Friday, March 27, 2009

Latest Life Knowledge Learned

So our first bank called yesterday and said "If we are to loan you money to build the house you are going to have to put $20,000 down." WHAT!!!!!!!!!! Basically because we haven't owned the land for a year, so there isn't enough equity making them want a down payment. This is after waiting for 2.5 weeks and not hearing anything. So he pointed us in the direction of another bank who will do just the construction loan and then go back to them for the long term financing.
After calling around we found another local bank that will lend us the money without a down payment because he said "August is close enough to a year for him." (that will be a year since be bought the land). I love working with smaller businesses!

Here's the list of things we were told to bring to the bank tomorrow in case people don't know what's needed when going to the bank for a construction loan:
1. 07 & 08 taxes
2. Current pay stubs
3. Who your Insurance will be through
4. What title company you want to use (best to use who you went through to buy the property)
5. Filled out loan application (job and money info)
6. Sign all disclosures
7. House plans
8. Cost break down
9. Resume (letter) of how you are qualified to General the house your selves

I looked into "Course of Construction/Home Insurance"- it was a little intimidating at first- but only a little more complicated than car insurance- shopping around makes a difference. We're looking at about $360 a year for home insurance guestimating the house is worth around $100,000. So that's what I learned today.

It would be so awesome if we had a loan by the end of the next week! Probably still looking at another two though.

Friday, March 20, 2009

New Pistons Being Installed

1982 VW Rabbit pickup 1.6 diesel (Brazilian)
This is the engine- it has recently been rebored .02 over.
These are the new pistons being installed into the block.
Full engine rebuild to come.

PS- We're still waiting to hear from the bank on the construction loan- the ground in just about thawed and we're not anywhere close to being able to start :(

Monday, March 2, 2009

Going to the bank this week!

The total estimate is $71,433! That sounds a little crazy, I know. But I really think we're going to be able build it for closer to $60,000 b/c we're going to so much of the labor ourselves (which probably sounds crazier). The bank wants everything including labor. But it's all good, they will approve us for more and we will only pay interest on what we actually spend!

So the time line is:
Go to the bank for a construction loan by Friday (that can take up to 45 days- yikes)
Then we go to the city for approval and permits (that can take up to three weeks)
Buy then the ground will be thawed and we excavate and poor some concrete (hopefully within the month of April).
Build as much as we can!
Get married!
Go to Italy!
And come back and hopefully get it done enough to move in before September (when we start teaching, again).
We'll have to be done done and appraised for the bank by December (or 9 months from when we get the loan).
Big things happening in 2009!!!!