First, relax and let us do the work. Feel free to ask any question you desire. All of our systems, questions and planning is designed to make the First Time Buyer comfortable. We will show step by step what needs to be done and when. Our Marketing team, Builders and Designers are well trained in knowing the questions to ask of the FTB that they do not know to ask themselves.

FAQ

First Time Buyers

How Much Home Can I Purchase?

Your max purchase ability will be determined by your cash on hand combined with the amount you qualify for with a mortgage lender. A good rule of thumb is to figure your limit should be 3 to 3.5 times your family income. A family earning $70,000 annually should be comfortable investing at $210K to $245,000.

How Do I Get Pre-Qualified?

Contact a local lender or use our Fast Track application on line with one of our Lender Partners to determine what your maximum loan ability and see the various loan type options you have before you.

Use Our Fast Track Applications to find out your buying capacity from the comfort of your own home.

First Bank Mortgage
Kay Dowdy, AVP Mortgage Lending
Office (601) 726-3378, Fax (601) 602-6715
Email: Kayd@firstbankms.com
Online Application: kaydowdy.firstbankms.com

What Is Closing Cost?

Closing Cost are the Bank and Legal fees charged to you for originating and closing your loan. Your lender will provide you with a HUD Statement prior to closing that outlines each cost. Many lenders are able to roll up much to all of these cost in your loan if these present a cash challenge.

How Much Downpayment Is Required?

Lenders have a program now to fit just about anyone’s needs. USDA, VA and Smart Choice offer 100% financing. FHA loans provide 96.5% financing. Conventional loans will vary from 95% to 90% and 80%. Ask your lender to prequalify you for a loan that fits the cash you have to work with.

What Part of My Purchase Is Tax Deductible?

All of the interest you pay on your mortgage loan for the year is tax deductible. Any prepaid interest paid in the closing cost is tax deductible. You are also entitled to deducting your property taxes paid.

What If I Have a Few Credit Dings?

A professional Mortgage Originator will be able to analyze your credit history and lay out a detailed plan to get you qualified. Take advantage of their experience and trust what they say. It can and has been done. Many times!

How Much Does AAA Homes Charge To Build?

There is no set price in Home Building. Each home plan, home site and one’s selections presents a different combination of cost drivers. All 2,000 square foot plans are not alike, as all building sites are not level and 45 feet from the road. One person may choose to spend $1,500 on appliances where another may spend $20,000 on her kitchen ensemble.

How Long Does It Take To Build?

Currently the build rate for AAA Homes is 500 square feet per month. A plan with 2,500 square feet under roof including porches and garage will take 5 months to complete.

Must We Build One Of Your Plans?

Your plan or ours. Doesn’t matter. Or, if you do not have a plan we will work with you and our Designers to find and/or create the plan you need to fit your family size and budget.

What About Maintenance and Upkeep?

Surveys show that Used Homeowners average spending over $100 per month in maintenance and upkeep. Whereby New Homeowners average spending only $25 per month in maintenance and upkeep. That $75 savings will buy a lot of house at today’s attractive rates, about $18,000 more in buying power.

Did You Know?

06

Women Homeownership : So Important in the Home Buying Market.

woman with package holding keys to new apartment

ftb

Build or Buy New vs. Used

Because it’s been built specifically for your needs, a newly built home allows you to spend your time and money the way you want. There’s nothing to fix, repair or re-do. Just sit back, relax and enjoy a home that’s truly your own.

Why settle for someone else’s choices when you can select your favorite cabinets, countertops, appliances, carpets and flooring? While you’re at it, you can choose gorgeous bath and kitchen fixtures, lighting and other options that you love. Your new home will reflect your style, not someone else’s taste.

Want a master bedroom on the first floor? It’s yours. With massive his and her walk-in closets? Done! Want high ceilings and a luxurious, resort-style master bath? Perhaps you’d like a sitting room with a fireplace in your owner’s suite or French doors that open to your private patio or the pool? It’s easy, when you build your master suite your way. New homes offer higher ceilings, twice the bathroom space and 3 times the closet space over a used home on average.

A used home likely has tired products that may soon need replacing. Your new home — and the products that comprise it — are brand-new and under warranty. What’s the cost to replace a roof, appliances, countertops or a water heater on a used home? Those components of your new home feature the latest designs and building materials and should offer you years of comfort and enjoyment before needing replacement.

Today’s new homes are far more energy efficient, 40% better than homes built just five years ago. Versus homes built ten or 20 years ago, It’s game over, advantage new. Why settle for drafty, energy-wasting single-pane windows in a used home? Many new homes offer double or even triple-pane windows. Special window coatings and inert gases between the layers of glass are often available, saving you even more energy and money in both heating and cooling season.

Today’s new homes meet stringent energy standards and codes not in place in the past. They combine high-performance energy efficiency with state-of-the-art ventilation and air filtration. The result is year-round, draft-free comfort and higher indoor air quality.

New homes today are computer-designed and computer-equipped. That’s why they perform much more reliably than a home that’s 15 or 20 years old. Today’s new homes have open floor plans and high ceilings that reflect the way we live today. They’re also made of cutting-edge building products that require less care and maintenance. Another plus? The latest building systems and components are designed and engineered to work together. Owners of used homes spent on average over $100 per month in maintenance vs. $26 per month spent for new home owners.

New Home Owners save an average of 15% on Insurance over a comparable price used home. Owners of New homes generally pay lower taxes over the first two years. Average cost of repairs and maintenance for a Used home is $100 per month versus $25 per month of New homes. Newer homes have higher resale value and appreciate at a greater rate.

Video for New vs Used Ownership - Start Fresh! Buy New! New vs Used Cost of Ownership Calculator

A 10-year-old home will cost approximately 580% MORE in annual maintenance and improvement than a newly built home.

07In everyone’s life a little rain will fall. AAAHomes works hard to offer friendly and responsive service with on site Welcome Centers in most communities. Sales Agents can be reached by phone or email and Superintendents have Blackberry’s for weekly follow up after a request is made to be sure things are complete and you are satisfied.

More than Just Shelter