So, finally got our appraisal. Took a bit longer because they sent it back for revisions which made me nervous. But turned out to be a great thing because my house is worth $200,000 more than what I am paying for it (house price is $500K, appaised value is $700K)! It's so crazy. Even my realtor is in disbelief. Now, I'm just waiting on my clear to close.
Builder: Hartland Homes
Purchase Price: $252,000
Loan Amount: $230,000
Property Type: Single Family
Type of Loan: FHA Construction
Loan Rate: 4.25
Closing Date: 9/21/16
Thanks to the help of the forum I was able to finish rebulding my credit in the last year. Within the next few weeks I will be in the 700's across the board. This has been a long loan proccess but worth the weight. We do plan to refinance out of the FHA once construction is complete. Thankfully the appraisal came in at 329,900 so plenty of equity for a conventional loan. I honestly could not have gotten to this place with out the help from these forums.
Can you explain a little further on these two items?
You can actually do a streamline refinance right away if you stick with FHA. I went FHA cause of one judgment I have in repayment that will be paid off by the time the house is finished building. So my plan is to refinance to a conventional loan to avoid the PMI. The PMI is $152.00 month so it is worth refinancing. You also can get a refund of the upfront PMI if you refinance the FHA loan and that was around $3400.00. I would have to pay PMI for 11 years so that is well over $20K. I can also secure a better rate. Right now i am at 4.25%
"You also can get a refund of the upfront PMI if you refinance the FHA loan and that was around $3400.00"
That IS interesting...
Congrats. Our closing was pushed out from 9/16 to 9/21 and then moved back up to 9/19. We are building so now we have the long wait for the house to finish. Glad you were able to move right away.