Whether it's New Builds or Used Homes, We're here to help!
This is an ever growing list. If your question isn't answered here, please feel free to ask it below.
1. The new built home has never been lived in yet.
2. Energy star ratings will save you money.
3. If your renting you’re not getting your tax benefits of owning a home.
4. New build warranty.
5. When building a new built home the buyers the opportunity to have a house built to specifically fulfill their needs.
6. Builders usually offer incentives to help with closing cost and some offer free upgrades.
7. When looking for a home, buyers often finds the house they want, yet don't like the neighborhood or vice versa. When you build your house, you are more likely to be able to choose the location you want and the house.
1. If you need a home now and can't wait you can get occupancy sooner or at closing. So if your in a lease with 6 months or longer and need to give notice new build are perfect option.
2. If your renting you’re not getting your tax benefits of owning a home.
Answer: 6 to 7 months.
Answer: All new build companies have in house lenders or preferred lenders that they have teamed up with to qualify the buyers.
Answer: You are allowed to use any lender you want but, builders typically won't pay closing cost unless you use their lenders. These lenders in, most cases, offer fixed rate mortgage products just like any other lender.
Answer: Yes, builders will allow a home sale contingency when you to go into contract on new build.
Answer: For them to pay your closing costs, new builds companies prefer you to work with their in house or preferred lenders.
Answer: Of course you can always pay cash to close a new build, but like any home FHA. VA, Conventional, and USDA are all options for mortgages on new builds. The lenders handling the loan need to understand the new build process. This is why builders team of with preferred lenders that qualify buyers.
Answer: The closing cost are the same on new build as used home.
Answer: As on used homes, the sellers pay the commission. It's always free to hire a buyer agent to represent your interest. The commission paid does not affect what you pay for the home; new build or used. When building new or a custom build home is always best to have an agent who know the process, upgrades, and incentives.
Answer: No, you will not get a discount on the price of a new build if you walk in without an agent. The price of new builds is non-negotiable. In fact, if you are working with an agent and you indicate to the sales rep that you are not, you may be held responsible for paying your agent's commission out-of-pocket.
Answer: There are two types of bankruptcy each with different rules. With Chapter 7, you must wait at least 2 years from time of its being completed. With Chapter 13, you can get another home loan the day after the discharge of payment plans.
Answer: 3 years for an FHA backed mortgage; and5 years for a VA or Conventional loan.
The time frame for any of these loans begins when the property has gone out of the person's name.