Buying New Construction in Baton Rouge: Understanding Loans

The right time to buy a new home will always be the right time for YOU! 👍

Keeping interest rates in mind is a wise thing to do when buying a home. When you purchase with AP Dodson, you will work with trusted, local mortgage professionals who are focused on getting a monthly payment that fits perfectly within your budget.   

So You Want to Buy a House? 

Purchasing a newly constructed home of your own is an exciting journey, but there are many questions that buyers must consider before starting the process. 

• Where do we even start? 
• What builder’s work do we enjoy the most? 
• How are we going to pay for it? 

One question we’ll tackle today is How are we going to pay for it? 

For most, a new home will likely be one of the biggest investments you will make in your lifetime. Before you start pinning inspiration links on Pinterest for your dream home, it’s important to consider what you can afford and how are you going to finance the purchase. 

Getting started with a lender begins with understanding the different types of loans that are available to homeowners. Let’s discuss. 

While some people do pay with cash up front, most homeowners choose to finance their homes through a loan. 

At AP Dodson, we work alongside lenders who have an in-depth understanding of current, local trends and all the programs available that assist buyers in making an informed decision. 

Meeting a Lender for the First Time

When you sit down with a lender, be prepared to review a few important financial elements that they will use to determine your eligibility for a loan. Lenders will look at your credit score, your employment status, other sources of income, and existing debt obligations. This information will help the lender assess what your options are and develop a secure financial plan.

There are a variety of different types of loans available so it is important to determine which type of loan will best suit your needs. We have loan options for rural areas, first-time home buyers, programs for veterans, etc. We’ve seen many families take advantage of these types of loans and are now living comfortably in a beautiful new home. 

Understanding VA Loans

If you are a Veteran, you also have the option of a VA loan. VA loans are short-term loans offered to veterans, active military, and their spouses to build a new home. These loans work very similarly to construction loans. Good news – AP Dodson does work with this type of loan. If looking into this option, contact us now for more information!

There’s a lot involved with building a home – but it doesn’t have to be stressful. Our team at AP Dodson is here to help you through every step of the build – including financing.  If you are starting to explore your financial options to get into a new home, feel free to reach out to one of our team members for more information and to get the process started!

Fall 2022 New Home Incentives

Here’s some more good news – Starting NOW, depending on what type of loan you qualify for, buyers will receive up to 3% of sales price towards closing costs and prepaids, rate buy down or other home additions with use of AP Dodson’s preferred lender on select builds. Plus some homes are offering up to $4,000 in closing costs with our preferred lender.

Find the home of your dreams by visiting our website or calling our agent at The W Group today! (225)414-4445