A First-Time Home Buyer's Guide to New Construction
The Realities of Home Buying
Ready to buy your first home but unsure where to start? You’re not alone! With our expertise, we’ve seen common misconceptions about the buying process. In reality, owning your dream home may be more achievable than you think!
Will I Find a Home That Meets All My Criteria?
While it’s crucial to have a clear idea of what you’re looking for in a home, it’s important to understand that no home will meet every item on your wish list. At every price range, buyers often make compromises. Focus on your must-have features to help guide you through the process.
Is a 20% Down Payment Required?
No. Many first-time home buyers believe they need 20% down, but most loan programs require far less. FHA loans allow as little as 3.5% down for qualified buyers, some conventional loans start at 3% down, and VA loans can require no down payment for eligible veterans and service members. Putting less than 20% down on a conventional loan usually means paying private mortgage insurance, so it’s worth comparing options. Our financing page covers FHA and VA construction loans and standard fixed or adjustable mortgages, so you can see which programs fit your budget. And with new construction, first-time buyers also benefit from new systems and a 2-10 warranty in the early years.
Are There Other Upfront Costs Besides the Down Payment?
While the down payment is the biggest upfront cost, it’s not the only one. Earnest money, usually around $1,000, is paid to secure your home, and closing costs cover things like title fees. The good news is, when you work with our preferred lender and title company, LGI Homes covers your closing costs!
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