Tuesday, July 8, 2008

All coming together

Tonight we finish (we MUST finish) the final details to "complete" the house. This is gates on the deck, a tiny section of custom railing inside,and two outlet covers. I hope.

Tomorrow is final inspection day! We also get our energy rating done. If we're 5 star plus, we should get a $7500 rebate from Alaska Housing Finance Corp. This was unexpected, and as you can imagine, a very pleasant surprise!

We have been dealing with getting our mortgage so we can pay everyone back and have one simple monthly payment. First we got the house appraised. I had been very nervous about that for a few months. It would tell us if we made money building this house.

We got appraised for $224,000, which is quite good! It's the upper end of what I thought were my optimistic hopes! It also lets us get the best loan available with only 70% loan-to-value ratio, and we'll still have enough to build a garage this summer.

There are a lot of other little details required. We needed to file a notice of completion with the borough so anyone can see it and put a lien on our house if we owe them money. We got a water test done, even though we don't even have a well. They need to be sure our holding tank isn't tainted. We ordered an as-built survey to be sure we don't encroach on any property lines. We got our septic system DEC stamped paperwork. We also had to compile all our receipts for the loan.

It's lots of work getting a loan on a house! At the end of this week we should be done and we just need to wait 15 days for the notice of completion to set in. Then, we should get our check! Hurray!

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