Financing Your New Home
Financing your new construction home is a critical part of the home buying process. This should be the first step when you consider purchasing a new home in Las Vegas. Until you know how much money you qualify for, there's no sense in looking at homes you may not be able to afford. Of course you may find that you can afford more then you thought.
So where do you go or who do you turn to?
There are no shortage of lenders out there. Such as
the financial institution you utilize for banking. It's hard to beat the rates from a credit union, though you'll need to be a member. You can look around online. Ask a friend for a referral. Your Realtor likely has a preferred lender that they have used before and know what kind of service they provide.
And then there's the builders preferred lender. Some builders offer great incentives to use their lenders. Look into it.
Be sure to ask you lender about the various programs they offer. There are even down payment assistance programs out there. For more info check out the articles below.
Home-buying assistance programs abound across the valley
Between the terminology, paperwork and various fees, buying a home can become a daunting affair, especially for first-time buyers.
“Right now, with interest rates as low as they are, the mortgage payment could possibly be lower than what you’re paying in rent,” said Michael Holliday, chief financial officer for the Nevada Housing Division
-Sandy Lopez
Review Journal
Home is Possible (HIP) Lender FAQ | Nevada Housing Division
Information regarding the Nevada Home is Possible program.
-HIP
Nevada Housing Division
Beware of Builders Bearing Gifts and Pushing Lenders
So much of the fun in buying a newly built home comes from being able to choose the upgrades that tailor it to your tastes. Want steam vents in the shower? No problem. With a swipe of the pen, they're yours
-Elizabeth Razzi
Washington Post
In many respects, financing a new home is much like getting a mortgage to purchase a resale home — but there's an important difference.
-Ken Harney
New Home Source
Is it a normal practice for a builder to have the buyer obtain the construction loan?
We are looking at building a new house and the builder has said I need to obtain the construction loan. They have some "preferred lenders" that will allow me to obtain a construction loan with the down payment I was planning on doing and convert it to a permanent loan in the end.
-Forum
Trulia
How do home construction loans work?
Construction loans for new-built homes are either obtained by the homebuilder or prospective owner. In pre-recession days, small builders had greater access to capital but now must frequently put the onus on the buyer to obtain the loan.
-Steve McLinden
Bankrate.com
Financing a Newly Built Home Can Have Extra Steps
If you want to buy a newly built home while it is still under construction, you may have different options for financing the purchase.
-Michele Lerner
Realtor.com
How to Get a Construction Loan
With today's technology, you now have the ability to obtain a construction loan from the best banks in the country and sign your loan documents at your local title company or escrow office. But not all construction loans are created equal. Just like any product, there are the best loans, good loans and downright bad loans.
-Community
Wiki How
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