Did You Know?

General Financing Information 

We're sure you might have financing quesitons about the loan process. Here's some general information, and feel free to call us to help with your questions.

We recommend getting prequalified with a mortgage lender before starting your new home search.  Click here for a list of our participating lenders.

Lenders base your qualifying on gross monthly income (before taxes)

How soon after closing do your mortgage payments start? If you close on Sept. 30, your payments start Nov. 1. If you close Dec. 11, your payments start Feb. 1
   

Factors that affect qualifying for a mortgage loan:

     CREDIT – biggest factor in approval
     Rent history/mortgage history
     Income
     Debts
     Assets
     Job history
 
Expenses not counted against buyer when qualifying for a mortgage loan: 
 
     Current rent
     Insurance – car, health, renter’s
     Utilities
     Food (unless it’s paid for with a credit card)
     
Hold off on major purchases – car, furniture, vacation, jewelry – until after closing on your home.
 

What you pay for: 
Down payment – can range from $0 to 5% of sales price, depending on type of loan. This amount is paid at closing.
 
Closing costs – fees charged by lender and title company.  Remember, if you use a participating lender, Home Creations pays these costs on your behalf.  Please note that points or origination fees are not included in the costs that Home Creations pays.
                       
Pre-paids - money for these items is collected at closing.
Homeowner’s insurance
Property taxes
Interest – paid from day of closing to the end of the month
Get $500 in upgrades