BUILDING A HOUSE

No they will probably just extend closing till you get your score higher.

Your rate lock may expire at that time and rate may go up or down depending on market conditions and your credit score.

I would tell the agent what is going on so they can prepare for this......

Hello there,
I have worked with many Builder's throughout Florida and I agree with Carl....you need to tell you DR Horton Sales Consultant, what's going on. Builder's are much more responsive to honesty from a client. It's in the Builder's best interest, that you close on this home....the Builder makes $0 dollars, unless you close. They don't want to have to try and re-sell this home to someone else. Make an appointment with your DR Horton Sales Consultant to talk about the issue at hand. Explain your situation and ask him/her, to talk to her Manager and see if they are willing to extend your closing for 30 days. Also, call the DR Horton Mortgage Manager - Liz Hovet - and inform her of your situation. She is a true professional and she will do all she can, for you. Don't be surprised if the mortgage company is already aware, of your situation.....all Builder Mortgage Firms re-pull your credit 30 days before closing, to make sure that everything is still on the right path, for a successful closing. Lastly, please understand that the Builder is in no way obligated to extend the closing and they do have the right, according to all Builder Contracts, to deny your extension request, cancel your contract, keep 100% of your security deposit and re-sell the home to another individual. However, as I said previously....it is in their best interest, that YOU close on the home, so they don't have to spend more money and time marketing this home, again!

Are you working with a buyer agent?  If you are, the agent should be able to answer this question better than we can, since he/she will have all the background information.  If you are not, then you have to contact the person who told you that you could go ahead and start building the house.  Is your loan a construction loan or are you buying a "turn-key" property?  We do not have a lot of information here, so I assume that Dr. Horton's staff requested a pre-approval from USDA before they started building your home?  Very few builders nowaday will start construction without assurances that the buyer is financially able to meet his obligations.  You said you were put on a plan to improve your score by Dr Horton, hopefully the score should improve prior to closing.  Good luck!