It's not great when the loan officer says "thats never happened
Some of you know our story. DH's BFF was supposed to build our house and he backed out. And he backed out late in the game after we had already closed on the interim construction loan and were waiting for the permits to go through. The loan officer said this had never happened to him before. The title company said they have never had this happened before. Both said they needed to research their options because they didn't know what to do.
We finally met with the loan officer last week with our new builder and a floor plan that was now 250 sq ft slimmer thanks to a designer. He said we are going to have to pay $400 to get the house re-appraised and pay some of the closing costs at the title loan company again. We aren't totally sure what those figures are going to be yet.
The loan officer also said we are going to have to pay even more money down as well. He said it was because our new plan is smaller in size, yet the cost of the house is higher because we switched from BFF who wasn't charging us a builders fee up front to a builder who was. We don't know what those figures are going to be yet.
So if we don't have the finances that it takes to cover the closing costs and additional money down that is needed, we will delay this process longer until we can get those funds.
Sometimes, I really wish we had gone with a cookie cutter builder and a cookie cutter floor plan. We could have just picked our finishes from a limited selection and would have moved in a year ago. But, we are here.
Someday, my house will be built. Someday!!!!