Get pre-approved before you sign, and do not open new credit or change jobs while you are under contract. Those are the most common reasons loans fall apart.
We read the deposit part of the contract with you before you sign.
Do I get my deposit back if my loan falls through?
It depends on the builder's contract. Some contracts protect your deposit if the loan is denied, and some do not.
More questions
- How long does it take to buy a new construction home?A home that is already built can close in about 30 to 60 days. A home that is not built yet can take several months.Read the answer
- What are the steps to buy a new construction home?Talk to us, get pre-approved, pick your home, sign the contract and pay the deposit, get the home inspected, then close and get your keys.Read the answer
- Do I need an inspection on a brand new home?Yes. A new home can still have problems. Your own inspector finds them while the builder still has to fix them.Read the answer
- Can you negotiate with a home builder?Yes, but usually not on the price. Builders more often give on closing costs, the rate, or upgrades.Read the answer