Benefits of Purchasing a New Build Home

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Benefits of Purchasing a New Build Home

Purchasing a new construction can come with many perks, including the benefit of having a home in pristine condition that no one else has lived in. What could be better than that? Like anything, there are considerations to keep in mind when considering a new build, like budget and timing. Let’s look at this option in detail.

What is a new construction home?

A new construction house is a new home where the homebuyer is the first person to live in it after it’s been built. Many buyers choose to build a finished home and the property it’s on from a developer, or builder. Some buyers may choose to purchase their own plot of land and contract with everyone needed to build a custom home. Before buying a new construction home, it’s important to think about your goals for the home, your desired layout, and features, and of the course the cost and the timing of when you need your home completed.

Benefits of Purchasing a New Build

  • Customization – Your clean slate! With a new construction, you can often make choices about the new appliances, flooring options, and paint colors. Many buyers are able to customize their home to fit their price range requirement and their preferences.
  • Low Maintenance – No fixer-uppers here! New construction homes can give you peace of mind and come with new plumbing, appliances, and heating and cooling units.
  • Expands Options – In competitive markets, it can often be hard to find a home that suits all your needs. Building a new home can help you get just what you want without having to wait for it to come up for sale.
  • Energy-Efficient Features – Many new-construction homes use the latest and greatest when it comes to energy-efficient building materials, which means you could save money on energy costs over time.
  • New Home Warranty – A new construction home often comes with a warranty. This means that any issues that pop up during the warranty period, such as a leaky roof or a broken water heater, should be covered.
  • Modern Floor Plans – New construction homes often have modern, wide open floor plans that are bright and welcoming. They are thoughtfully designed to help fit the way people now want and need to live.

New Build Loan Programs

You can utilize a variety of loan options for your new construction. Jumbo financing can help with those homes with a larger price tag. FHA home loans1, VA home loans1, and USDA home loans1 come with flexible qualifying criteria and low- to no- down payment options.

Worried about interest rates? Certainty offers a variety of long-term rate lock options for you to choose from so you can lock in a rate now and protect against a possible rate increase during your construction process, up to 360 days2! We also have temporary buydown programs that can be a great strategy to allow you to purchase a home now while keeping your payments lower for the first year or two. Learn more about temporary buydowns here.

The New Build Process

Like any worthwhile venture, the right guidance is crucial in seeing you through your homebuying journey with ease. Our simple mortgage process saves time and allows you to purchase your new home with confidence.
 

  1. Get Pre-Approved – Discover how much home you can afford by getting pre-approved with our Digital Mortgage application. You’ll be armed with the knowledge of exactly what loan amount you can expect to be approved for. Find a local Loan Officer near you if you have not yet talked to anyone.
  2. Select Your Floor Plan – Find your dream home with the help of your real estate agent or on-site sales agent at the community. When you find the right home and your offer is accepted, the home will go under contract.
  3. Provide Docs & Processing – We will collect and verify all documents necessary to prepare your loan file for review. Provide any documents requested as quickly as possible to ensure that the process advances quickly and smoothly.
  4. Underwriting – Your loan package will be submitted to the underwriting team for review. You’ll be notified if you have any conditions that need to be cleared in order to receive a final approval.
  5. Final Details – Contact your Loan Officer to lock in an interest rate and order an appraisal. You’ll also need to select Homeowners Insurance if you have not yet done so. Your builder will let you know when your closing date is scheduled.
  6. Closing Day! – It’s time to close your loan and get the keys to your new dream home. We’ll send you the closing documents package the day before your closing appointment. At closing, you’ll sign the remaining mortgage documents and pay any amount still owed.

Certainty has been helping homebuyers finance new construction for over 20 years, with a focus on providing a simple mortgage process and unparalleled customer service. Whether you’re a first-time homebuyer or an experienced investor, our knowledgeable and accessible teams are here to guide you every step of the way.

1 Certainty Home Lending has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
2 Pricing for long-term locks are based on 60-day pricing with specific rate add-ons determined by the lock term chosen.

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