Until recently, if you wanted to build a home, you needed to qualify for the construction loan, and then re-qualify for the traditional mortgage loan. However, that’s not the case now. AmeriFirst Home Mortgage is proud to be the first lender in Ohio to offer the USDA Rural Development New Construction Loan. This construction-to-permanent mortgage option provides qualified homebuyers the chance to receive 100% financing and no cash down payment is necessary to build a home that is a single-family residence. The loan finances the cost of the construction as a short-term interim loan. Once construction is completed, it converts to a traditional 30-year long-term permanent mortgage, and there is no need to qualify for a separate loan. Hence, the construction-to-permanent lingo. OK, what’s the catch? Well, there isn’t one. To be eligible, the desired property simply needs to fall within certain geographical areas, outside the city limits of major metropolitan centers. Prospective borrowers also have additional credit and income requirements to meet. Get qualified for USDA New Home Construction. Learn about it today. Ask us how.

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information. Not all borrowers will qualify.

There is no ‘one size fits all’ when it comes to mortgage loans. A variety of loans with different terms, unique purposes, associated costs and timelines encompass the portfolio of mortgage loans that are available. Essentially, there are a lot of loans to choose from. Mortgages are typically defined as either government-backed or conventional and in some cases, a portfolio loan is an option. Lenders have a variety of loans to offer for this reason. A conventional home loan is one that is not insured or guaranteed by the federal government. Home renovation loans, like an FHA 203k loan, give buyers or current homeowners access to capital to repair and/or improve an existing home. These loans can come in the form of mortgages with built-in fixer-upper funding. Traditional loans with an escrow repair account are also available. And believe it or not, USDA or Rural Development New Construction mortgage loans provide qualified homebuyers the opportunity to receive 100 percent financing with no cash down payment required to qualify. So imagine building your new, single-family home in the country and not being required to have a down payment. Discover the loan options right for you and your family. Be strategic with your decisions. Ask us how.

*Not intended as real estate, accounting or investment advice. AmeriFirst does not offer portfolio loans. Contact your financial representative for more information. Not all borrowers will qualify.

While location and price matter, simply offering more money won’t guarantee your offer is the winning bid. Get pre-approved and be confident in your strategy. Have a few different financing options. Larger earnest money deposits are also worth considering. And doing so shows more sincerity with proceeding and good faith should the seller accept your offer. We also suggest lender interview phone calls. Calls like this add a more human element versus simply having a letter proving your buying abilities. A seller can trust that the deal will go through, even if the offer is for less due to familiarity with both the lender and your background. And as the saying goes, while money talks, a higher offer price is not the end-all when buying a home. Be smart. Learn about your options. Ask us how.