Design Center Considerations2017-11-28T00:28:16+00:00

Design Center Considerations

When you’ve decided to build a new home, part of the fun is visiting the builder’s design center where you’ll get to pick out many of your options. Floor coverings, countertops, paint colors, and much more! Keep in mind that it’s important to remember how much you are pre-qualified for so you don’t go over your budget when choosing upgrades.
When visiting your builder’s design center, it’s important to know how adding upgrades to your home will affect your mortgage payment. The information below will help give you a general idea of how much your monthly mortgage payment will increase for every $1,000 you add to your purchase price.
Academy Mortgage Team 101 Conventional Mortgages

CONVENTIONAL

30-Year Fixed Rate Mortgage with 95% Financing

$5.47*

for every $1,000 you add to your purchase price.

Academy Mortgage Team 101 FHA Loans

FHA

30-Year Fixed Rate Mortgage with 96.5% Financing

$5.95*

for every $1,000 you add to your purchase price.

Academy Mortgage Team 101 USDA Loans

USDA RURAL

30-Year Fixed Rate Mortgage with 100% Financing

$5.35*

for every $1,000 you add to your purchase price.

Academy Mortgage Team 101 VA Loans

VA

30-Year Fixed Rate Mortgage with 100% Financing

$5.45*

for every $1,000 you add to your purchase price.

If you have questions your design center visit and pre-qualification amounts, contact your Academy Team 101 Loan Officer today.

* Approximate monthly payment for every $1,000 borrowed.  Assumes excellent credit. Payment per $1,000 borrowed using 4% interest rate and includes estimated escrows (homeowner’s insurance, property taxes and mortgage insurance if required. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.

Conventional sample loan scenario: $300,000 purchase price, $285,000 loan amount, 5% down payment, $1,800.63/month (PITI), 30-year fixed 4.0% interest rate, 4.153% APR.

FHA sample loan scenario: $300,000 purchase price, $289,500 loan amount, 3.5% down payment, $1,865.00/month (PITI), 30-year fixed 4.0% interest rate, 4.369% APR. The MI requirements may change if the homebuyer is putting down more than 3.5% or desires a term less than 30 years.

VA sample loan scenario: $300,000 purchase price, $300,000 loan amount, 0% down payment, $1,729.75/month (PITI), 30-year fixed 4.00% interest rate, 4.282% APR.

USDA sample loan scenario: $300,000 purchase price, $300,000 loan amount, 0% down payment, $1,760.42/month (PITI), 30-year fixed 4.00% interest rate, 4.193% APR.

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