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832.483.0829

The Gifford Group

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  • Home
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When is Down Payment Due for New Construction Home

November 6, 2023|For Sale, Fulshear, Investing, Katy, Life, Mortgages, Real Estate

Buying a new construction home is an exciting journey, and one of the crucial aspects of this process is understanding when the down payment is due. approved for a mortgage

While the specifics may vary depending on your builder, location, and contract terms, this blog post will provide you with a general overview of when you can expect to make your down payment and what factors can influence the timing.

Inventory Homes vs. New Construction: Making an Informed Home Buy

1. Initial Deposit: The Reservation Fee

Typically, your initial financial commitment when purchasing a new construction home is a reservation fee. This Ranges from $2,000 to $25000 Fee and is usually based on the home's overall Cost. 

Upfront Fee

This is a small upfront deposit, which is often a fraction of the total down payment. It is paid when you sign the purchase agreement or contract to reserve the specific lot or model you desire. 

The reservation fee demonstrates your serious intent to purchase the property and take it off the market.


2. Down Payment Timeline: Construction Milestones

The timing of your down payment can be tied to the construction milestones of your new home. These milestones can vary, but they generally follow a schedule that includes:

  •  Foundation Stage: The initial payment, typically around 5-10% of the total down payment, may be due when the foundation is laid.
  •  Frame and Drywall: The next installment is often due when the frame is complete and the drywall is installed, which can be around 15-20% of the total down payment.
  •  Pre-Delivery Inspection: Just before you take possession of the property, the final portion of the down payment is usually due, which may account for the remaining balance.
  •  Options Fee: Also It might only be required for additional add-ons for the options you have selected. These optional add-ons could be small in the $4500 range up to $45000 range depending on the changes you are making. 

These payments are often outlined in your purchase agreement or contract, so it's essential to review these documents carefully and understand your obligations.


How Much are Closing Costs for Buyer


Buyer Closing Cost Calculator
Buyer Closing Cost Calculator

3. Mortgage Financing: Down Payment Source

Your down payment is typically part of your financing arrangement. The source of your down payment can come from various places, including personal savings, gift funds from family, or other acceptable sources. 

 Moreover, your credit score plays a crucial role in determining the loan amount and interest rate you qualify for. The higher your credit score, the lower your interest rate, and the larger your house affordability. 

Ensure you have the funds readily available in your chosen account when the payment is due.  Taking into account all these factors, it's advisable to meet with a lender to discuss your options and get pre-approved for a mortgage before house-hunting.  

4. Builder's Policies

Each builder may have their own policies regarding down payments, so it's essential to communicate openly with them and understand their specific requirements. 

Be aware that some builders might offer incentives or discounts for paying your down payment earlier or in a lump sum, so discussing this with your builder can be beneficial.

The Gifford Group can help you check this, and even offer a Rebate back to you!

5. Due Diligence

Before signing a purchase agreement, it's crucial to conduct thorough due diligence. Read and understand the terms and conditions of your contract, including the down payment schedule, and consult with a real estate attorney or a trusted real estate agent if you have any questions or concerns.

Home buyers Guide 

What is a MUD Tax, Are MUD Taxes Included in Property Taxes?

Moving To Cinco Ranch Katy TX


Is Katy, Texas a Good Place to Live?

Should you Buy Now or Wait Calculator is a tool designed to empower you with the information you need to make informed financial choices.  

The Importance of Using a Real Estate Agent

Purchasing a new construction home is a significant investment, and having a real estate agent by your side can be a game-changer in this process. Here's why you should consider using a real estate agent to represent you:

1. Expertise: Real estate agents are experts in the local market. They have in-depth knowledge of the area, including neighborhood trends, pricing, and the reputation of builders. This expertise can help you make informed decisions.

2. Negotiation Skills: Real estate agents are skilled negotiators. They can work on your behalf to secure the best deal, including potentially negotiating a more favorable down payment schedule or other terms in your contract.

3. Contract Understanding: Purchase agreements and contracts for new construction homes can be complex. A real estate agent can help you understand all the terms, ensuring you're fully aware of your obligations and rights.

4. Builder Relationships: Established real estate agents often have relationships with local builders. These connections can be beneficial when it comes to negotiations and resolving any issues that may arise during construction.

5. Paperwork and Documentation: There's a significant amount of paperwork involved in buying a new construction home. A real estate agent can assist in handling all the necessary documentation, ensuring nothing is overlooked.

6. Advocacy: Your real estate agent is your advocate throughout the process, working to protect your interests and ensuring that your experience is as smooth and stress-free as possible.  Real Estate Agent Commissions, The seller pays the real estate agent commissions. 

7. Cost Savings: While you might think you can save money by not using a real estate agent, builders often factor in agent commissions into their pricing. You may find that having an agent doesn't cost you more and can provide substantial benefits.

The Gifford Group can offer you a rebate back at closing!!! 

Contact us today for details  

Read about the New 100,000 Homestead exemption.  

Check out our Buyer Calculator to see how much Cash you will need to close!

Note Each type of loan has different fees! Be sure to get educated.

Conventional, FHA, VA, and Mortgage Refinance are our specialties! 

How Much are Closing Costs for Buyer


How Much House Can I Afford with a 200K Salary?

Read about  Fort Bend County Property Tax Rates

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You can reach both Scotty Gifford and Amber Gifford at The Gifford Group.net

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