Financing A New Home

I found a developer selling brand new homes in an established neighborhood. They are selling them same price as the older ones, ranging 5-30 years old, in the same area. After reading a post at http://answers.yahoo.com/question/index; _ylt=AnCTDl921NDZap6jeNpdklFIzKIX;_ylv=3 ?qid=20060615121924AAiC2jX, I think new home might be the choice. However, is there any advantages in financing for new homes?

Yes there are advantages in some cases. The buyer may have incentives on new homes that you will not get on older homes. For example. I was looking at an older home and had put in an offer on it--the deal fell apat becasue the seller would not fix some things that were discovered in the inspection. Anyway-bottom line is that I kept looking and over the weekend found a new home that is is $22,390 MORE than the 1st BUT because I can get a better interest rate it is a minimal amount more (monthly) than the 1st home. The homebuilder had a "summer sale" and I was able to get an interest rate of 5.375% if I put 3% down. (Which I had planned to do anyway) I would not have gotton a rate anywhere near that had I gone with a "used" house-I had been quoted 6.25 appx. 1 month ago and they have gone up since then! Some new builders will throw in appliances, sprinkler systems, pay your closing (or a portion of them) so from my personal experience YES there can be advantages of purchasing new in addition to cheaper insurance. Good Luck!

2008-06-24 02:51:00 by Le C

Watch as a real-estate professional explains how to finance a new home in this free online video for novice homebuyers. Expert: John Jackson Bio ...

I need to choose the best lender for a new home purchase that will provide me the least fees while giving me the best interest rate? Mortage banks tend to offer me fewer fees, but the rate is a little higher. Also, which is most efficient in doing the loan? I am doing a VA loan.

Right now I would stay away from wellsfargo, too much bad press, I went with phh which is coldwell banker's mortgage company and I have had no problems and they gave me the best interest rate, you just have to do some homework to see who is best for you.

2009-07-15 17:56:42 by ace

Price: $18.00

I own a peice of properity that was given to me by a relative worth roughly $15,000.00. I also owe about the same amount on some credit card charges. If I build a house on that properity is there any way to borrow enough to pay the cards off at the same time. I guess it would be a consolidation in a manner of speaking. I do own the properity free and clear no liens or anything.
Other houses in the same developement where I own the land have sold in the 150's to the 220's range depending on size and location but those prices include the land which I already own.

By the sounds of it you own a piece of vacant land? In this case, if you were interested in putting a piece of real property on the lot (i.e. House, Duplex, anything that is conforming to the zoning of the property- it must be zoned R1-4 in order for you to build residential structure there) yes you theoretically could finance your debt into the new loan. You will first have to secure the construction financing (upon approved plans to build, buy the city/county) in order to develop the land. You cannot finance your debt into this loan. Once construction is complete, you will have a certain margin of value built into the property due to the offset of cost to build and marketability of the property, giving it a value higher than that of construction cost. Depending on how much equity there is to work with you MIGHT be able to finance your debt into this new loan. (Keep in mind you do NOT make payments on a construction loan during construction, so the process should be relatively affordable.)

2007-08-20 11:28:41 by rseverclear

I have gotten my three credit reports and i took a home buyer education class so where do i go from here

First, contact a good real estate agent. Ask for a recommendation from friends and family members. The mortgage broker can come later.

Go on Realtor.com and look up various properties that are on the market in the area where you'd like to buy. Then, drive by the outsides of the ones that catch your interest and see what you think. Be sure to view the neighborhood in the evening and on the weekend, since that's the time when the "real" community is visible and people are at home.

If you don't have a recommendation for an agent, select one who is active in the area you have chosen on Realtor.com.

The rule of thumb is that you can afford a house that's 2.5 times your annual income. That doesn't mean you can qualify for a loan of that amount, but it will give you a general idea of the price range. It gives you room for additional expenses, including utilities, taxes, insurance and other items such as upkeep. Your real estate agent can help you with this, too.

Your real estate agent will be able to direct you to a mortgage lender with experience and a good reputation. Be sure to have any prospective home inspected professionally for defects in the structural or mechanical systems and for insects such as termites. If there's a well and septic system, have that inspected, too.

Finally, before buying, ask a trusted friend or family member to look at the house with you. Good luck with all this. Exciting, isn't it?

2008-09-25 13:37:56 by showstoppper_1

my fico score is 595 and have been turned down for fiancing where do i go now?

David Beasley is right. An FHA loan might work for your current situation. If you are interested in buying, ask family and friends for a referral for a very good real estate agent. If they are experienced real estate agents, they'll be able to refer you inturn to a very good loan officer. Be honest with both your agent and loan officer about your current situation. A good loan officer will listen and highlight all of your postive attributes when he searches for a financial lender. Whatever the answer is, I would always get a second opinion. Good luck!

2008-07-08 15:54:07 by kmbrlymoody