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 How do I shop for a new home?
How does the lender decide how much I can afford to spend for a new
home?
Where can I find out about local schools?
I’m new to the area. Where can I find further information?
Where can I find out about property taxes?
What should I look for when walking through a house?
How long has Hughes Development Inc. been building homes?
How long will it take to build my new home?
How much down payment do I need for a new home?
What are closing costs?
How do I shop for a new home?
Over the past 12 years, we’ve found the most important first step is to
think about
your personal and family situation. Then consider:
- How much space do you need?
- Which part of town do you like best?
- How much can you afford to pay?
- Do you want to live in the city or out of town?
- How many bedrooms and bathrooms do you need?
After you have a list of required features for your home, begin to look
at homes in
your area. Compare features, locations, size and cost. Talk to people
who live in
homes built by a builder you are considering. Talk with people in
neighborhoods you
are considering. Do your research carefully.
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How does the lender decide how much I can afford to spend for a new
home?
Lenders look at your debt-to-income ratio. That figure compares your
gross or pretax
income to housing and non-housing expenses (long-term debt such as
student
loans, car loans, child support, alimony). The Federal Housing Authority
(FHA) uses a
guideline that says your monthly mortgage payments should be no more
than 29% of
your gross income, while the mortgage payment plus non-housing expenses
should
total no more than 41% of income. Lenders also look at the cash you have
for a down
payment, your credit history and closing costs to determine your maximum
loan
amount.
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Where can I find out about local schools?
Contact your HDI Sales Consultant, who will supply you with a list of
all local schools
for the community you are considering.
For our Long Beach Properties, contact the Long Beach Unified School
District
(www.lbschools.net) for public school information at 562/997-8000.
For our Lone Star Estates, Contact the Killeen Independent School
District
(www.killeenisd.org) for public school information at 254/501-0000.
Killeen also offers an excellent selection of private schools, such as:
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I’m new to the area. Where can I find further information?
Try the local library or the area Chamber of Commerce
(Long Beach www.lbchamber.com;
Killeen- www.gkcc.com).
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Where can I find out about property taxes in the area?
Contact the local property appraiser’s office at:
Long Beach- Los Angeles County Assessor’s Office
(www.lacountyassessor.com) or call
888/807-2111.
Killeen- Tax Appraisal District of Bell County
(www.bellcad.org) or call
254/634-9752.
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What should I look for when walking through a house?
The US Department of Housing and Urban Development (HUD) suggests you
consider
the following:
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Is there room for both the present and future?
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Are there enough bedrooms and bathrooms?
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Is the house structurally sound?
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Do the mechanical systems and appliances work?
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Is the yard big enough?
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Do you like the floor plan?
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Will your furniture fit in the space?
-
Is there enough storage space? (bring a tape measure to answer these
questions.)
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Does anything need to be repaired or replaced?
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Will the seller repair or replace the items?
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Imagine the house in good weather and bad, and in each season. Will you
be
happy with it year-round?
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How long has Hughes Development Inc. been building homes?
Warren Hughes began his first project in 1995 and has since assembled a
team with
over 30 years of experience in the real estate development field. HDI
has excelled in
developing single family homes and town homes in Southern California,
from
providing affordable, entry-level homes to luxurious beach homes. Warren
has
established himself as one of the leading developers in Southern
California, widely
known for his integrity and excellence.
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How long will it take to build my new home?
Construction schedules depend greatly on the size, floor plan and
complexity of your
home and the topography of the lot you have selected. Typically, a home
will take 90
to 150 days to build after permits have been issued. For more specifics,
discuss with
your HDI Sales Consultant.
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How much down payment do I need for a new home?
Some mortgage lenders require as little as 5% of the purchase price for
a down
payment. But the larger the down payment, the smaller your monthly loan
repayment
and the less you have to repay. When you consider how much down payment
you will
make, don’t forget to figure out how much you will need to spend for
moving
expenses, utility deposits, repairs and decorating.
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What are closing costs?
Closing costs generally include:
-
Attorney or escrow fees (yours and the lender’s)
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Property taxes (to cover taxes to date)
-
Interest (paid from date of closing to 30 days before first monthly
payment)
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Loan origination fee (lender's administrative cost)
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Recording fees
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Survey fee
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First premium of mortgage insurance
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Title insurance (yours and lender’s)
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Loan discount points
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First payment to escrow account for future real estate taxes and
insurance
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Paid receipt for homeowner’s insurance policy
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Any documentation preparation fees
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