Appraisal Woes!

Just found out the appraisal for our loan came in significantly under the amount we need to build. The culprit was the lot we chose. With several additional development costs beyond the standard lot (massive tree removal, slope excavation, and sewer "impact fee"), the appraiser couldn't justify all the extra expense. We can't justify all of it either to just pay the difference on top of a large down payment.

No fault of the bank and certainly no fault of Wayne Homes. The appraiser was fine with the cost of the house itself.

Back to lot hunting. I know better what to watch out for next time to avoid this appraisal issue.

To be continued....

Preconstruction Meeting

Yesterday was our Preconstruction meeting.
Very long day for us but very worth it. Meeting our Field Manager was good. I think we're going to get along very well over the course of our build. After the lot meeting it was back to the main office.
Most of the time was spent going over changes we wanted to house and colors we had picked previously. We also made final changes to options/upgrades.
We determined our PPI amounts and now our lender should get the final numbers so we can set an official closing date. Getting excited!!

Construction loan Lender

If anyone needs advice on a good construction loan lender in the Northeast Ohio area, post a comment. Our lender is spectacular. And our Agent is amazing. She helped us get our construction loan locked in at 3.5%
It's hard enough to get that rate on a conventional loan, much harder on a construction loan.
Plus they are the only ones I could find that let you lock the rate during the construction phase.
Most others that offer construction loans make you take an adjustable rate until construction is over.

Nice having the peace of mind knowing exactly what our payment will be now!

Buddy's getting a new home!

This is our dog Buddy.
He's about to get a serious upgrade in housing and a yard!

We had our color selection meeting on the 17th. We were very pleased at the willingness to rearrange the layout of the house, move/add walls etc. Seems more real at this stage that we are actually building a new home. Preconstruction meeting scheduled for Oct 3. Loan should close late October and digging start around Thanksgiving!

Progress with the upfront administrative stuff was made this week. Wednesday the 12th we started the formal loan papers. This coming Monday the 17th is our "selections" meeting where we pick our specific paint, carpet, shingles, siding, etc. This needs done before the final drawings can be made.

So far it looks like the loan should close at the end of October and lot clearing/digging can begin sometime in November! 

Just signed contract with Wayne Homes

Hello everybody.
My wife and I have been talking to Wayne Homes for a few months about building our new home. As this is a big decision for us, we've taken our time and done research. I have found it to be incredibly helpful reading other blogs of Wayne Home clients. Since my wife and I just signed the contract with Wayne Homes yesterday, I thought the least I could do is blog our own experience with Wayne Homes to help others make their decision.
   So far, I can tell you that the Akron office has been patient with the many changes we've requested to the quote for the past couple months. In addition to the sales staff, their construction manager has been willing to discuss my questions and concerns also. I have really appreciated the willingness to address my questions directly with the construction manager.
   FULL DISCLOSURE:
I'm the guy that researches everything to death and is paranoid everything that can go wrong will. So again, I applaud their patience with me.

At this stage things will happen slowly while we wait for the loan process and the scheduling of our colors/options meeting.

We are having a customized Montgomery plan built.
Hope anybody following this will find it helpful.