Getting “Pre-Approved” to purchase your new home is the first step in the homeownership process. This is required prior to entering into contract to purchase a new Ryder home.
5 days after you sign your purchase contract you are required to have your complete loan package submitted to lender so that they can submit your file to their underwriting department. At a minimum, your lender will likely request your employment history, 30 days of paystubs, last 2 years’ W-2s, last 2 years’ filed tax returns, a credit authorization form, and 2 to 3 months of bank statements.
Before your home is framed you will meet with our team again to make any option selections that will be impacted by the framing of your new home. For example, den to bedroom conversions, electrical, lighting fixtures, appliances, and cabinets.
Usually around the same time as your loan is being reviewed and you are making your electrical selections we will set up a meeting with our construction team to review your selections and answer any preliminary questions you might have.
Once the drywall installation has begun there can be no more options or upgrade selections. Before the date specified here you will meet with one of our talented Design Center Specialists at their showroom to make all of your finishes selections, which includes countertops, tile choices, and flooring.
Within 30 days of your contract date you are required to have received conditional loan approval, which means all of your lender’s conditions for approval have been met and only the appraisals need to be order to issue your final loan approval.
After your home has been framed and the rough plumbing, electrical, and HVAC are in we will schedule your Frame Walk with our construction team. This will give you an opportunity to check out your home’s progress and get any questions you might have answered.
Once we are within 45 days of your estimated closing date you cannot change your lender without incurring a ½% fee based on your final purchase price, which will be due at the close of escrow. This means that you must have your financing solidified prior to this date to avoid any additional fees.
After your cabinets have been installed your Ryder Sales Associate will notify your lender to order the 1st appraisal. After the independent appraiser is scheduled it usually takes about 2 weeks to receive the appraisal report.
We will notify you in writing when we are 37 days from your actual closing date. Notwithstanding any unforeseen construction delays, your closing date should not shift after you receive your 37-Day Notice.
After your lender has received the appraisal, they will provide you with Final Loan Approval. Final Loan Approval is required at least 10 days before your closing date.
Now that your lender has approved your loan they are ready to prepare the loan agreement. Once all of the loan documents are ready they will be sent directly to title so that they can prepare the final closing documents. Your lender is required to send your loan documents to title no later than 5 days prior to your closing date.
Your Orientation Walk-Thru is one of the most important phases of your new-home purchase. This is the best opportunity to learn all about your new home and its different functions straight from the project manager that built it. The date for your walk-thru will be scheduled when you receive your 37-day notice, and will occur approx. 3 days before your closing date.
Title will contact you to schedule a time to review, sign, and notarize all of the paperwork. This will also be when your remaining downpayment funds will be deposited in your escrow account. This can either be done at the title company or a mobile notary can be arranged to come to you. Your signing appointment will occur approx. 2 days prior to your closing date.
Once all parties have signed your closing documents, your lender will send your loan funds required to close escrow to title. In most cases your funds to close will be received by title within 1 to 2 business days after your signing appointment.
Congratulations - you made it! As soon as title receives confirmation that your home has recorded you can pick up the keys to your new home immediately!