Our team helps streamline the purchase process so you can enjoy your new home even sooner.
Will the lot be included in the costs?
Yes, the cost of the lot is included in the total price. The mortgage amount covers the purchase of land and home construction.
Are the costs negotiable?
Unfortunately, the price is not negotiable. Welcome Homes always strives to deliver the best value and price to our customers without compromising quality.
What are my financing options?
You may pay with cash or apply for a construction loan. A construction loan is a short-term loan used to finance the cost of the land and building of a home. The loan is interest-only during the build phase. Once construction is complete and a Certificate of Occupancy (CO) is issued, the loan converts to a traditional mortgage of your choice.
How does a construction loan work?
The initial payment of a construction loan is used to purchase the land and begin the foundation. A series of 4 additional payments known as “tranches” will be disbursed by the bank based on achieving construction milestones. During construction, interest-only payments are due monthly on the total amount disbursed by the bank to date.
Do I get the mortgage loan through Welcome Homes?
Welcome Homes does not provide financing directly. We partnered with several banks to offer the best possible pricing to our customers. We recommend using our preferred lender as we have an established relationship and have streamlined the entire process for you.
Can I work with my preferred bank or do I have to use yours?
You are under no obligation to work with our partner, Citizens Bank. If you have a bank you prefer to work with, you may certainly do so. They must be able to support construction loans.
What will I need to apply for a loan?
A variety of factors are considered including your past and present financial situation, credit score, credit history, assets, the size of the loan you request, income, and the down payment percentage.
What will be the down payment?
It depends on your credit score. We’ve typically seen our customers put anywhere from 10-30% as a down payment.
What traditional mortgages are available?
Please contact your lender for the latest rates. Typically mortgages are a 15-year fixed, 30-year fixed, 5/1 ARM, 7/1 ARM, 10/1 ARM (Adjustable Rate Mortgage).
How can I trust my privacy is protected?
Welcome Homes is not privy to your private financial information. You will work directly with either your preferred lender or Citizens Bank. Feel free to review Citizens security and privacy details here.
What is your 100% price guarantee?
When you partner with Welcome Homes, we guarantee there will be no hidden costs. If there is a change in labor fees, materials, or something unexpected, we cover any additional costs.