There’s something so satisfying about buying a newly built house that no one else has ever called home. New homes offer a lot of benefits over existing construction like efficiency, less maintenance and upkeep, and maybe even some cool smart technology built in. These could be contributing factors for the uptick in new home purchases.
According to the Mortgage Bankers Association’s Builder Application Survey data for April 2021, mortgage applications for new home purchases increased 30.8 percent compared from a year ago. Compared to March 2021, applications decreased by 9 percent. This change does not include any adjustment for typical seasonal patterns.
The survey breaks down the loan type, with 72.9 percent conventional loan applications, 15.8 percent FHA loans, 1.0 percent RHS/USDA loans, and 10.3 percent VA loans.
If buying a newly built home is in your near future, First United Bank Mortgage offers a loan program for an array of scenarios – from a first-time buyer to a repeat real estate investor. From fixed-rate to adjustable. From 15 years to 30 years. From conventional to non-traditional. No matter which program you choose, you can expect a fast and easy application process.