Frequently Asked Questions About Financing
Q: Can I be pre-qualified for a loan before I have found a property or selected a home?
A: Yes! By getting pre-qualified you will know exactly what you qualify for before shopping. Your current income and debt and credit history are taken into account to approve you and determine an amount for which you qualify. Once you find a property, select a home, and get all your contractors estimates in writing, you can continue processing your loan.
Q: Is there a fee for pre-qualification?
A: No! G&I does it for free as a service to our customers.
Q: Do I have to secure a construction loan?
A: Yes. G&I requires that you secure a construction loan as you have a closing prior to delivery of your home and construction advance timetables, to pay not only G&I but your other contractors as well as any land payout as necessary.
Q: Do I have to use one of G&I Homes' lenders?
A: No! G&I will work with the customer and their own bank, providing the finance department approves the loan arrangements.
Q: Can I use my land as equity?
A: Yes! The majority of lenders allow you to use land equity, providing it meets their lending guidelines.
Q: Do I have to pay closing costs?
A: Yes. Closing costs are required with any mortgage loan. There are certain circumstances which may allow you to finance some or all of your costs depending on your lender's particular guidelines.
Q: Are there 1st time homebuyer programs available?
A: Yes! We have construction lenders who offer the SONYMA construction incentive mortgages for the 1st time homebuyer.
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