How New Home Builders Help First-Time Home Shoppers Invest in Homeownership

Investing in your first home has major benefits for you, your family, and your community. Buying your first home gives you a space that is truly yours and protects your assets from inflation and shifts in monetary policy. Families that own a home have an easier time building generational wealth, and studies show there is a link between homeownership and children’s educational attainment. Communities that have higher rates of homeownership thrive, with higher rates of civic participation, lower crime rates, and residents who report being healthier and happier.

Because homeownership has such a major impact on our society, new home builders have a wide range of methods for helping first-time homebuyers invest in their new home, new life, and their community. NewHomeSource talked with some of the biggest new home builders in the country to find out how they help promote healthy communities through their first-time homebuyer programs and incentives.

Builders Demystify Homebuying for First-Time Homebuyers

A homebuilder’s website can be a great first stop for first-time homebuyers hoping to demystify the home-buying process. New homebuilders want to make the journey to homeownership as easy as possible for first-time homebuyers, and often have extensive online resources about how to finance, buy, build, and settle into your new home.

If you’re a first-time homebuyer and you want more information about how to buy and build a new home, here are some online resources from the pros:

• NewHomeSource has a resource center that covers all aspects of the home buying and building process
• Century Homes’ Front Porch blog
• Brookfield Residential’s home shopper blog
• Starlight Homes’ homebuying blog, The Telescope
• Lennar’s Homebuying Tips and Tricks

Builders Offer Special Financing Programs for First-Time Homebuyers

Forward-thinking homebuilders understand the importance of getting first-time homebuyers onto the property ladder, and take steps to make the transition from renting to owning as painless as possible.

In addition to state-based first-time homebuyer assistance programs, new home builders often have special financing programs, designed to help renters invest in a home. When home shoppers use a homebuilder’s preferred lender they can often get financial incentives towards their home sometimes including:

1. More favorable loan terms
2. Lower down payment requirements
3. Money toward closing costs
4. Money toward upgrades

Integrated real estate companies that span rental programs and home building have a special role to play in improving the renter’s ability to actually buy their first house. Camillo Companies has a special first-time homebuyer incentive, the Next Move Program, where people renting from their SimplyHome properties can qualify for rental assistance if they purchase a new home from Legend Homes.

These benefits include:

1. Flexible Lease Dates: Renters can terminate their lease before it expires without incurring fees, which can account for an average of up to $4,000 in savings. 
2. 10% Rent Payback: SimplyHome residents can receive 10% of the rent they’ve paid on their SimplyHome residence (up to $5,000) to use toward the purchase of a Legend Home. 
3. $15,000 in Closing Costs: Renters can receive up to $15,000 toward closing costs on the purchase of a new Legend Home when they use a preferred lender. 
4. Down Payment Assistance: Qualified SimplyHome residents can also access down payment assistance programs when they use a preferred lender. 

Building Starter Homes Helps First-Time Homebuyers and the Greater Community

Many new homebuilders help first-time homebuyers by building starter homes. A brand-new starter home allows first-time homebuyers to invest in a quality living space, get on the property ladder, and stay within their budgets. By building starter homes, new home builders allow potential homeowners to invest in a stable asset that is protected from inflation with money they would still have to use on rent.

First-time home shoppers looking to invest in their lifestyle have a wide range of options when they choose to buy a new construction home. You can get a luxury-style home at first-time home prices. Pulte Home has a starter home brand Centex Home, an unbeatable combination of a high-end, brand-new home with affordable pricing.

Homebuilders also help first-time homebuyers by increasing the inventory of homes that aren’t single-family houses that feature more affordable price points, great locations, less house to maintain, and smaller ecological footprints. Condos and townhomes can be a great fit for first-time homebuyers who want all the benefits of living in a amenity-filled master-planned community, at a starter-home price point.

In addition to building fabulous townhomes in desirable markets for first-time homebuyers, Tri Pointe Homes has a helpful guide to buying, building, and loving your first townhome. All you need to start enjoying life in a beautiful new townhome by Tri Pointe Homes are the keys!

As you start your journey to homeownership, you can find new construction homes in many markets under $300,000. You can use NewHomeSource to find beautiful new homes that fit where you want to live and your budget.

New Homes Under $300,000 in Major Real Estate Markets

• Houston, TX
• San Antonio, TX
• Austin, TX
• Atlanta, GA
• Indianapolis, IN
• Jacksonville, FL
• Nashville, TN
• Phoenix, AZ
• Raleigh, NC

If you are thinking about buying your first home, there are many programs that can help make that dream a reality. Between government programs to help first-time homebuyers and builder incentives for first-time homebuyers, you can start your journey to homeownership today.