My Mortgage (and New Construction) Journey!

QuestionsMy Mortgage (and New Construction) Journey!
asked 2 years ago

My wife and I each already own a home and have now begun the undertaking of building our beautiful dream home! We’ve been in the market for a while checking out various builders that are in our area (Lowcountry Region of South Carolina). Unfortunatley it’s becoming clear that all the big builders are subcontracting out all the work so it’s not really consistent across the board. We’ve heard horror stories with just about all of the main builders and basically just decided to pick the one with the least issues and ultimatley, with the best floorplan we liked.

 

Last month we contacted two lenders in search of pre-approvals for a $ 275,000 new construction conventional loan with 5% down with both USAA Federal Savings Bank and Alliance Mortgage. We received pre-approvals pretty fast on both of them and sat down to begun customizing the house. During the process, the builder informs us that if we go through their preferred lender, Alliance Mortgage, that the builder will contribute up to $ 5,000 in closing costs. We’ve begun to proceed with them and are just waiting on the final approval.

 

The down payment to reserve the lot and begun construction has been paid and now we are waiting for our pre-construction meeting. The part of South Carolina that we are in is seeing exponential growth and apparently they are receiving several hundred new building permits a month which means we may be delayed a few weeks before anything gets started. I will keep everyone posted with data points throughout the process!

 

Wife Score – 809 My Score – 726

2 missed payments from 2012

No balances on CC, PIF every month

Register New Account
Reset Password