New Construction FHA Loans AND Down Payment Assistance
by: Mari Takeshita
What a great way to purchase a home.. It’s new.. and most all new construction will pay an incentive to buy their homes.
Typically they pay for a portion or all of your closing costs! And add to that, a down payment program such as CHFA that will pay up to 3percent of the 3.5 percent you need to purchase a home using an FHA loan.
How much better than that does it become?
You also get to choose the colors, the elevation, the flooring; all the things that make a new construction exciting to purchase. The new construction does take longer than buying the home that is pre-owned, since it needs to be built, but most of the builders also have spec homes. A spec home is a home that is being built, not for a particular person, but with the knowledge that someone will come along and be willing to purchase because it is almost completed, even if it doesn’t give the buyer the ability to pick all of their specific needs or desired colors.
Touring the new construction along with previewing the pre-owned in the area you are considering purchasing a home is a great way to make sure you aren’t missing any of the housing options that are available to you. If nothing else, you will get to know more about the community and see great home decorating ideas.. But really, you will have an opportunity to see all that is available to you in your price range and area that you are considering for your home.
The lenders that new construction companies work with also have the option to do other types of loans as well. It will depend on your situation and what you have to work with regarding funds and fico scores.
If for some reason, you fico score is lower than it should be, you will need to work on improving your scores and being prepared to write an offer. Don’t worry if you are not sure if you scores are good enough or if you income is high enough. The new construction consultant along with your Realtor will be able to help you make those determinations and more importantly help you to increase your scores and give you advise to position you to be able to purchase a home,.
Cell – 303.941.MARI (6274)
Cherry Creek Properties, LLC