the last two weeks have been a race to get all of the documents needed for closing submitted to the mortgage lender, homestead funding. looking back, the majority of the documents related to a normal mortgage closing process...bank statements, income verification, etc.
the 203k portion of the loan did add another layer. an estimate of the construction costs needed to be submitted. this is where i left off before (enters the 203k specialist). the other items included a contractor agreement providing proof of license & insurance, property condition disclosure statement, fha amendatory clause & real estate certification, an identity of interest form signed by the 203k consultant, & last but not least, the appraiser needed drawings showing any structural changes of the house. the appraiser verifies that the property will 'appraise' for the total amount of the mortgage (purchase price + construction costs) once the work is completed.
closing is july 30th (i did receive the mortgage commitment from homestead this past friday...perfect way to end the work week).
all of the above items need to be submitted to the lender by this friday, july 26th (2 more days!). as of today, almost all of the 2nd paragraph is outstanding minus the drawings and construction cost estimate (needs to be signed).
luckily for me, i didn't have to bid the project which has saved a lot of time. the contractor (to be named later) i asked to be involved said yes...thankfully!...because he did exceptional work at my current house. however, he didn't have experience with the 203k process and has been a bit hesitant with submitting estimates until he gained a level of comfort (understandable). conversations were had today and i think we are all back on track. paul, 203k, told me his loan doc package will be sent tomorrow.
keep your fingers crossed...
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