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New Construction / 2022 Closers

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Harmony12
Frequent Contributor

New Construction / 2022 Closers

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

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO 8
7/7/18 05/24/21
EQ 557 701
TU 566 715
EX 514 711

Mortgage Scores FICO 5,4,2
7/7/18 05/24/21
EQ 494 685
TU 480 703
EX 479 693

Goal Score 720
7 REPLIES 7
Revelate
Moderator Emeritus

Re: New Construction / 2022 Closers


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.


 




        
Message 2 of 8
Harmony12
Frequent Contributor

Re: New Construction / 2022 Closers

@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.

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO 8
7/7/18 05/24/21
EQ 557 701
TU 566 715
EX 514 711

Mortgage Scores FICO 5,4,2
7/7/18 05/24/21
EQ 494 685
TU 480 703
EX 479 693

Goal Score 720
Message 3 of 8
mike-fico
Valued Member

Re: New Construction / 2022 Closers

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.

 

 

Message 4 of 8
Anonymous
Not applicable

Re: New Construction / 2022 Closers

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

Message 5 of 8
TXPocohontas
Regular Contributor

Re: New Construction / 2022 Closers

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 Smiley Happy

 

Happy closing ya'll!

Starting Fico 8 Score Dec 2019: 469 TU 501 EQ 453 EX
Current Score: 819 TU 795 EQ 796 EX
Goal Score: 820 Across the board
First Premier CL $600 BAL $0, Lane Bryant CL $750 BAL $0, Credit One AMEX CL $600 BAL $0, NFCU Visa CL $11,100 BAL $0, Capital One QuickSilver CL $2000 BAL $0,Capital One Savor CL $3000 BAL $0,Discover CL $10,000 BAL $0,Ashleys Homestore CL $3500 BAL $0,
Bobs Furniture AKA Wells Fargo CL $3100 BAL $0,LATE PAYS/COLLECTIONS/BANKRUPTCIES/CHARGEOFFS/JUDGEMENTS 0
Message 6 of 8
Anonymous
Not applicable

Re: New Construction / 2022 Closers


@Anonymous wrote:

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


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! 

Message 7 of 8
Anonymous
Not applicable

Re: New Construction / 2022 Closers

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)

Message 8 of 8
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