so to go, so April or so, I'll probably apply for the mortgage 45 days early.
@Revelate those condo builds are always hard to judge. I know for single family detached the rule of thumb is once sheetrock/drywall is up then completion is in about 60 days.
A tip for new home builders, material constraints remain in 2022 causing production issues for many items, particularly plumbing parts, appliances, and furniture.
If you are responsible for ordering any of those things, order them as soon as possible to reduce the risk of unavailability when you close. Locally we are hearing refrigerators are a problem, with some new homes not getting a refrigerator for months after closing this month.
We finally got a close date after nearly two years! We close January 19th.
New Build in Northern Utah
Purchase Price: $725k
EMD: 3.5%
Credits: $10k Realtor Commission, $2500 Lender Credit
Loan Type: VA, 2.375%/30-Year Fixed
MMS: 700s
New Construction in Nevada
Purchase Price: $536K
Earnest Money Deposit: $5k plus 25% of options/upgrades so total $13k
DPA: 0
Lender credit: $9k
Loan Type: Conventional
Mid-Score: 714 (at time of pre-approval) Mid-Score as of 1/1/22: 723
Rate: Going to lock at 60 days (closing anywhere from May to July) They started framing 12/18
Happy closing ya'll!
@Anonymous wrote:We finally got a close date after nearly two years! We close January 19th.
New Build in Northern UtahPurchase Price: $725k
EMD: 3.5%
Credits: $10k Realtor Commission, $2500 Lender Credit
Loan Type: VA, 2.375%/30-Year Fixed
MMS: 700s
Update to this, house appraised $20k over contract price! For a VA loan I found that suprisingly awesome as we were expecting to come out of pocket a solid amount. We decided to go $0 down to get all of our deposits/credits back at close and just received Utah's veteran/first-responder first-time homebuyer grant of $2500 at close. For Utah residents, I highly recommend applying!
New Construction in Texas
Purchase Price: $362K
Earnest Money Deposit: $2K plus 50% upgrades
DPA: 0
Lender credit: $7K
Loan Type: VA
Mid-Score: awaiting updates
Rate: Going to lock at 60 days (closing May but may be June)