Start by browsing our available communities and floorplans online, then schedule a visit with one of our New Home Consultants to explore your options and learn more about financing.
The structure, lot and standard finishes. Upgrades are available at additional cost.
Yes, if you choose a dirt build, you can choose design selections and upgrades. While not a fully custom home, you will work with a designer at our Design Center to make your home your own.
Yes, however, the incentives or upgrades may be more flexible than the base price.
Typically, 4–9 months, but weather, labor and materials may cause delays. We also have move-in ready homes available if you’re on a shorter timeline.
We encourage homebuyers to be as involved as they want to be. We’ll reach out every week to provide progress updates, important milestones and any other information you should be aware of. If you’d like to visit the home, we will schedule a time to ensure it’s a safe and productive visit.
If you choose a dirt build, you will close on the home once the home is complete and all inspections have been finalized.
Yes, many of our communities have an HOA. A copy of the rules and fees will be made available.
Do I need a real estate agent to buy a home?
Although we are happy to work with real estate agents, no agent is required. Our New Home Specialists can walk you through the entire process.
What happens during a home inspection?
A professional checks structure, systems, roof, appliances and more for defects.
What’s the difference between an appraisal and an inspection?
Appraisal estimates home value for the lender; inspection checks home condition.
What should I look for in a neighborhood?
When choosing a neighborhood, think beyond the home itself. Consider how the location will fit your lifestyle, needs, and future plans. Look for:
- Schools: Even if you don’t have kids, strong school districts can boost resale value.
- Commute & accessibility: Check drive times to work, shopping, dining and medical care.
- Safety & upkeep: Visit at different times of day to get a feel for the area and see how well it’s maintained.
- Amenities & recreation: Parks, walking trails, and other amenities can add to your quality of life.
- Growth potential: Communities with planned development or in a growing area may increase in value over time.
- Noise & traffic: Listen for highway noise, train tracks or busy streets that might affect your comfort.
- HOA rules: Check the community’s HOA rules to make sure they align with your lifestyle.
FINANCING & BUDGET
How much home can I afford?
A good rule of thumb is to budget 30% of gross monthly income for mortgage payment, property taxes, insurance and HOA dues. Let’s say the family gross income is $120,000/year or $10,000/month: 30% of $10,000 would mean a mortgage payment, property taxes, insurance and HOA dues of $3,000.
What is the minimum credit score do I need to buy a home?
Minimum score requirements vary across different loan programs and products. Stone Meadow Lending offers a variety of options for clients with all credit profiles from no credit scores and beyond.
How much should I put down for a down payment?
Your down payment depends on your goals and budget. In general, the larger the down payment, the lower the monthly payment.
Do I need a 20% down payment to buy a home with First America Homes?
Not at all! We work with trusted lending partners who offer a variety of financing options, including FHA and VA loans, as well as down payment assistance programs to help make homeownership more accessible.
Do I need to be pre-approved for a loan before visiting a model home?
While preapproval is preferred and helps make the process smoother, it’s not required. Our preferred lenders can help guide you through the process.
Do you offer downpayment assistance?
Yes. Stone Meadow Lending, our preferred lending partner, offers several options for down payment assistance.
I have bad credit; do you offer any credit repair services?
Stone Meadow Lending, our preferred lending partner, offers customized credit plans to improve scores.
What types of home loans are available?
Conforming Conventional loans, non-conforming conventional loans, FHA loans, VA loans, USDA loans, Adjustable-Rate Mortgages, Fixed Rate Mortgages and Portfolio Loans.
Are there first-time homebuyer programs or grants available?
Yes, often at the state or local level, plus FHA and USDA loans.
What’s the difference between being pre-qualified and pre-approved for a mortgage?
These terms are often used interchangeably, and neither is a guarantee to lend. Many lenders prefer the term “pre-qualified” to include only a credit check and the term “pre-approved” to include both a credit check and collection of income and asset documentation.
MORTGAGE
What documentation will Stone Meadow Lending need to pre-qualify a loan?
- Copies of the most recent two years of personal federal tax returns*
- Copies of the most recent two years of corporate/partnership/LLC federal returns
- Copies of the most recent two years of all W-2’s**
- Copies of the most recent two months bank statements (all pages, including blank)
- Copies of the most recent two months 401K, stock or mutual statement, and/or retirement statement
- Copy of the recent mortgage statement(s) on properties owned (if applicable)
- Copy of insurance declaration page for all properties owned (if applicable)
- If divorced, paying or receiving alimony or child support, please provide copy of complete divorce decree
- If you receive Social Security, pension, or permanent disability, please provide award letters
- Copy of driver’s license
- Copy of DD214 and certificate of eligibility (VA loan only)
- Social Security Card (FHA loan only)
- Applies to self-employed and owners of rental properties*
- Applies to W-2 wage earner only**
What should we do to ensure that our mortgage approval and closing date stay on track?
- DO continue to make your current mortgage or rent payment on time
- DO stay current on all existing accounts (even if you are paying them off)
- DO continue to work for the same employer-try not to switch jobs
- DO continue to use the same insurance company
- DO continue to live at the same residence
- DO continue to use your credit cards as normal
What should we NOT do to ensure that our mortgage approval and closing date stay on track?
- DON’T make any major purchases like furniture, car, boat, jewelry, etc.
- DON’T apply for any new credit
- DON’T apply for new student loans
- DON’T open any new accounts – gym memberships, etc.
- DON’T transfer any bank balances without letting your lender know
- DON’T pay off any collections or accounts due without consulting your lender first
- DON’T close any credit card accounts
- DON’T change banks or open new bank accounts
- DON’T max out or overcharge credit accounts
- DON’T draw on an open line of credit for closing costs or down payment funds
- DON’T consolidate debt onto other open credit accounts without consulting your lender first
- DON’T open a new cell phone account
What makes up my monthly mortgage payment?
- Principal: The portion of your monthly payment applied towards lowering the balance of the loan.
- Interest: The portion of your monthly payment that covers the interest accrued the previous month on the balance of the loan. Interest is what a lender charges you for borrowing money.
- Taxes: Property Taxes are assessed by the county and are based on the sales price. 1/12th of the annual property tax bill can be included in your monthly payment.
- Homeowners Insurance: covers damage to your property from theft and fire. 1/12th of the annual premium can be included in your monthly payment.
- Mortgage Insurance (PMI OR MIP): if required, protects the lender in the event of a default on the loan.
- Flood Insurance: Required for properties in flood hazard areas.
- Homeowners Association (HOA) Fee: Not included in the monthly mortgage payment to the lender. An HOA fee is paid directly to the Property Management Company for the maintenance of the community.
What is a rate lock?
A rate lock is an agreement between the borrower and the lender that a specific interest rate will be provided to you for a specific period of time (the rate lock period).
What if rates go up before I close my loan?
If interest rates increase, you are protected and can be assured that your locked rate will be honored on your loan papers on the date of closing.
What is included in closing costs?
- Origination Charges: The fees charged by the lender for processing and underwriting of the loan application (processing fee and underwriting fee). Other lenders may have additional fees such as an application fee and a loan origination fee.
- Discount Points: A fee paid in exchange for a reduced interest rate. Also called “buying down the rate.” One point is equal to 1% of the loan amount.
- Appraisal Fee: The fee paid to a qualified appraiser for preparing an Appraisal Report which provides an opinion of market value for the property. This fee ranges from $495 to $800+, depending on the value of the home and the complexity of the report. When significant repairs are noted on the appraisal a re-inspection by the appraiser will be required to ensure work is complete. The re-inspection report may cost up to $150.
- Credit Report: The fee paid to obtain a copy of a mortgage credit report from the 3 credit bureaus.
- Tax Service: A fee typically paid to a tax service agency. The role of a tax service agency is to look for delinquent property taxes and alert the mortgage company to prevent tax liens from existing against the property.
- Settlement Fee: The fee paid to your closing attorney who will represent you at the settlement of your real estate transaction. Attorney fees can vary considerably from one state to another.
- Flood Certification: Federal regulations and secondary mortgagors require lenders to obtain a certification from a surveyor indicating whether the property is within a flood hazard area and if flood insurance is required.
- Title Fees: A Title company performs a title search which ensures there are no outstanding issues with the property such as liens for unpaid taxes, special assessments, judgements, demands, or other legal issues. Other Title related fees include endorsement fee, wire and courier fees.
- Title Insurance: Homebuyers typically need two title insurance policies: an Owner’s Policy which protects the homeowner and a Lender’s Policy which protects the lender. Title insurance protects against problems with a title when there is a transfer of property ownership.
- Recording Fees: Fees paid to the County to record the new Deed of Trust, ensuring that you are the new official owner of the property.
What is PMI (Private Mortgage Insurance)?
Insurance required if your down payment is less than 20% on a conventional loan.
What is an escrow account?
Think of this as your savings account within your home loan for taxes and insurance. When you close escrow, the lender will collect a certain number of months upfront to setup the escrow account so that sufficient monies are available when the property tax and insurance premium are due. The number of months collected for property taxes depends on the exact month in which you close escrow. The lender usually collects two months of insurance payments to have as reserves. This is YOUR money and not a fee. When you sell or refinance your home, you will receive a refund of any remaining balance in escrow.
What are prepaid items?
- Prepaid Interest: Prepaid interest is collected by the lender to pay for the interest charges for the remainder of the month during which the loan closes escrow.
Example: If you close escrow on January 10, there are 21 days remaining in the month. Therefore, you will be charged 21 days of interest for January. - Prepaid Insurance: At closing, you will prepay the annual premium for homeowner’s insurance on the property. Your home will then be insured for the first year.
- Prepaid Property Taxes: At closing, the buyer is responsible for paying the prorated property taxes due from the date of closing through the end of the tax billing cycle. Similarly, the seller is responsible for paying the prorated property taxes due from the start of the previous billing cycle through the close of escrow date.
- Interest: The portion of your monthly payment that covers the interest accrued the previous month on the balance of the loan. Interest is what a lender charges you for borrowing money.
- Taxes: Property Taxes are assessed by the county and are based on the sales price. 1/12th of the annual property tax bill can be included in your monthly payment.
- Homeowners Insurance: covers damage to your property from theft and fire. 1/12th of the annual premium can be included in your monthly payment.
- Mortgage Insurance (PMI OR MIP): if required, protects the lender in the event of a default on the loan.
- Flood Insurance: Required for properties in flood hazard areas.
- Homeowners Association (HOA) Fee: Not included in the monthly mortgage payment to the lender. An HOA fee is paid directly to the Property Management Company for the maintenance of the community.