Financing Your Home
The first thing to do is talk to your lending institution, and complete a pre-approval application for your loan. You will not be able to enter into a Contract to Buy and Sell Real Estate without the pre-approval letter.
Contact Antley Fowler (719-398-3350), Director of Sales at The Farm, who will work with you on purchasing a home that is (or soon will be) available or ordering a home for which you pick out the options, colors, and finishes.
For an available home, it is up to you and your lender to determine the financing that is best for you. The Farm requires earnest money of 1.5% within five days of the contract signing. Antley Fowler will work with the buyer on the Contract to Buy and Sell Real Estate and related documents. The lending institution will require an appraisal of the home, the cost of which is the buyer’s responsibility. The lending institution will work closely with Antley Fowler and with Kris Landess of Central Colorado title & Escrow to schedule the closing and have all documents prepared. Typically, if the home already has a Certificate of Occupancy, the above process will take 4 or so weeks. If the home is still under construction, the final appraisal and coordination with the lender will take about two weeks once the Certificate of Occupancy is approved.
If you are “designing” your home, pick out an available lot that is consistent with the model you want, choose your floorplan and options, and schedule time with Antley Fowler to select finishes (cabinetry, countertops, flooring, etc.) and prepare the Contract to Buy and Sell Real Estate and related documents.
Because each home is built to order and constructed to each buyer's specifications, buyers typically need 20% down to place an order; and that 20% is due within 4 weeks of signing the contract – 1.5% within 5 days, and the remaining 18.5% within 4 weeks. The down payment is non-refundable. Lower down payment options are available in unique circumstances. Buyers should plan on 6-7 months from contracting to closing – weather can play a significant role in the exact timing.
The Farm works closely with High Country Bank to streamline the construction loan and permanent financing process. Please call Nichol McCoy at 719-530-8807 or Alisa Sparrow at 719-395-1021 to get started!
Other lenders who are familiar with The Farm include VIP Mortgage (Marni McMillan at 303-407-0108) and PeakView Mortgage (Matt Wierzbinski at 719-221-3897).