Getting prepared for New Home purchase

Here are 10 things to get you prepared to purchase a new home
  1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  2. Develop your home wish list. Then, prioritize the features on your list.
  3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
  5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
  6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
  7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
  8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
  9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
  10. Contact your New Home Builder!

Fair Housing Policy – “This company conducts business in accordance with all federal, state, and local fair housing laws. It is our policy to provide housing opportunities to all persons regardless of race, color, religion, sex, familial status, handicap, national origin or sexual orientation. The company’s fair housing procedures are not recommendations. They must be followed by everyone associated with the company.”
CMS Homes LLC is a new home builder specializing in New Homes for sale in Troy MO and New Homes for sale in Lincoln County MO. You are sure to find your special new home in on of our 8 new home subdivisions in Troy MO. and Lincoln County MO. We also can help you buy a new home with no money down or help you with a custom home built on your lot.
If you visit a display home many items displayed are optional upgrades. Please ask the salesperson what items are standard features and which items are optional upgrades which are an additional charge over and above the model base price.
*New home prices and interest rates are subject to change without notice. Advertised square footage may slightly vary as built. New homes pictured may not be available at the lowest advertised price. Advertised monthly payments are based on principal and interest assuming a fixed 30 year term with no money down. Other fees such as taxes, homeowner’s insurance and HOA fees are not included and will result in a greater actual monthly payment amount. 100% financing available through USDA, eligibility requirements do apply. 3D floor plans, interior rendering images and exterior rendering images are intended for illustration purpose only to give you a basic idea of the home layout. Many items shown are not expressed or implied to be included in the base price of any home. This includes but is not limited to cabinetry layout configuration, cabinet trim and accessories,counter tops, flooring, fixtures, equipment, appliances, lighting, colors, interior furnishings, exterior trees, shrubs, driveways, sidewalks, size of lawn and landscaping. Please contact CMS Homes for a specific list of items included and standard features.
Some grass pictured is digitally applied to photo and is not included with home as pictured.