Well it seems we were approved for financing last Friday, but we have yet to hear the final terms. There was an issue with the appraisal since there were no existing home comparisons (comps) that would work for our design - since it is so unique and "cutting edge" in terms of energy efficiency. From what we have heard so far, the loan amount and interest rate are what we agreed upon previously, so we're just waiting to submit a copy of our builder's risk insurance policy, find out how much we need to bring to the closing, and schedule the closing. It looks like another week of hurry up and wait. All the while, prices on our ICF (Insulated Concrete Forms) foundation and concrete floor materials (Insul-Deck) are set to increase 6% next week. We'll have to have those on order before the cutoff date in order to get the lower pricing. I guess if it's not one thing, it's another. We already passed the price increase on our windows, but luckily it wasn't that much.
We are still waiting on some excavation and plubming bids, so hopefully by week's end everything will fall into place. I add this entry not to bore you readers, but to let you know of the kinds of dilemas one faces when DIY-ing the building of a house (as opposed to just hiring a builder / General Contractor to go from start to finish). It's not for everyone, but getting the house we wanted was important enough to endure all of these situations.
Our goal of breaking ground on April 2nd has come and gone. The loan officer at the bank doesn't realize what the issue is, but in reality we've been trying to secure this financing for well over a month now - since mid-February. Thankfully, we've decided to not stress out over the construction schedule. Originally, we wanted to be in the house by Christmas, but now we've decided it will take as long as it takes. We have a 12 month construction loan before the rate is adjusted, so that is our only goal at this point.
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