Financing Your Home
Great Homes offers a variety of new home finance programs, many of which can be customized to fit your special needs. Our plans feature competitive interest rates and as little as 24-hour approval. In addition Great Homes offers a full range of programs from local lenders, including FHA, VA, and conventional loans. Financing can include land and site preparation costs. Great Homes can help you structure financing that makes new home ownership as easy as its one-stop shopping display makes selecting your dream home.
Loan Information
STEP 1: Find your price range.
The first step in buying a home is knowing the price range you qualify for. Great Homes can help you find a mortgage company thats right for you! They can pre-qualify you, which allows you to shop with-in a specific price range and buy with confidence.
STEP 2: Choose your loan package.
Once you are pre-qualified most of the guess work is done. Now it is time to decide how you would like to package the loan. There are basically three main types of loans:
- Home Only: This is where you finance only the home. This is usually when you are placing the home in a park, rented, leased or family owned land, or on a piece of property where you already have or going to do an owner contract. This is usually the easiest loan to get approved for.
- Land/Home: This is when you are placing the home on a piece of property you are buying or already own and don't need any site improvements.
- Construction Loan: This is usually done when you are purchasing a new piece of property that needs site improvements. The bank sets up a drawing account so you can draw funds out as needed to pay for items like wells, septic, runners, etc.
STEP 3: Now it's time to customize your home. Choose from over 80 different floorplans.
Now you are ready to go shopping for your piece of land, whether it be acreage, a Manufactured Home Park or leased land, and of course, the home which best fits your needs, desires and budget.
STEP 4: Complete needed contracts.
Now that you have found a home that you like and home site to put it on, and you have the site work bids, you are ready to to complete contracts. If you are purchasing land, you will need to complete a land purchase contract through a licensed agent, for a Manufactured Home Park, leased or privately owned land you need only to do a home purchase contract along with site work bids if needed. Both contracts usually require a minimum good faith deposit of $500.00, site work bids normally do not require a deposit.
STEP 5: Get final approval & customize your home.
The lender will review the package and either issue a Conditional or Full Approval. We ask that you allow us up to three weeks for this process. After you have met all stipulations, we will sit down with you and pick out colors for your new home, make any changes necessary and place the order with our homebuilder!