Wednesday, January 13, 2010

Crunch Time

We are in the final month of getting our property ready!  Andy and I have nervous stomachs about all that needs to come together before Feb. 17th.  I don't feel anxious, but my stomach does :)  Maybe this will help with the diet :) 

I heard from the builder and man who is delivering our home. It's coming today!  The roads look good and it's finally completed, so he'll bring one half today and the 2nd half on Thursday or Friday, then get them connected and set on Friday or Monday.  We've been a little frustrated with the builder because they're 3 weeks behind schedule, but the good side of this is that ours was the only home they were building, so the workers took their sweet time!  The manager at Fuqua says my hickory cabinets look amazing!  Can't wait to see it here! 

Our loan is still not finalized.  We are waiting for the appraisal to come back next week before the bank can put our final loan together.  We are thankful that the builders and contractors have been willing to work with us on just a down payment.  Usually, we would have taken a construction loan to cover the building and development costs then rolled that over into a conventional home loan when the property was done.  The bank Fuqua wants us to use (it has the best rates) couldn't give us a construction loan because we are more than 150 miles from its nearest branch in Bend.  As a result, we've had to give down payments to the builder and contractor and pay for some things as we go. The benefit for us is that we don't have to pay interest during the construction phase (thanks to the slow economy and our excellent credit!).  Once we pass final inspections, the bank will pay off the land owner, home builder and contractor the remaining amounts we owe and we'll have a conventional 30 year home loan.  They can only loan up to 80% of the appraised value, so we're praying that amount is enough to cover our development costs  (It should be).

Once the house is delivered and set, the contractor will put a block skirting around the bottom of the home and then finish framing the shop.  Electrical service, water and sewer will be connected.  Andy will be building the steps for the front & back doors and finishing the roofing & siding on the shop.  Final inspections on the house & shop need to be done in time for our loan to close within our 60 day rate lock by Feb. 17th.  Interest rates are rising, so we really want to get it done in time to keep our 5% rate without paying more money to extend the rate lock.  Whew!  Lots to get done!

Exciting stuff!  Please pray with us for the safe delivery of our home and for no major interruptions during these final weeks.  I'll post pictures after the house comes!

1 comment:

Anonymous said...

I was just reading your notes about your interest rate. Our rate expired on the 1st and we didn't close until the 7th...had to pay $850 out of pocket.....very frustrating, but in the end worth the low interest rate, but i hate wasting money. Hope it all goes well for you guys.