How much money do I need for a down payment on a new house?
If you are working with a builder in a subdivided neighborhood, you will likely be able to use any type of general mortgage loan product. That means you can buy with 3.5% down using FHA financing, or you could buy with 5% down for a conventional loan. Of course if you put 20% or more down, you will avoid mortgage insurance. However, if you are buying some land to build on later, you should speak with your lender about land loans. You may find a loan with interest-only for a period of time to keep the land cost low while you build. Then you can combine both the land and the home into your final loan product after construction. Many construction loans involve draws throughout the construction process.
I trust the builders contractors, do I need a 3rd party home inspection on a new house?
Hiring a professional inspector is something that we highly recommend when building your new home. While it is not required, it's certainly a good idea to have someone working for you to ensure that the home is built properly. A home inspector will perform "phase inspections" where they inspect the home at various phases of construction to ensure things are done correctly throughout the entire process.
Other things to discuss with your Realtor when building a new house:
Should I build a GREEN home? What does that entail?
Should I consider a SMART home? What options are availalble?
What is the difference between copper pipes or PEX pipes?
Why should I consider Energy Star appliances?
If you are considering buying a newly constructed home, or designing and building from scratch in North Texas, rely on the professional agents at the North Texas Top Team, Realtors. You deserve to have someone on your side! You can read more about building a new house or feel free to call us at 469-759-3899 for more details.