Financing for New Construction Homes vs Resale Homes in Tampa Bay

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Tampa Bay's #1 Realtor, Andrew Duncan, talks to Arnie Diaz of Waterstone Mortgage and Scott Eckley of DR Horton about getting a mortgage for a new construction home on The Duncan Duo Real Estate Show.

Arnie starts off by talking about the  financing side of buying a brand new home. The average construction of a new home like Horton brands average from 5-9 months. The credit documents are good for 120 days so if you're getting financed for a new construction, you should not touch your credit within that time frame just as you would when you apply for any type of loan. You shouldn't do anything crazy - you can't buy furniture, can't get a car loan, you need to maintain your payments and hold on to your job because they will be reevaluating your credit. There's a longer period for a new construction.

Andrew shares his team's recent experience with a client who bought a home from D.R.Horton. He says there were a lot of construction things that the lender had to verify in the new construction environment that they won't necessarily verify in a resale environment. The consumer needs to understand that everything will be verified, everything will need to be checked.

Scott talks about their inventory for their luxury brand. These are for people who are looking to spend around $700,000+ for a new home. The construction period is about 12+ months but they have homes ready now. They have inventory in communities like Stone Lake Ranch and concession in Sarasota. They have homes that range from 3800 sqft to 5000 sqft. You don't have to do a construction to perm loan with them which could be a big advantage.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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