Get Pre-Qualified
First-Time Homebuyers
Frequently asked questions
The first step is obtaining a pre-qualification letter. This helps you determine your budget. We highly recommend connecting with a lender like Green Brick Mortgage to explore loan options tailored to your needs.
No, you are free to choose any lender you prefer. However, working with our preferred partner, Green Brick Mortgage, offers a smoother experience since they specialize in new construction loans and are familiar with our process and timelines.
Green Brick Mortgage offers a variety of loan options, including conventional loans, FHA, VA, and USDA loans. They will work with you to find the best fit for your financial situation.
Pre-qualification is an estimate of what you might be able to borrow based on self-reported financial information. Pre-approval is a more formal process where the lender verifies your income, credit, and assets, providing a conditional commitment to lend you a specific amount.
Down payment requirements vary by loan type. For example, FHA loans may require as little as 3.5% down, while some Conventional loans offer options starting at 3% or 5%. VA loans may offer 0% down for eligible veterans. Your loan officer can help you understand the specific requirements for your chosen loan program.
Closing costs are fees associated with finalizing your mortgage, such as appraisal fees, title insurance, and origination fees. They typically range from 2% to 5% of the loan amount. Trophy Signature Homes often has incentives available to help cover a portion of these costs, so ask us!
It’s important to notify your lender immediately if there are any changes to your financial situation, such as a new job or significant purchase. They will guide you on how to proceed.
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