We are working with Meritage Homes
They are one of the few builders that will give buyers a builder credit, along with any specials they may offer on certain move-in-ready homes that want to use an outside lender. They currently have 3% of the base price in concessions that can be used toward any closing cost.
Along with Fairway Independent Mortgage Company paid .5% 12 month interest rate buydown. As well as our homeward edge grant of 2% of the purchase price, with a $4,500 cap. Fairway will pay the lesser amount.
Below is an example of what the incentives look like for a $425,000 purchase. Please keep in mind that this is subject to funding for these programs and may end without notice.
Purchase price $395,000
- Down payment: $11,700
- Closing cost: $10,298
Total closing cost: $21,988
- Meritage 3% concessions $11,850
- Fairway program capped at $4,500
Total concessions: $16,350
Out of pocket: $5638
Estimated principal and interest only $2450 per month
Purchase price $425,000
- Down payment: $12,750
- Closing cost: $10,659
Total closing cost: $23,409
- Meritage 3% concessions: $12,750
- Fairway program caped at $4,500
Total concessions: $17,250
Out of pocket: $6,159
Estimated principal and interest only $2700 per month
As you can see this is a substantial saving for buyers who are currently looking to purchase a new home.
The other program, “Break The Lease Build the Dream" can be combined with both the above-mentioned programs, so long as they purchase a qualified new build from Meritage. The program will allow us to pay up to $6,000 of your penalty to break your lease and get into a new home. So not only with buyers who chose to purchase a qualifying new home from Meritage get into a new home, but will also take advantage of our $4,500 grant as well as the .5% lender paid 12 month rate reduction. Please see the above examples for the two price points.
