Well days 7 & 8 the lot was very quiet and nothing new
happened. But today Day 9 we have the start of waterproofing!! I was actually
surprised to see anything done because it poured all morning but I guess as
soon as the rain stopped this afternoon they got to work!
In loan related updates a lot has been going on in that area. We are using a RD loan with USDA and unfortunately in our area the site map has changed and we have to full USDA approval by March 27th in order to use this loan. So far this past week we have updated every paper know to man, went thru underwriting, gotten our homeowners insurance quote and looks like we will be locking our rate tomorrow! All of this has to be done before our LO can submit our application to USDA by the end of the week! Once we get USDA approval we then have 90 days to close. Of course things are changing in the economy which is a great thing just bad for rates. Right now we are looking at 2 options with USDA...... 3.5% with 3/4 point or 3.625% with no points, we have decided to lock in at the 3.5% with 3/4 point, yes this will cost us a little more at the table but it will save money each month for the next 30 years. This just seems like the more financially responsible way to go. Our one concern with our loan is that our LO wants to add the 3.5 % deposit that we paid the builder, that we are using towards options to our sales price. This will increase our sales price thus raise our taxes. We aren't sure we like this. Has anyone else paid out of pocket and it not been added to the sales price, is this an option? Or does it have to be added on to the sales price? Any input would be great, we have to have our options tomorrow so please don't hesitate to throw any advice at us we will take it!
But here is some good news some pictures from today!
In loan related updates a lot has been going on in that area. We are using a RD loan with USDA and unfortunately in our area the site map has changed and we have to full USDA approval by March 27th in order to use this loan. So far this past week we have updated every paper know to man, went thru underwriting, gotten our homeowners insurance quote and looks like we will be locking our rate tomorrow! All of this has to be done before our LO can submit our application to USDA by the end of the week! Once we get USDA approval we then have 90 days to close. Of course things are changing in the economy which is a great thing just bad for rates. Right now we are looking at 2 options with USDA...... 3.5% with 3/4 point or 3.625% with no points, we have decided to lock in at the 3.5% with 3/4 point, yes this will cost us a little more at the table but it will save money each month for the next 30 years. This just seems like the more financially responsible way to go. Our one concern with our loan is that our LO wants to add the 3.5 % deposit that we paid the builder, that we are using towards options to our sales price. This will increase our sales price thus raise our taxes. We aren't sure we like this. Has anyone else paid out of pocket and it not been added to the sales price, is this an option? Or does it have to be added on to the sales price? Any input would be great, we have to have our options tomorrow so please don't hesitate to throw any advice at us we will take it!
But here is some good news some pictures from today!
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