I saw a great home in a great locale, precon.
My question is:
How to finance it, and would we qualify?
Sceanero:
We are mortgaged at $297K on our primary; value is around $465K 1st mortgage -no helocs 2nd’s etc…
2nd Home We are mortgaged at $183K- value is around $235K- No heloc 2nd mortgage etc…
Total consumer debt @0% is 11000.00 includes a car loan also at 0%
We gross about 76K per year
No dependants
credit scores low to mid 700’s
The home I want us to buy is precon and has a builder incentive for a 30 year fixed interest rate below 5.5%
The purchase price is 169K
We want to put down 20%
Any and all advice is appreciated!!!
Thank you!! ;D
Sounds like a pretty no-frills transaction. You should be able to go just about anywhere and get this done on a regular heloc basis, but you may not have to.
I’m curious to know what the builder is willing to do other than the 5.5% 30yr fixed rate incentive…If he/she is flexible you could potentially get into the home without any money down…or at least without having to put down 20%. Where is the property located? Is he willing to do this for other people as well?
marc
JK,
The builder in my neighborhood is offering a very similar deal to the one you are describing. The only thing is that it is for OO properties. From your post it sounds like you are looking for NOO. If that deal applies to all then you should definetly take advantage of it because rates like that are difficult if not impossible to find on a 30 year fixed loan.
Hate to brust anyones bubble, but most builders are not bankers…There is a long list of requirements for a 5.5% interest rate…Also banks love to change up programs as the process goes. I have closed on over 20 preconstruction homes using over 15 builders and not one ever closed in the time frame promised of 30-60days…and its usually because of the bank changing things around…