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A Guide to Buying Your Newly Built Home

If this is your first time buying a new construction home, you may have a lot of questions and concerns. This step-by-step guide will help you navigate through the loan process. 
 
  • First, meet with a George Mason Mortgage loan officer to begin your application. They will work with you to determine the product that best meets your needs as well as explain the guidelines for the loan you choose. After applying for a loan, you may be asked for the following:
    • W-2 forms for the past two years
    • Paystubs from the last 30 days
    • Completed personal tax returns from the past two years
    • Bank statements from the last two years
    • Copies of receipts for any deposits made to the builder
    • A construction contract signed by you and the builder
  • Work with your builder to decide the options and upgrades desired, based on the budget
  • Due to the time it takes for a new home to be built, credit, income, and assets may be re-verified after you have completed your initial loan application.
  • Once the project has been completed, the appraiser will visit the property to confirm the loan is supported.
  • Final approval of your loan will be based on a review of credit documents and the property appraisal. Upon approval, a closing date and location are set. Once all documents are signed, congratulations are in order— you have just completed the purchase of your new construction home!
 

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