Friday, February 3, 2017

Counting the months

Now that we are into 2017, this is the year that our bankruptcy is supposed to go off our credit report, or at least past the 7 year mark that all the lenders wanted us to be for a construction loan. I have read that BK can stay on your credit report for 10 years, but 7 years is apparently what all the lenders were using, when I tried last year. The end of August will be 7 years since we filed. First of December, when it got discharged. The beginning of 2018 we should be able to get the construction loan process started, since that takes a couple of months and hopefully ready to start building Spring of 2018. It will be here before we know it!

We plan do do as much site prep work as we can this summer, out of our own pocket, which will help lower the mortgage loan we will need. DH's friend (who works construction) has offered to help with it. They can borrow/rent some equipment and get our driveway cut in, as well as the site for house and shop. We can get the well dug and possibly also the septic system put in. We can pay our friend for his help, but it will still save over paying the builder and his subs to do it.

However all those lenders were reading our credit report (from trying last year) they all seemed to read it as we foreclosed on our home and we needed to be 7 years past before they could approve a loan. One month of this year already down!

Since we already have the house plans drawn up and the builder quote, at least that is all done. The builder, will of course, have to update his pricing by then, but that shouldn't take him too long compared to starting with him from scratch.  He had also mentioned that the more I could price shop for our homes interior things, they more we'd be helping him out and the more we could save. I'll have plenty of free time to do that. I'm sure one of the biggest cost items to really shop around for is the kitchen cabinets. Those can be so pricey. Our friends spent $20,000 on theirs and I think that is a bit overboard. Hopefully I can shop around for quotes and get that a lot lower, for sure.


7 comments:

  1. That time will be here before you know it! How very exciting! Sounds like you also have plenty to keep you busy until it does get here. I'd love to hear more about the house plans you have.

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    1. it's a 1 1/2 story, 3 bed, with 3 car garage and a separate shop. An open floor plan for the entry way, great room, living room and kitchen with floor to ceiling windows and french doors to view river. The main area we plan upgrading is the master bath with a tiled walk in shower. We also plan to add an unfinished bonus room over the garage. The back patio facing the river will be covered. Kind of a craftsman style house/with some timberframe esthetics

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    2. Sounds beautiful! I'm thrilled for you!

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  2. Replies
    1. This is both our year to be done with it all!

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  3. We will be building together! Ours is just going to be 1 story- 3 bedroom, 2.5 baths, 2 car garage though. Also open living/kitchen. Ours is a Spanish/Traditional though! I cannot wait to see your pictures!

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    1. It sounds like you may be a bit ahead of me in building time, so I'll for sure be following along learning from you!

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