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New_Home
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!

 


Contact a GMM Loan Officer for more information. Find a Loan Officer
 

 

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4100 Monument Corner Dr., Suite 100
Fairfax, VA 22030

Toll Free: 800-867-6859

Email Us: info@gmmllc.com

Our Mortgage Loan Originators are registered and comply with the National Mortgage Licensing System (NMLS) and Registry. NMLS Consumer Accesssm, nmlsconsumeraccess.org, is a free service for consumers to confirm that the financial-services company or professional with whom they wish to conduct business is authorized to conduct business in their state. George Mason Mortgage's NMLS ID is 153400.

This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), and program, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines.


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