Q. Our credit really isn't very good… What can we do?
A. Often times, one’s credit is not as bad they think. Some area builders, including industry-leader First Home Builders, have a special credit department to help you build a stronger credit profile… One that is more attractive to mortgage lenders and helps get you qualified. The company takes great pride in helping their customers get into their new home, even when the customer believes it’s impossible.

First Home Builders specializes in helping you make your new home a reality, with minimum hassle and inconvenience. Their experts help you solve all those little problems that might have prevented you from trying to purchase your home. For instance, the company works with consumer credit counseling agencies to develop a plan that the lender will accept. Usually a simple meeting with the company’s Credit Reestablishment Director will answer all your questions. With more than 1,200 homes built last year alone, First Home Builders has helped more local families reach their dream than any area builder.

Q. What if I’m, self employed, or new to the area?
A. Company’s such as First Home Builders have a great track record in helping customers work through all the hurdles of establishing credit when they are new on the job, or may be just starting their business. They have a number of helpful programs; including some where the customer needs only minimal documentation.

Q. Are you looking for a $0 Down Payment?
A. Some families want their new home with the lowest amount of cash required... No Down Payment and No Closing Costs would be great. As Southwest Florida's largest builder of FHA and other government financed new homes, locally owned and operated First Home Builders offers a number of programs that can help. When you buy a car you are probably familiar with the fact that they are able to wrap all your expenses and taxes into your car loan... Well, it's very similar with your new home. Some or all of a typical down payment of 1% or 3% can usually be included in the amount financed. The same is true with the closing costs related to the mortgage.

Q. Maybe you would rather have the Lowest Possible Payment?
A. Should you have enough money for a normal down payment, your lender may provide a better interest rate, and lower closing costs. Mortgage rates and terms always reflect the risk that the lender has in the loan not being repaid on time. Cape Coral-based First Home Builders offers a wide variety of mortgage programs at attractive rates, with as little as 1% down payment required.

Q. What about “Buy Downs”?
A. A Buy Down is a method of lowering the rate and the monthly payment that you will have for the first two years. Let's say for example that the interest rate today is 9%. For a fee, a lender usually allows you to “Buy Down" the first year rate to 7% and the second year rate to 8%, and then the third through thirtieth year would be 9%. It's a good way of lowering your first two years monthly payment while you are getting settled in your new home. The cost of the Buy Down is frequently financed right into the mortgage.

Q. Is an Adjustable Rate Mortgage (ARM) a good idea?
A. Sometimes they are a very good idea. An Adjustable Rate Mortgage will start at a lower rate than a fixed rate, but the rate could go up next year, (or it could also go down.) It usually can't go up more than 5% over the life of a typical 30-year loan. Let's say the fixed rates today are 9%, but you might be able to get an adjustable rate for 7%... The rate could go up the next year to 8% and the third year to 9%, and so on. If you average the rates for the first five years, even if the rate goes up every year, your average would be 9%. In the event the rate goes up every year, you would still be even after five years. If your family plans to move every five to seven years, or if you think the rates will be fairly stable over the next few years, then an Adjustable Rate Mortgage might be a good idea. Professionals, such as industry-leader First Home Builders’ mortgage advisor can answer all your questions and treat you with the same professional courtesy they have extended to the thousands of First Home Families now enjoying their new homes.