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Tips For Buying New Construction Homes
By Scott Hubbard
Communities are finding new construction homes being built more and more every day. There are good reasons that these new homes are becoming such a demand. New homebuilders are offering ideal floor- plans that include attractive benefits such as blinds, appliances, and sod. Purchasing a new home has become financially reasonable with options allowing a new homeowner to put no or little money down to begin construction. Purchasing a new construction home can you give the buyer the opportunity to get exactly what they want but just like anything else, it is important to be educated. Here are some tips that can assist you on purchasing a new construction home:

•Using a who has experience in the field of new construction homes is very important. Many people assume that they could save thousands of dollars by not using a but this is not true. Any that has years of experience can offer you assistance through the transaction and can make sure your best interest is protected. For example, they can make sure you get a fair interest rate, your closing costs are fair, and they have an enormous amount of information that can assist you in the process.

•Your signature is everything. Do not sign any contracts until everything has been worked out in detail to your satisfaction.

Illinois and Wisconsin Mortgage Rates as of 11/19/2008 9:47 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.000% (6.062% APR) 15 Year Fixed: 5.750% (5.854% APR) 30 Year Fixed Jumbo 7.500% (7.524% APR) 5/1 Jumbo ARM: 6.350% (6.373% APR) 5/1 ARM: 6.125% (6.188% APR) 3/1 ARM: 5.750% (5.791% APR) 30 Year FHA and VA: 6.500% (6.687% APR) 30 Year Rural Housing: 6.500% (6.687% APR) 3/1 ARM Lot Loan: 6.875% (7.034% APR) 1/1 ARM Lot Loan: 6.725% (6.882% APR)
Illinois and Wisconsin Mortgage Rates as of 11/18/2008 9:29 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.000% (6.062% APR) 15 Year Fixed: 5.750% (5.854% APR) 30 Year Fixed Jumbo 7.500% (7.524% APR) 5/1 Jumbo ARM: 6.350% (6.373% APR) 5/1 ARM: 6.125% (6.188% APR) 3/1 ARM: 5.750% (5.791% APR) 30 Year FHA and VA: 6.500% (6.687% APR) 30 Year Rural Housing: 6.500% (6.687% APR) 3/1 ARM Lot Loan: 6.875% (7.034% APR) 1/1 ARM Lot Loan: 6.725% (6.882% APR)
2009 FHA Loans Limits for Wisconsin and Illinois
Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost areas. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008.
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. FHA will implement risk-based premiums on one- to four-unit single family mortgages.
Illinois First Time Home Buyer Mortgage Wisconsin First Time Home Buyer Loans
We pride ourselves on being able to assist the first time home buyer in learning and understanding the process. We take the time to review the credit process and explain the various lender programs available.
Illinois FHA Mortgage Wisconsin FHA Mortgage (Federal Housing Administration)
Ameristar Mortgage offers Illinois and Wisconsin FHA mortgage loans to Wisconsin and Illinois residents: Purchase a home thru FHA with no money down (100% financing). Cash our refinance with an FHA mortgage to 95%. Ameristar Mortgage is an approved mortgage broker for FHA loans in Wisconsin and Illinois including Chicago, Milwaukee and Madison.

Purchasing a home can be like riding a roller coaster. You are making decisions after decisions. Purchasing a new construction home is a lifetime experience so take your time to make sure everything is in order before signing a contract.

•Make sure to get a home inspection. People who purchase new construction homes often decide against a home inspection. Most new homes have warranties covering any problems imaginable but a home inspection can detect any problems that might occur later down the road when the warrantee expires. A licensed inspector will thoroughly check everything in your home to provide you with confidence that the builders did their job properly. Inspections range around $500 and are well worth the money.

Follow these simple guidelines and purchasing your new construction home will be a wonderful experience. You have the opportunity to choose everything that you want in your home and customize it to your needs and desires so take the opportunity to get educated, do your research and make good decisions.

Article courtesey of Scott James Hubbard - A Tucson, Arizona REALTOR® Tucson New Construction>