Buyer incentives First Home

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Berimbauone

New member
My wife and I are considering buying a new house in Central CA. The builder offers a $70k off the price of a $239,000 home (3bd/2ba, 1271 sq ft) as an incentive for using their preferred lender. We make $62K before taxes; our FICO scores are 770 and 734. The lender offers 6.125% 30yr fx for an FHA loan where the builder will also pay the 3% down ($5,000) through the Nehemiah non-profit program. I guess I don't understand why a "preferred" lender. So far I looked at rates in Bankrate and it looked about right for the type of loan in this zipcode.

We have the first-time homebuyers jitters and can't decide whether this is a good deal or not. This is for an inventory house, but we can also have a new one built in 4 months when we are expecting a salary increase. Should we take it or should we wait? Any input would be greatly appreciated :-)
 
Berimbauone said:
My wife and I are considering buying a new house in Central CA. The builder offers a $70k off the price of a $239,000 home (3bd/2ba, 1271 sq ft) as an incentive for using their preferred lender. We make $62K before taxes; our FICO scores are 770 and 734. The lender offers 6.125% 30yr fx for an FHA loan where the builder will also pay the 3% down ($5,000) through the Nehemiah non-profit program. I guess I don't understand why a "preferred" lender. So far I looked at rates in Bankrate and it looked about right for the type of loan in this zipcode.

We have the first-time homebuyers jitters and can't decide whether this is a good deal or not. This is for an inventory house, but we can also have a new one built in 4 months when we are expecting a salary increase. Should we take it or should we wait? Any input would be greatly appreciated :-)
Click to expand...

it could be that the builder also uses the lender to finance the construction of his homes so he wants to send some business their way if he can as long as they are competitive.

or it could be that the lender is also the builder in which case everything is done 'in house' making it easier to get homes sold...

why dont you just ask the builder?
 
My Goodness, you can buy a new home in central Ga all day long for no more than $100 per square ft.

Surely your "1271" sq ft must be a typo.

Just look on realtor.com, say for Centerville, GA. And those are the listed prices, not the negotiated prices. Or look at Macon, particulary South Macon (North Maconers tend to think their stuff is made of gold.)

Just keep thinking "$100 a sq ft."

GGAL
 
GGal said:
My Goodness, you can buy a new home in central Ga all day long for no more than $100 per square ft.

Surely your "1271" sq ft must be a typo.

Just look on realtor.com, say for Centerville, GA. And those are the listed prices, not the negotiated prices. Or look at Macon, particulary South Macon (North Maconers tend to think their stuff is made of gold.)

Just keep thinking "$100 a sq ft."

GGAL
Click to expand...

Central CA not Central GA GG:D
 
(The Old Gray Mare Ain't...)

LOL!

I thought ya'll was nuts.....

That explains it. I best stay in GA and not move to CA!

GGAL
 
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