Purchasing New Construction Home And Mortgage Process
My Experience With Purchasing New Construction Home Written By Alex Carlucci of Gustan Cho Associates Mortgage Group
As a follow-up to my previous post on losing out on a Short Sale Property Purchase, here is how I finally purchased my current home from Ryland Homes in Hampshire, Illinois.
- Purchasing New Construction Home is extremely rewarding
- But we did had to go through couple of different lenders due to the builder’s preferred mortgage lender not coming through for us
After spending 2 months living in my brother-in-law’s basement, it was finally time to put the disappointment of a short sale behind us and look into another feasible option in buying a home.
- Was there really an option for us to purchase a new home?
- We found Ryland’s Lakewood subdivision in the Northwest suburbs of Illinois and they had a few empty lots left and a few spec homes available
- We were excited at the thought of picking all of our finishes and getting what we want, but this would also come with a price
- Since these were the final home sites left, there was a premium put on these
- When we went and visited them a year prior, the base price was nearly $25,000 cheaper
- We now had to determine if we were comfortable going over budget for a new home
- Ultimately we figured out it would be worth it in the end and so we committed to buying a spec home
- This home was already started
- However, we bought just in time to select all of our finishes which is completely nerve wracking as we aren’t designers and weren’t completely sure in what we were doing
My Experience With Gustan Cho And Purchasing New Construction Home
Everything wasn’t sunshine and rainbows, and the fun started before signing the contract.
- We were told that in order to “qualify” for the discounts we were given on upgrades, we MUST try to get approved through their builder’s preferred lender of Loan Cabin Inc.
- I still don’t see how they consider this a legal practice as they are clearly steering customers
- However, with the thought of losing $15,000 in upgrades, we went this route
- The next 6 weeks were nothing short of horrible
- I knew I was an FHA buyer that would be using the new Back to Work Extenuating Circumstances mortgage loan program which needs a manual underwrite
- I was very up-front with 4 different people over at Loan Cabin
- But after 6 weeks, they didn’t want to put the work in after I supplied them with over 45 documents they requested
- After wasting my time and being 5 weeks from close
- I reached out again to my savior Gustan Cho NMLS 873293 , the National Managing Director of Gustan Cho Associates at Loan Cabin Inc.
- Gustan Cho worked with me during my short sale transaction and was ready for my file as I kept him in the loop on being steered to Platinum Home Mortgage, one of the worst lenders in the country
- Within 3 weeks we had a CTC (clear to close) and the closing of my new home went as smooth as I could have asked
Closing With Gustan Cho Associates At Loan Cabin Inc.
I am very pleased with my home and also very thankful to have met Gustan Cho of The Gustan Cho Team at Loan Cabin Inc. along my house hunting journey.
- He took my Back to Work Extenuating Circumstances Due To An Economic Event mortgage loan file, put it through manual underwriting, and got me approved in no time
- If it wasn’t for him and his team, I am not sure if I would have ever bought a house
- I worked with many mortgage lenders along the way, and let’s just say Gus was the ONLY one to come through for me!
About The Author Of Purchasing New Construction Home
This great blog on purchasing new construction home was written by writer Alexander Thomas Carlucci:
- Alex Carlucci is an accountant by trade and is an expert in all areas of accounting, financial management, and audits
- I first met Alex Carlucci back in early 2013 when he contacted me in getting a home loan with me because I was a mortgage lender with no overlays
- Like myself and many of us, Alex Carlucci was a victim of the real estate and credit meltdown and went through a previous foreclosure
- Alex needed a mortgage lender that specialized in FHA Back To Work Extenuating Circumstances Due To An Economic Event
- As I got to know Alex Carlucci during the mortgage process, I realize that Mr. Carlucci was not just an ordinary accountant
- Alex was not just an expert veteran accountant but was a natural leader with extensive real estate experience
- Alex was a jack of all trades and master of them all
- I knew then Alex Carlucci would be a major asset to The Gustan Cho Team at Loan Cabin Inc.
- We have been talking about Alex joining our growing team of mortgage professionals
- After doing extensive due diligence, Alex Carlucci has committed himself to joining our team of mortgage professionals
- Alex is in the process of getting his federal NMLS license
- Alex will be officially part of our team
- Alex Carlucci will bring valuable knowledge and leadership to Gustan Cho Associates and will help train our licensed loan officers tax return analysis
- Alex will oversee all self employed borrower’s income qualification
- Alex will also train in becoming a manager and will eventually be running a mortgage branch office of his own
Looking forward to Alex Carlucci coming on board and also looking forward to Mr. Carluci’s blogs that will be published consistently in the coming days and coming weeks. Stay tuned.