A word of caution if you're using a VA loan--be prepared for a longer wait between the time your house is complete and the time you go to closing. We were initially told that our final walkthrough would happen on January 30th, which means closing would happen around the first week of February--or so we thought. We got the word on Friday that our closing is scheduled for February 22nd...almost three weeks later than we have thought all along!!
Here's what happened...the VA appraiser can't come to the house until it is 95% complete. For us, that day is January 24th. After they come to the house, they have 10 business days to complete the appraisal report. Doing the math, that would be February 7th. So, there's a chance we could close sooner than the 22nd, but NVR is adding cushion in the event of a delay with the VA. I guess they have gotten burned before.
So, let that be a lesson to VA loan users. Our total time from groundbreaking to this estimated, delayed closing date is 108 days! It's going to be hard to watch our completed house sit empty for three weeks.
In good news, the first coat of real paint went on yesterday. Apparently what I thought was paint before was actually primer. :-)
I really hope that's not true in all cases. They haven't mentioned the possibility of our closing being pushed back because of the VA yet. I'm really hoping I don't have to reschedule all of those deliveries that I set up this week.
ReplyDeleteI wonder if it depends on the volume of VA loans in the area? If NVR has already given you a firm closing date, then you should be good! We haven't received our official closing letter, but that is the date that RH and NVR told us on Friday. One of the reasons we were so surprised was that we just received our NVR letter this week requesting our updated documentation in preparation for closing and it said we are tentatively scheduled to close in January. Then four days later, we got the news about 22 Feb. We'll see. I hope you're able to close on time! Do you know what your "95%" date is? I'm curious to see whether it is just our area that is slow.
DeleteWe got our letter from NVR on December 19th... that letter actually moved our final walk-through date and closing date up by two days. Those are the dates we've been counting on so hopefully they don't change.
DeleteI don't know what our 95% complete date is, but we have to be there by now or very close to it. There isn't much to be done... final paint/touch-up, complete the deck, install the hot water heater, install the toilet and pedestal sink in powder room, paint front door and a piece of exterior trim (might not get done until Spring)... and then just cleaning up the house.
It sucks that your house will be sitting done for so long!
When we were told this, it was like the wind being let out of my sails. It is very hard to not get your hopes up for something of this magnitude. Hopefully, the VA will be responsive and timely with the appraisal so we will be able to actually move in when the house is done and not three weeks later. I know wishful thinking!
ReplyDeleteHi Michael, Welcome to the RH Family Blog Land!! Are you currently blogging? How can we follow your journey? We are at ricknadase.blogspot.com Feel free to join our site and I would love to follow your journey too. What type of home are you building? It is always a pleasure to watch others build their homes and share ideas.
DeleteGood morning. I am the other half of Ravenna120, so I merely chime in from time to time.
DeleteWOW! This is definitely an interesting process to go through! I totally understand the feeling. Hopefully, you won't have to wait until February 22 (my birthday). They usually finish these homes much sooner that they schedule. I believe most PMs give themselves some wiggle room. Fingers crossed you won't have to wait that long.
ReplyDeleteIn the meantime, while we waited and waited I began packing and packing! AND spent lots of time shopping online for every room in the house and at stores too.
I am trying to get motivated to pack :) This will be our second move in less than a year...I'm ready to be done!
DeleteThis is really good to know. We just signed paper work with RH to build a Victoria Falls. We are doing a VA loan. I'll keep this in mind when our house is getting closer to completion.
ReplyDeleteHopefully you won't run into any issues. We were definitely surprised. I had heard the VA might take a "little" bit longer, but not that long! If you read M's blog, they're doing VA and are right on track. I guess every situation varies. Best of luck with your build!
DeleteWe are getting a VA loan, and haven't been pushed due to an appraisal. This worries me since we are in a rental and will need to give notice of our move out date and we also have appliances to be delivered after we close.
ReplyDeleteAnd the title of your post is very fitting with the military :) hubby says it all the time!!
DeleteI think the best thing to do to alleviate any concerns is to ask NVR about it directly (if that's who you're using). If we hadn't asked, we would still be thinking everything was fine. Again--we even got a letter from NVR saying that we're tentatively scheduled to close in January. Very big difference that they say is a result of the VA...
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