Financing Faq's
We know understanding home financing can be complex, especially as a first time home buyer. View our helpful FAQs below or Contact Us, we are eager to assist you!
Click on any question below.
General Home Buying FAQs
The first step prior to searching is usually getting pre-approved for a mortgage. This gives you an idea of what you can afford and makes you a strong, confident buyer.
This depends on your income, debts, credit score, down payment, and mortgage interest rate. Our lender can help you determine this with a pre-approval within a matter of 24 hours upon completing your application!
Not necessarily, but the choice is yours. A buyer’s agent helps you find homes, negotiate offers, and navigate contracts. In new home sales however, we aim to be on your team by providing the best deals and delivering the highest quality. Our contracts offer easy to understand terms, and our sales professionals will be happy to assist you with navigating through any questions!
On average, the process takes 30–45 days from oƯer acceptance to closing, but it can vary based on market conditions and loan processing times. We are able to help you with closing on your home in as quickly as 15 days so long as you’ve provided all necessary information and documentation!
Closing costs are fees paid at the end of the transaction, including loan fees, title insurance, taxes, and more. They usually range from 2–4% of the home’s price. We have ongoing promotions to help alleviate your final cost at closing. Inquire with us via our Contact Us page or download our promotional flyer to view current promotions!
Mortgage Basics
A mortgage is a loan used to buy a home. You borrow money from a lender and pay it back over time with interest. Making larger payments towards your loan balance along with your normal required monthly payments is a great way to speed up the payoff and significantly reduce your overall spending on interest!
Pre-qualification is a quick estimate of what you can borrow, while pre-approval involves a deeper financial review and is more reliable. A pre-approval is normally issued as our lender has collected relevant information and documents to firm your eligibility to purchase and close on your home.
- Conventional loans (0% down payment options available)
- FHA loans (low down payment)
- VA loans (for veterans)
- USDA loans (rural housing)
- Jumbo loans (for high-priced homes)
To ask questions related to the type of mortgage you may need, or to discuss additional loan options please contact our loan office at Con Browne at 713-828- 9560. We offer plenty of creative financing options to suit your specific needs!
A fixed-rate mortgage has the same interest rate for the life of the loan. An adjustablerate mortgage (also referred to as ARM) has a rate that may change after an initial period. Be sure to ask for more information prior to selecting the right one for you!
The most common terms are 15 or 30 years. Shorter terms usually mean higher monthly payments, but lower total interest paid
Credit, Down Payments & Affordability
Most lenders prefer a score of 620 or higher. FHA loans may accept lower scores (as low as 580 with a 3.5% down payment). While VA loans are able to oƯer no credit requirement options. This covers the most popular loan types, but be sure to inquire with our office to discover if other products may be more flexible to suit your specific needs.
Conventional loans typically require 3–5%. FHA loans need 3.5%. VA and USDA loans can require 0% down. In certain cases, we may offer a 0% downpayment and NO PMI loan option during promotional periods and per eligibility. Be sure to ask our team if the option may be available at the time of your search!
Yes, but options are limited. You may face higher interest rates or need a co-signer. FHA loans are more flexible, and certain special financing types may help get you the keys for your new home.
Yes, many states and cities offer grants, down payment assistance, and special loan programs for first-time buyers. Check with your loan officer for further information!
PMI is insurance required on conventional loans when your down payment is less than 20%. It protects the lender if you default. Certain times may offer $0 PMI loan deals, be sure to ask us about this during your search.
During the Buying Process
It’s a deposit made with your offer to allow the builder to remove your home from the market (in pending status). Your dedicated sales professional will be happy to detail more information about the total amount of earnest money we collect aof the home price and goes toward closing costs or the down payment.
Inspections are always a choice. Inspections reveal issues that could affect the home’s value or safety. However, as a builder with a dedication to quality, we perform our own internal inspections to ensure your home is fit to our standard, above normal standards. This leaves conducting a new home inspection completely up to you. We aim to build with your peace in mind.
An appraisal determines the home’s market value. Lenders require it to ensure the home is worth the loan amount to protect them and you from making an overpriced purchase. If you choose to build, please note that a large number of upgraded options may require you to place additional cash towards your purchase to adjust your sales price in accordance with normal sales price averages.
Yes, but please note that backing out without cause may cost you your earnest money.
You sign all final documents, pay closing costs, and upon funding being received, receive your keys. Load the truck as we welcome you to your NueCraft Home!
After Buying a Home
Usually about 30 days after closing. Your lender will give you a payment schedule to offer the most accurate date of first payment.
Yes, in most cases. Be sure to check with our in house lender or consult your selected loan team.
You may incur late fees and damage your credit. Contact your lender right away if you’re having trouble paying at anytime!
They’re often included in your monthly payment and held in escrow by your lender to be paid on your behalf. An escrow account is managed free of cost, and helps provide peace of mind to you while protecting your home by preventing a large end of year bill, instead, it breaks down and collects your year end dues a little at a time using your monthly payments.
Yes. Refinancing can help lower your interest rate, reduce your term, or tap into home equity. For more information about the benefits of refinancing based on market conditions, and how it can be helpful for you, be sure to consult with your loan officer!