Thinking about buying a new home in Plano? Looks like you won’t have to worry about coming up with a 20 percent minimum down payment that was proposed by the federal government. Six federal agencies have eliminated that provision and other burdensome underwriting criteria from a proposed national qualified residential mortgage standard.
The change is good news for first-time home buyers and middle-class households who want to become homeowners, and was sought by the National Association of Home Builders. The NAHB has been working dilligently to ensure that the new rules now under consideration would provide long-term liquidity and stability for home ownership and rental housing.
The federal agencies will issue a final vote on the residential mortgage standard after the comment period closes on October 30, 2013. The new regulations will go into effect one year from the date they are finalized.
Currently, FHA loan rules require a borrower to make a minimum down payment of 3.5 percent of either the appraised value of the property or the asking price of the home, whichever amount is lower. If you’re looking to buy a new Landon home in Plano’s West Park community, TX Home Lending offers a variety of loans including FHA, VA, and Conventional. Mortgage rates are still relatively low, so it’s a good time to buy. FHA does have some restrictions on the sales price and loan amount a new home, please consult a mortgage professional for a list of FHA loan limitations
Before you settle on a particular model, it’s wise to get pre-qualified and pre-approved for a home loan. This way, you’ll ensure that the purchase process goes smoothly when you’re finally ready to purchase a new home.
West Park Estates and West Park Villas feature the exclusive John R. Landon Signature Series of homes. The floor plans for this series were developed by renowed architects Robbie Fusch and Cary Kipp. The three, four or five bedroom homes feature creative, high quality designs that truly address the differing lifestyle needs of buyers, while focusing on the highest degrees of livability and value.
West Park is a 59-acre community that will be home to 208 families, and will include an outdoor pavilion, resort-style pool and playground. Buyers will be able to choose from 55 foot or 74 foot home lots, and a range of floor plans from the $400’s to $650’s. West Park is located at the intersection of Custer and Park, right in the heart of Plano’s upscale shopping and top-ranked school district.
For more information about the beautiful, eco-friendly homes for sale in West Park Estates and West Park Villas, visit the Landon Homes website. While there, you’ll discover why a new home in Plano is better built, by design.