HOW DO I KNOW HOW MUCH HOUSE I CAN AFFORD?
Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value.
Click here for a FREE pre-qualification by FBH Realty and Mortgage Services or call 1-888-746-7814 today.
HOW MUCH CASH WILL I NEED TO PURCHASE A HOME?
The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Earnest Money: The deposit that is supplied when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing paperwork to purchase a house
I WANT TO BUILD A HOME, WHAT SHOULD I DO TO GET STARTED?
- Determine what home you can afford by getting pre-approved for a loan. FBH Realty and Mortgage Services can help, click now for a free pre-qualification.
- Locate a suitable lot.
- Choose a home that suits your needs and budget.
Let a FBH Realty and Mortgage Services real estate professional assist you…click here.
CAN I SAVE MONEY BY CHOOSING A MODULAR HOME?
Most often, YES! Construction costs for a modular home are typically less per square foot than similar stick-built homes.In addition, most modular homes are very energy efficient which may reduce your monthly heating or cooling costs.
WHO TAKES CARE OF INSTALLING A FACTORY BUILT HOME? CAN I DO IT MYSELF?
Most states have laws that govern the installation of a new homes. Your retailer or the subcontractor installing the home is responsible for ensuring that the home is installed in accordance with state regulations and the manufacturer’s installation instructions or with an installation designed and approved by a licensed, registered engineer. The proper method of installing the home will depend on the design of the home and the conditions of the location, such as climate and soil type. In addition, the lender may have some specific requirements for the foundation and installation of the home as well.
ARE FACTORY BUILT HOMES COVERED BY A WARRANTY? WHO WOULD I CONTACT TO SERVICE A PROBLEM?
Most manufacturers now offer warranties to guarantee the quality, workmanship, and major heating and cooling systems of the home for a specified time, usually ranging from one to five years. This warranty also tells the homebuyer what to do if a problem arises. Makers of the appliances provided in the homes also provide either "full" or "limited" warranties. There are major differences among warranties and these warranties should be provided to you in writing. The retailer also has distinct responsibilities in the installation and servicing of the home. Be sure to have the retailer clearly state in writing its responsibilities and warranty coverage for the home’s transportation and installation. Even if your home and some of its appliances do not have a written warranty, the buyer does have implied warranties under state laws which require a new home and new appliances to work normally and perform properly.
WILL A FACTORY BUILT HOME APPRECIATE IN VALUE?
Generally, a home is a great investment. Appreciation on any home whether it is site-built or factory built is affected by the same factors: the desirability and stability of the community, supply and demand for homes in the local market, and maintenance and upkeep of the home. When properly installed and maintained, today’s factory built homes will appreciate the same as surrounding site-built homes.
WHAT ARE THE BENEFITS OF A MODULAR HOME?
This is the fastest growing form of construction and is rapidly gaining recognition for its increased efficiency and ability to apply modern technology to the needs of the market place. Since modular homes are built in factories, you benefit from the assembly line production process. Labor is used with maximum efficiency, with skilled craftsman moving between workstations on the factory floor. Superior quality control, reduced waste, and faster completion (30-90 days versus 12-18 months for site-built construction in many States) are primary benefits.
The factories buy huge quantities of lumber, sheet rock, carpet, paint, and other building supplies. Therefore, they pay much less for each, and these savings are passed on to you. When you add up all the labor, material and time savings inherent in the modular home building process, you will find that the price of your home is generally lower than a traditionally built home of comparable size.
The increased efficiency of construction results in greater value for the homeowner. Work is never delayed by weather, subcontractor no-shows, or missing material. Harmful weather never touches the inside of your home. The combination of reduced cycle time, more efficient construction, unlimited customization, and a growing shortage of skilled trades for on-site construction are the primary reason many builders and home buyers are switching from traditional site-building to systems building.
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