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Tips For First Time Home Buyers

first time buyersIn many housing markets, it can be less expensive to own a home than to rent an existing home or apartment. This is true in the Colorado Springs new home market where new home prices are as low as they’ve been in a decade and mortgage rates continue to hover at historic lows.

Here are our tips for First-Time Home Buyers:

Do a credit check. Cash and good credit are critical to snagging a bargain home and keeping it. Before you go shopping make sure you have the cash on hand for a down payment and a mortgage lender who is willing to provide you with a home loan at an affordable rate.

Get pre-approved by a lender. At Campbell Homes in Colorado Springs, we are happy to recommend Peoples Mortgage and iMortgage to assist you in your credit, pre-qualification, and mortgage needs. Campbell Homes is also happy to work with military members and veterans who wish to use USAA for their mortgage needs.  Pre-approval can help expedite the closing of your purchase, a process that given the current climate can take several weeks.

Consider a down payment and the alternatives. Another key financial factor is a down payment. A common myth in today’s housing market is that a 20% down payment is required in order to purchase a new home. However, there are many government-backed options available for first time homebuyers with down payments as low at 0 – 3%. Your mortgage lender should be able to find alternatives that work for you.

Do your homework. Check the selling prices of comparable homes in your area to give you a general idea of what you can expect to pay. You can also do a quick search of homes listings in your area.

Determine what you can afford. Use a mortgage calculator to see what your monthly payment will be. Don’t forget that you will need to add the cost taxes and homeowners insurance to your monthly mortgage.

Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowner’s insurance or association fees. Remember that working with a new homebuilder, they will typically assist in covering or reducing out of pocket closing costs.

Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor.

Remember to look at the big picture. Buying a home is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. Unexpected costs associated with purchasing a resale home can drain your bank account. While new homes come with a new home warranty, which will eliminate the costly expense of out of pocket repairs, you will have the cost of landscaping, fencing, furnishing, etc.

Work with a professional. Purchasing a home isn’t for the faint of heart! A Realtor who specializes in working with first time home buyers, new homes, etc. will be able to guide you down the path to home ownership by looking out for your best interests and saving you time in your search for a new home.

Look at New Homes. Purchasing a brand new home has never been easier. Today’s incredibly low interest rates, affordable prices, incentives, and builder assistance in closing costs, make a new home a very affordable option for your venture into home ownership.

With home prices starting less than the cost of rent and within BAQ allowances, there’s never been a better time for first time homebuyers to purchase a new Campbell Home than right now! Campbell Homes has energy efficient, stylish and comfortable new homes in Colorado Springs available now if immediate move in. Our new Colorado Springs homes are located in the finest locations and master communities with excellent amenities and the best schools in Colorado Springs.

NEW Campbell Homes come standard with peace of mind and a guaranteed move-in date in five Colorado Springs locations. Campbell Homes’ models are open daily to 6 p.m. Or, for additional information visit our online sales office at CampbellHomes.com.

From Ray and Hilda R.

Many thanks to you, Ed Gonzalez - we are eternally grateful in having you work with us. We love our vacation home and not only does the home show quality, but the people at Campbell Homes reflect that. Many thanks to Burt in contacting us as soon as he did and in coordinating the various people involved in getting the right people to handle the sump pump job before leaving to go back to California. Burt exhibited professionalism, expertise and was easy to talk with. Kudos to him! Thank you!
Colorado Springs New Homes
2016-08-24T16:42:14+00:00
Many thanks to you, Ed Gonzalez – we are eternally grateful in having you work with us. We love our vacation home and not only does the home show quality, but the people at Campbell Homes reflect that. Many thanks to Burt in contacting us as soon as he did and in coordinating the various View Full →

From Shawnda H.

This is the second Campbell home that we have purchased.  We love our home and the professionalism of this company.  They build a wonderful home and have great customer service.  I highly recommend Campbell Homes!
Colorado Springs New Homes
2017-07-18T08:17:38+00:00
This is the second Campbell home that we have purchased.  We love our home and the professionalism of this company.  They build a wonderful home and have great customer service.  I highly recommend Campbell Homes!

From Kendra P.

Absolutely love my Campbell home! Amazing quality and the best people to work with! They helped us through the whole building process and have been here years later to help with any concerns. Great Warranty. I highly recommend Campbell Homes!
Colorado Springs New Homes
2017-07-06T15:05:42+00:00
Absolutely love my Campbell home! Amazing quality and the best people to work with! They helped us through the whole building process and have been here years later to help with any concerns. Great Warranty. I highly recommend Campbell Homes!

From Brian P.

Just wanted to let the staff know that Wayne Perry came to our house today to look at some warranty concerns and he was very helpful and friendly. We really appreciated his attitude, hard work and knowledge. I wanted to give him a great review!
Thanks,
Brian
Colorado Springs New Homes
2015-11-17T09:38:42+00:00
Just wanted to let the staff know that Wayne Perry came to our house today to look at some warranty concerns and he was very helpful and friendly. We really appreciated his attitude, hard work and knowledge. I wanted to give him a great review! Thanks, Brian

From Denise M.

Dear Mr. Randy,

From start to finish it was a pleasure working with Campbell Homes. The service and the quality of the product makes me proud to bring my buyers to such a professional builder.

I’m looking forward to another one!

Denise M.
Broker Associate, The Real Estate Network

Colorado Springs New Homes
2015-03-15T22:51:38+00:00

Denise M.
Broker Associate, The Real Estate Network

Dear Mr. Randy, From start to finish it was a pleasure working with Campbell Homes. The service and the quality of the product makes me proud to bring my buyers to such a professional builder. I’m looking forward to another one!

From Glenda M.

Dear Randy:

I want to thank you and your staff for the wonderful walk thru and closing for Richard and Robin Waters. They were super impressed with how smoothly it went.

I always enjoy working with everyone at Campbell Homes. Rena is a joy to work with. She has a real talent with working with home buyers!

Glenda M.
New Home Connection, Heritage Realty

Colorado Springs New Homes
2015-03-15T22:43:36+00:00

Glenda M.
New Home Connection, Heritage Realty

Dear Randy: I want to thank you and your staff for the wonderful walk thru and closing for Richard and Robin Waters. They were super impressed with how smoothly it went. I always enjoy working with everyone at Campbell Homes. Rena is a joy to work with. She has a real talent with working with View Full →

From Mr. and Mrs. M.

Dear Campbell Homes,

Our sincere thanks for such a lovely home. We couldn’t have asked for anything better than our new Campbell Home! The entire process, from contract to construction and on to closing, exceeded our expectations.

We know our family will be happy in our Campbell Home for many years.

Sincerely,
Mr. and Mrs. M.

Colorado Springs New Homes
2015-03-15T22:42:25+00:00

Sincerely,
Mr. and Mrs. M.

Dear Campbell Homes, Our sincere thanks for such a lovely home. We couldn’t have asked for anything better than our new Campbell Home! The entire process, from contract to construction and on to closing, exceeded our expectations. We know our family will be happy in our Campbell Home for many years.

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