Home Creations

If you choose to BUY ...

If you choose to RENT ...

If you choose to BUY ...

If you choose to REMODEL ...

Milestones

... toward home ownership.

• Make a decision to stop renting and start owning.
• Use the internet to start your new home search. Check our move-in-ready homes or available floor plans.

• With a price point or desired monthly payment in mind, visit with a lender to figure out the type of loan best suite your financial situation.

• Explore our communities and see the move-in-ready homes or floor plans in person.

• Secure your home and your home's price with any current offers by executing a contract. No worries here as our community managers will guide you along the way.

• You may use any mortgage lender of your choice.
• We pay your basic closing costs (up to $2,500) if you use our participating lender.

• Choose an insurance company that specializes in new home coverage.
• Also check with your car insurance company and see if you are eligible for a discount by adding homeowner's coverage.
• Ask our community managers and lender for recommendations.

• Within a week from your contract, we will contact you to schedule these meetings.
• These meetings must be completed within 14 days of contract signing, or your closing date will be extended.
• All upgrades that are not financed into the loan need to be paid before construction begins.
• Color selection meeting. Our interior designer will help you personalize your home with choice of brick, paint, trim, wood stain, and carpet.
• Pre-construction meeting. Our architectural team will inform and educate you on how your home will be built, including construction methods, standard amenities & features, the placement of phones & cable jacks, and any upgrades.
• Learn about our energy rating system.

• Once we receive a construction permit, you will start receiving weekly updates from us. We will call you with the following information:
  • To notify you on the current status of your home;
  • To inform you of the construction activities scheduled for that particular week; and
  • To answer any construction-related questions you may have.

• Within one to two weeks of your closing date, we will schedule your Homeowner Orientation.
  • This will be a time to inspect your home with you builder and customer care representative.
  • We will create an "Incomplete Items" list; including cosmetic items that needed to be corrected or repaired.
• Within two to three days of your closing date, we will schedule for a "Sign-Off", where you re-inspect the home to sign-off that all repair items have been completed.

• Within one month of your closing, you will be informed of your closing date and time.
• Prior to your closing, we will inform you about what to bring to closing (eg.certified cashier's check payee and amount, documents, statements, identifications, etc.)
• The closing will be held in our main office in Moore. The meeting duration will be approximately one to two hours.

Basic Financing Information

• Visit with a lender to figure out the type of loan best suite your financial situation.
• Work with our participating lender or lender of your choice.

• Credit (biggest factor in approval)
• Rent history / mortgage history
• Income (based on gross monthly income before taxes)
• Debts
• Assets
• Job History
• Current major purchases (eg. car, furniture, vacation, jewelry). Hold off on such expenses until after closing on your home.

• Current rent
• Insurance (car, health, renter's)
• Utilities
• Food (unless paid for with a credit card)

• Down Payment. Range from $0 to 5% of sales price depending on type of loan. This amount is paid at closing.
• Closing Costs. Range from $2,000 to $10,000. Fees charged by lender and title company. This amount is paid at closing.
• Prepaids. This amount is paid at closing and it includes:
  • Homeowner's insurance (14 months)
  • Property taxes (3 - 12 months)
  • Interest (day of closing to end of the month)
• House Payment (PITI). Includes Principle (P), Interest Rate (I), Taxes (T), and Homeowner's Insurance (I).
  • If you close on Sep 30, payment starts Nov 1.
  • If you close on Dec 11, payment starts Feb 1.

Loan Programs

Description

• 3.5% down payment based on sales price
• Down payment can be gift from relatives (no expectation of repayment)
• Qualifying ratios: 29% (house) & 41% (house & all credit debt). Example: If you make $1,000 before taxes (gross income), your maximum house payment can be $290 (29%) per month, with your maximum
  house payment plus other credit debt payments not exceeding $410 (41%) per month.
• Upfront & monthly mortgage insurance
• Easiest loan for buyers to obtain. Not as credit–sensitive. Allows for higher debt–to–income ratios.

• Must be active or retired military
• No down payment required—100% financing
• Qualifying ratios: 41% (house or house/ credit debt)
• No upfront or monthly mortgage insurance
• VA funding fee—may be financed into loan or paid at closing
• Less than 10% of veterans have VA loans (U.S. Dept. of Veterans Affairs, 2009)
  Must be married to count both buyers’ incomes (not the case with FHA & Conventional loans)

• 5% down payment
• Qualifying ratios: 28% (house) & 36% (house & all credit debt)
• No upfront mortgage insurance
• No monthly mortgage insurance with 20% down payment