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Signed on New Construction

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Frequent Contributor

Signed on New Construction

Some times, it's weird how something just happens, especially when it has to do with buying a house. I had been toying with the idea of building a new construction house for 2 years now. On Sunday I went and looked at a neighborhood that I had been thinking about for a long time. One of my 'must-haves' is a cul-de-sac lot, and the builder I liked the most had just one of those lots left. The price for the home I wanted on that lot was about $25k more than I really wanted to spend, so I told the builder's rep I'd be in touch via my Realtor.

 

Well - two days later, I signed paperwork to build the house I want on the lot I want. The builder conceded some money, brick instead of siding on the back, and a 7-zone sprinkler system. I had a pre-approval thru my credit union, but will end up going thru the builder's preferred lender, as the cost of their loan is slightlly less, and there's an additional $5,500 in closing cost assistance if I use them.

 

Estimated completion date, mid-October 2019. Going to pick out all the fun stuff next week!

 

Stats:

First time home buyer

5 years with current employer / 10 years in same line of work

20% down

Purchase Price: +/- $275,000

Income averages out to about $105k/year last 3 years - current YTD gross = $56,000

DTI before mortgage = < 1% (single and no kids, LOL)

15 year mortgage 3.875%

30 year mortgage 4.125%

I'll probably do 30-year and pay additional principle each month, not sure yet.

 

And below is my little slice of the cul-de-sac Smiley Happy 

 

lot.jpg

Starting Score:Low 500s in 2013
Current Score 5-4-2019: TU: 791 EX: 798 EQ: 772
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 1 of 9
8 REPLIES 8
Regular Contributor

Re: Signed on New Construction

Congrats on this.  How great to build your home!

Starting FICO 8 December 2017


FICO 8 as of 5/23/19

FICO 9 as of 5/23/19




Sock Drawer:


Goal: Gardening until April 2020. 700 Club by 9/2019
Message 2 of 9
Established Contributor

Re: Signed on New Construction

Congrats on your new home purchase!  How exciting to be apart of your build.  Thank you for sharing your story and dp's and keep us posted on how the process works out when all is said and done. 

Message 3 of 9
Frequent Contributor

Re: Signed on New Construction

Congrats!  cul-de-sacs are great for when and if you ever have kids.  I was fortunate to raise my kids on a double cul-de-sac with no other roads coming in or out except for the entrance.  All of the kids that lived on that double cul-de-sac had the run of it, and the only people that drove on it was us and our neighbors.  We loved it!

 

Capture.JPG




Message 4 of 9
Frequent Contributor

Re: Signed on New Construction

Thanks guys! I'm excited, which says a lot because I don't really show emotions often hahahaha.

 

I am a bit intimidated about going to the design center. Fortunaly, several women I know have gladly volunteered to help this bachelor out LOL

Starting Score:Low 500s in 2013
Current Score 5-4-2019: TU: 791 EX: 798 EQ: 772
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 5 of 9
Highlighted
Frequent Contributor

Re: Signed on New Construction

Congrats! I had a similar experience... I was preapproved but not planning to make an offer yet but found the right lot and went into contract. I was originally closing 10/30 but it’s been pushed out to 11/29.
Rebuilding my credit. From low-mid 500s to 700s in two years!
Message 6 of 9
New Member

Re: Signed on New Construction

Congrats. Im in the middle of a new build as well in a cul de sac. Unfortunatly, I didnt research the neighbors enough before I signed the contract. They have way to many cars and like to have to many people over regularly. 

Message 7 of 9
Valued Contributor

Re: Signed on New Construction


@justinp95 wrote:

Congrats. Im in the middle of a new build as well in a cul de sac. Unfortunatly, I didnt research the neighbors enough before I signed the contract. They have way to many cars and like to have to many people over regularly. 


If it's any consolation, I live on a street whose average daily traffic count is just a hint under 30,000. Should make a couple guests visiting neighbors not feel quite so bad...

Message 8 of 9
Frequent Contributor

Re: Signed on New Construction


@justinp95 wrote:

Congrats. Im in the middle of a new build as well in a cul de sac. Unfortunatly, I didnt research the neighbors enough before I signed the contract. They have way to many cars and like to have to many people over regularly. 


I'm just keeping my fingers crossed. I'm building in a new section of the neighborhood, so nobody is actually living in a house on my street yet. All 8 lots are sold, and 4 of them have houses in the framing stage on them.

Starting Score:Low 500s in 2013
Current Score 5-4-2019: TU: 791 EX: 798 EQ: 772
Goal Score: 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 9 of 9