Tag: homebuying basics
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What Down Payment is Needed for an FHA Loan?
Read more: What Down Payment is Needed for an FHA Loan?Insured by the Federal Housing Administration (FHA), FHA loans are an attractive option for first-time and repeat homebuyers, as well as those interested in refinancing their current home loan. Many factors contribute to the popularity of FHA loans—chief among them being a lower down payment requirement (as low as just 3.5%), compared to as much…
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What is a Seller’s Market in Real Estate?
Read more: What is a Seller’s Market in Real Estate?In real estate, a “seller’s market” occurs when the demand for housing exceeds the supply. This often results in multiple buyers competing for a single home. Cue the bidding wars… A seller’s market is obviously an ideal time to sell your home—especially if you have built up a lot of equity. But is it the…
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What Does a Homebuilder Do?
Read more: What Does a Homebuilder Do?As you might have guessed, there’s much more to homebuilding than foundation and framing. If you’re thinking of purchasing a new home, read on for what you might expect from different builders. Floor Plan Selections: Homebuilders often have architectural teams that design their own floor plans (including us!), offering a variety of single- and multi-story…
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New Home Loan Limits For 2017
Read more: New Home Loan Limits For 2017Wondering about financing a new home in 2017? Good news! Home loan limits have increased in the new year for several areas across the country. That means more homes may qualify for a greater variety of loans—potentially offering you more ways to finance your dream home! While not all areas experienced increases, it’s certainly worth checking…
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Home Gallery Product Sneak Peek
Read more: Home Gallery Product Sneak PeekWe recently told you what to expect at our new home design centers, and now we’re taking you deeper with a sampling of specific products from national vendors—available wherever you buy a new Richmond American home! Keep in mind that some Home Gallery selections, like cabinets, are locally sourced and vary depending on region. Be…
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What is a PITI Payment?
Read more: What is a PITI Payment?Buying your first home? Be prepared to learn a list of delightful new acronyms—APR, PMI, FICO, FHA, LTV and DTI, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle. What is PITI? PITI stands for Principal, Interest, Taxes and Insurance, and calculating…
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Homeowner’s Insurance: Find Out What’s Covered
Read more: Homeowner’s Insurance: Find Out What’s CoveredFor many people, a home insurance policy is like a first aid kit: they know it’s a good thing to have, but they don’t open it up and poke around inside until they need it. Knowing what is and isn’t covered by your homeowner’s insurance, how much insurance you need to protect your property and…
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What is an FHA Loan?
Read more: What is an FHA Loan?If you’re buying your first home, you’ve probably already heard that an FHA loan is THE loan for you. While it’s true that FHA-insured mortgages are an attractive option for many new buyers, it’s not the only option—and FHA loans are not just for first-time homebuyers! Check out our FHA FAQ below, then be sure…
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4 Things a Real Estate Agent Can Do for You (Other Than Show Homes!)
Read more: 4 Things a Real Estate Agent Can Do for You (Other Than Show Homes!)If asked to describe the role of a real estate agent, most people would probably say that it’s to help clients rent, buy and/or sell property. Although technically accurate, this description fails to convey the breadth of a typical agent’s responsibilities. From initial consultation to final transaction, real estate agents often perform countless tasks on…
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3 Reasons to Buy a New Home Now
Read more: 3 Reasons to Buy a New Home NowTrying to decide whether or not to buy a new home this year? Let us help simplify your decision! Following are just a few of the many reasons why now is a great time to buy. Happy house hunting! Ready to make your move? Visit RichmondAmerican.com or call 800-500-7060 to learn about our exceptional communities…
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New Year’s Resolution: Saving for a Down Payment
Read more: New Year’s Resolution: Saving for a Down PaymentIt’s a new year, and you know what that means. It time, once again, for resolutions. If you resolve to leave your landlord behind—or to move into a larger, more luxurious home—this year, you may have to provide a down payment of up to 20 percent of the home’s sale price, which can be challenging.…
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What is a Conventional Loan?
Read more: What is a Conventional Loan?A conventional mortgage loan is one of a class of generic loans that can be originated by any lender, as opposed to loans guaranteed or issued by a government agency—like FHA, USDA or VA loans. Because more entities originate conventional loans, they can come in a variety of packages. Types of conventional mortgages Conforming May…
