Village Homes is here to help
As this is a multigenerational home, how much home can the multiple family members buying the home afford?
The lender verifies your financial status, credit, and down payment to approve you for a loan (up to a certain amount). We have a list of lenders we can provide upon request that are familiar with Village Homes product offerings.
Shop the Market
Determine your wants and needs in a new home. Walk homes on the market, research neighborhoods, and find the right value equation that meets your needs.
Close on Your New Home
Bring your photo ID and certified funds to closing at the title company. Once the deal funds, you get the keys!
Enter into Contract
Review the Agreement with either your agent or the listing agent to understand the conditions of your purchase, such as the purchase price, home features, and move-in date.
New Home Orientation
We will contact you a few weeks prior to closing to schedule the New Home Orientation. It will be a meeting to educate you about your home and to ensure the property is in the condition upon which you agreed to purchase it.
Move-in, unpack and begin to enjoy your home!
At Village Homes, we know the financing portion of the process can be daunting for some which is why we’ve provided the following steps to walk you through the mortgage process
Step 1 – Get pre-approved
Contact your preferred lender and apply for pre-approval using combined financial information for all family members that will ultimately be on the loan. All family members on the loan will need to use the same lender. We have a list of lenders that are familiar with multigenerational homes as well as Village Homes.
Step 2 – Prepare to apply for your loan
Gather the necessary documents and information for the lender
- Last two recent paycheck stubs
- Last W-2 and tax returns
- Recent bank and other asset statements
- Residential history for the past two years
- Current real estate holdings
Figure out your combined household income
- Include income for all parties that will be on the loan
- Include overtime, bonuses and commissions
- Calculate your monthly gross income
Estimate your ongoing monthly debt
- Include credit card payments, car payments, student loans, etc.
- Do not include payments such as daycare, cell phone or utilities
Step 3 – Determine your monthly house payment
Your “Debt to Income Ratio” is determined by taking your total monthly debit payments and dividing by your total monthly income. Most lenders will use a ratio of 45% to determine the amount you can borrow.
To calculate your home budget:
- Multiply your gross monthly income by 45% to get your total max payments.
- Subtract your current monthly debts from your total max payments.
- The resulting number is your new home budget payment.
FYI – Your monthly mortgage payment is split into four different components, referred to as PITI:
- Principal: goes toward the loan amount that you owe.
- Interest: goes toward the interest that your lender charges.
- Taxes: goes toward your local property taxes.
- Insurance: goes toward your homeowner’s insurance coverage.
Step 4 – Making a plan
During the pre-qualification process, your loan originator will:
- Explain the entire process to you, answering any questions you may have.
- Review your income, assets, debts, and credit to establish where you stand.
- Go over the different mortgage options and help you find one that’s right for you.
Step 5 – Complete a Loan Application
Start your loan application with your preferred lender. The mortgage loan originator will review your information, address your questions or concerns, and provide you with a detailed explanation of mortgage interest rates and closing costs.
Ensure you have:
- Two years of tax returns
- Two months of recent bank statements
- Your last two pay stubs
Step 6 – Make the final preparations
Around 45 days prior to your estimated closing date, you should begin to get ready:
- Review your application and the lender know if anything has changed.
- Talk to your loan originator about locking in your interest rate and or floating it down if current rates have decreased from when you were approved for your loan.
- If you’re saving funds to close, check with your loan originator to see how you are tracking.
On closing day, bring your photo ID and closing funds to complete your final paperwork. Then there’s only one thing left to do: move in!
The Village Homes Warranty
2-10 HOME BUYERS WARRANTY
Village Homes LLC provides a builder-backed warranty program through 2-10 Home Buyers Warranty (2-10 HBW), the industry’s leading warranty provider, on every home we build. The reason we provide this protection is simple. You deserve peace of mind. Village Homes cares about the quality of the homes we build, and a builder-backed warranty confirms our commitment to protecting you, your home and your budget. With the industry’s leading structural warranty backing you up, you can rest assured you made the right decision buying a new home from us.
• 10 full years of structural-defect coverage for load-bearing components
• 1 full year of distribution systems coverage against defects in wiring for your electrical system, piping for your plumbing and ductwork for your mechanical system
• 1 full year of coverage against defects in workmanship and materials
We can’t wait to build and protect your dream home!
*Please take the time to read and understand your structural warranty.
Call us at 800.488.8844
with questions about any part of the warranty, you don’t understand.