Homeownership is an exciting milestone, especially for first-time homebuyers. At Adair Homes, we understand that building your dream home can feel overwhelming, but with the right guidance and support, it can also be a rewarding experience. Our exclusive promotional rates for first-time homebuyers, available only through Adair and Basis Home Loans, make this journey even more accessible. Let’s explore the benefits of a First Time Homebuyer Building Loan and how you can turn your dream of homeownership into a reality.
Exclusive Rates for First-Time Homebuyers
When it comes to financing your new home, our promotional rates are designed to give you the best possible start. With options as low as 3.875% (4.876% APR) for FHA and VA loans, and as low as 4.875% (5.085% APR) for conventional loans, you can secure a 30-year fixed financing plan that suits your needs. For well-qualified buyers, we offer the flexibility of putting as little as $0 down, 3.5% down, or 5% down, depending on the loan program that works best for you.
If you need land, we can combine the land and home into a single purchase, making the process seamless. Imagine making payments as low as $2,233 on a $475,000 loan with a 3.875% interest rate—these low rates might even mean your new custom home costs less than your current rent!
Why Build Instead of Buy?
As a first-time homebuyer, you might be tempted to purchase an existing home, but why settle for someone else’s vision when you can build your dream home with Adair Homes? Instead of dealing with outdated designs or areas that don’t match your style, building allows you to create a space that reflects your personality and meets your needs. Not only that, but with Adair’s on-your-lot building program, you get to choose exactly where you want to live!
Preparing for Your First Home
Be Sure You’re Ready to Commit to a Loan
As a first-time homebuyer, it’s crucial to assess your readiness. Ask yourself:
Am I prepared to commit to this home and area for at least five years?
Do I have an emergency fund that can cover at least three months of expenses?
Is my income stable?
If you can confidently answer "yes" to these questions, you’re ready to take the first steps in your home buying process. First-time homebuyer loan, here we come!
Get a Preapproval for Your First-Time Homebuyer Loan
Understanding the difference between prequalification and preapproval is vital. A prequalification letter is an estimate based on an informal evaluation of your income, while a preapproval letter is an official document that tells you exactly how much loan money you can get based on your financial information. Benefits of getting preapproved include knowing exactly how much home you can afford and experiencing fewer surprises during the mortgage process.
Maintain Your Credit
Now is not the time to open new lines of credit. Lenders will pull your credit report when you apply for mortgage preapproval, and any new debt could jeopardize your final approval. Keep paying your bills on time and avoid any risky spending to maintain a consistent and reliable credit profile.
Understand Your Loan Options
As a first-time homebuyer, you have multiple mortgage loan types to choose from, each influencing your down payment and home options. Common types include:
Conventional Loans: Often requiring as little as 3% down.
FHA Loans: Allowing for a 3.5% down payment with less strict credit requirements.
VA Loans: Exclusively for veterans and active-duty members, allowing for 0% down.
Save for a Down Payment
Depending on your chosen loan type, saving for a down payment can be a significant financial step. First-time homebuyers can benefit from various assistance programs, ranging from 0% for VA loans to 3.5% for FHA loans. If you can save at least 20% for a conventional loan, you can avoid private mortgage insurance (PMI)—and what’s more, if you own your own land, you might not have to put any money down at all.
Explore First-Time Homebuyer Programs and Benefits
Many state and local programs offer down payment assistance and other benefits for first-time buyers. Research what’s available in your area, as these programs can significantly ease the financial burden of purchasing a home.
Don’t Forget Closing Costs
Remember that your down payment isn’t the only expense you’ll encounter. Closing costs typically range from 3% to 6% of your total loan amount and can include attorney fees, appraisal fees, and more. As a first-time buyer, you may qualify for grants or ask the seller to help cover these costs.
Keep Your Paperwork Organized
Once you start the home purchasing process, it’s essential to keep track of all your paperwork. We recommend maintaining physical copies of your mortgage statements, Closing Disclosure, deed, and other related documents in a safe place. Ensure that anyone else named on your loan knows where these documents are stored and how to access them in case of an emergency.
Embrace Your Journey to Homeownership
Navigating the world of home financing can be daunting, especially for first-time homebuyers. However, with the right support and resources, you can confidently embark on this exciting journey. The First Time Homebuyer Building Loan available through Adair and Basis Home Loans is designed to make your dream of homeownership a reality.
By taking advantage of our exclusive promotional rates, understanding your loan options, and preparing for the responsibilities of homeownership, you’ll be well on your way to building the home you’ve always dreamed of! Adair Homes is happy to guide you through this process. We believe that your first home is not just a place to live, but a significant step towards financial success and investment.
