Purchasing New Construction Home And Mortgage Process

Purchasing New Construction Home And Mortgage Process
My Experience With Purchasing New Construction Home Written By Alex Carlucci of Gustan Cho Associates Mortgage Group

As a follow-up to my previous post on losing out on a Short Sale Property Purchase, here is how I finally purchased my current home from Ryland Homes in Hampshire, Illinois.

Purchasing New Construction Home is extremely rewarding
But we did had to go through couple of different lenders due to the builder’s preferred mortgage lender not coming through for us
After spending 2 months living in my brother-in-law’s basement, it was finally time to put the disappointment of a short sale behind us and look into another feasible option in buying a home.

Was there really an option for us to purchase a new home?
We found Ryland’s Lakewood subdivision in the Northwest suburbs of Illinois and they had a few empty lots left and a few spec homes available
We were excited at the thought of picking all of our finishes and getting what we want, but this would also come with a price
Since these were the final home sites left, there was a premium put on these
When we went and visited them a year prior, the base price was nearly $25,000 cheaper
We now had to determine if we were comfortable going over budget for a new home
Ultimately we figured out it would be worth it in the end and so we committed to buying a spec home
This home was already started
However, we bought just in time to select all of our finishes which is completely nerve wracking as we aren’t designers and weren’t completely sure in what we were doing

Read more https://gustancho.com/purchasing-new-construction-home

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