Financing Options for New Construction

With new construction at The Pointe at Hunter’s Creek beginning to sell courtesy of Surrey Homes and Ryan Homes, the opportunities for having many great features along with plenty of space are now available. The benefits of new construction are numerous, but the most advantageous are having the safety of the most up-to-date building codes, new appliances, and several buyer choices. Among these will be not only fixtures but financing.

Financing options for new construction are many, and, that makes choosing the right one all the more difficult. When you start to explore lender products, you’ll undoubtedly discover that some products are similar and have offers which are a good fit, while others might not be right for your particular situation, regardless of the type of property you’re purchasing.

Benefits of New Construction Homes at The Pointe at Hunter’s Creek

If you are considering buying a newly built home, The Pointe at Hunter’s Creek presents a great opportunity because of its convenient location. That’s certainly appealing, and having a new residence even more so, but, many homebuyers believe that buying new means paying more. The fact of the matter is, that’s simply not the case. When you begin to add-up the costs associated with a resale, you’ll find there’s no real savings.

“The Pointe at Hunter’s Creek is conveniently located to shopping, dining, entertainment, Medical City, and less than 10 miles from the attractions and has easy access to Highway 417, I-4, Bee-line, and Florida’s Turnpike.” —

The reason why isn’t hard to understand: existing homes present a host of extra costs. For instance, having to replace the roof, something that’s not a small expense. Even if the roof is in good condition, chances are excellent you’ll be in the home long enough to have the burden of replacing it. If it’s in really good condition because the current owner replaced it just a few years ago, that will inflate the price of the property.

Should that not be the case, replacing appliances and customizing the property to fit your preferences will be expensive. The bottom line is that there’s no cost advantage to buying a resale. You’ll still spend the same amount of money and not have a newly built home.

Different Financing Options for New Construction

One thing you will find about new construction is that you’ll have a number of options to customize your home and more than a few choices for financing. So, let’s look at the mortgage options for new construction:

  • In-house lender products. Builders generally offer a few in-house financing products. You ought to consider these and take into account long term costs, such as the interest rate. Another thing to consider in making your choice is the closing timeline. The builder’s preferred lender will likely be ready to close at the right time.
  • FHA loans. Mortgages offered by the Federal Housing Administration typically have lower closing costs, as well as lower down payment requirements. Another benefit is these loans are insured by the government and have easier credit requirements.
  • VA loans. If you’re a current or former service member, you’ll have access to VA loans. These offer some great benefits and can be used to purchase new construction.

Another thing to consider is closing costs. Builders often offer closing cost assistance, which is a way to reduce your out-of-pocket expenses. Take time to compare and contrast your options and weigh the long term benefits.