First-Time Homeowners Welcome
If you've never owned a home before, and you are convinced you'd never qualify for new construction, here's some good news. Chances are, you won't need a king's ransom for a down payment.
"When it comes to new construction, there is an expectation among first-time homeowners that you need a lot of earnest money to qualify," says Lynne Jensen, Division Sales Manager with Centex Homes.
"And that's not necessarily the case." Larger or established builders in the multi-housing market tend to have a lot more capital, so they are often willing to accept less money down — just $500-$1,500 in some cases.
"We work with a lot of first-time homeowners who are really impressed with the number of programs that make it as easy or as comfortable as possible to get into a brand new home," adds Lynne. Be sure and ask about low earnest money, down payment assistance or ARM products when you sit down with a sales representative. Some builders will even pay the first year of association fees to help new buyers.
On the mortgage side, there are a lot of ARM products that consumers — especially those new to the workplace — find attractive. They have a reduced monthly investment for the first year or two and then are able to increase their monthly payments as they begin to earn more money.
There are also a lot of zero-down programs available in the Twin Cities new housing market. Just make sure you really understand what "zero down" means before you sign on the dotted line.
New construction provides a lot of other benefits that bring peace of mind to first-time homeowners, too. An extended builder's warranty means the buyer gets a lot more support after the sale. And builders often offer homeowner advice that consumers can use for the rest of their lives.
|
 |
Article Index:
|
