New Homes Buying Guide Lines

Getting Started

Owning your own home is the American Dream. The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own Crown Communities home!

The first step is to determine how much you can afford. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the current interest rate. Most homebuyers purchase homes that cost between 1.5 to 2.5 times their annual income. Of course, this figure can vary due to market prices in your area. In general, your mortgage payment cannot exceed approximately 28-29% of your gross monthly income. Your total debt payments (car payments, credit card payments, etc., plus the monthly mortgage amount) can't exceed approximately 36-40% of your gross monthly income. These ratios will depend on the type of mortgage you apply for.

Selecting a lender is one of the most important steps you will take in your home buying process. Using a “preferred” lender can save thousands of dollars and assure a smooth loan process.

We currently have three preferred lenders that we work with to help you finance your new home. Our preferred lenders have special programs that include, but may not be limited to, paid closing cost packages.

To learn more about our lenders and their packages please click on the images below.

Preferred Lenders

 

	America Home Key Buying a new home is just the first step in building long-term financial security. This is why, in addition to home loans, AmericaHomeKey, Inc. conducts your symphony with an expanding range of products and services, aiding you in financial planning, investments, insurance, checking and savings accounts, and much more. While conducting your American Dream, we continue to provide you with the most prestigious levels of convenience and value—a relationship customized to suit your individual needs. Contact Kathleen Westbrook with America Home Key at 678.360.8802, for assistance in your journey down the road to your new home!
	Wells Fargo Working with us is easy! Online, over the phone, or in person, our mortgage experts work closely with Crown Communities homebuyers to help them secure the home financing they need with hundreds of programs one of them is sure to be the perfect fit! Contact Kevin Anderson today!
	Bank of America When you're looking for a home, it helps to know your financing options.  No matter what type of mortgage you choose, we want to make it as simple as possible for you.  We've streamlined our process so there's less paperwork required from you.  To learn more about Bank of America's commitment and ongoing services please call us today.  Contact Barry Stanely at 678-487-1315.
	Colonial Bank Colonial Bank is very proud to have had a successful partnership with Crown Communities.  Together, we offer the homebuyer excellent service, quality workmanship, & knowledge of product.  Colonial Bank has any and all loan programs that you may require as a home buyer. Our mortgage professionals will take you by the hand and walk with you through this exciting time of home ownership.  Our goal is to provide you with a pleasant and confident lending experience and we are certain you won’t be disappointed. Contact Shannon Lukas at 770.598.4770 or LaSheld Crowder at 678.575.3036 today!
	HomeSouth Mortgage HomeSouth Mortgage knows buying a new home can be a source of anxiety, frustration -- and a huge sense of accomplishment.  You didn't pick the house that was best for someone else; you picked the one that's right for you!  Trust our professionals to find the mortgage loan that best fits your needs, too.  "Less paperworik and more personal attention" means you enter a frustration-free zone from application to decision.  Getting the right mortgage loan is like getting the keys to your new house!  We can help you get there.  Contact David Jacobs at 404-906-4979 today!

Mortgage Application Check List

Be Prepared

When you are ready to apply for your home loan, please be prepared to provide the following information and property documentation to your loan officer:

• For Home Purchase Loans: Sales contract with original signatures along with a copy of any earnest money check paid for deposit towards the home purchase.
• Residency: If you have been renting within the last two years:
  a. Complete address
  b. Landlord information (Name, address, and phone)
• Employment: Name(s), address(es), and phone numbers of all employers for the past two years.
• Relocation: Copy of employer's relocation agreement.
• Income:
  a. Past two years W-2 or 1099 forms.
  b. Past two years tax returns for any persons who are self-employed, commissioned, or using bonus or investment income to qualify, and a year-to-date profit and loss statement.
  c. Last 30 days period of pay stubs (including bonus and/or commission pay).
• Current Liabilities:
  a. Current balance and minimum monthly payments.
  b. If recently paid off, then a copy of the payoff statement.
• Divorce or Separated Persons: Complete, signed divorce petition, recorded final decree, and/or separation agreement.
• Rental Properties: Copies of current leases and tax returns.
• VA Loans: Copy of dd214's and certificate of eligibility.

WHAT TO DO WHEN YOU CAN’T FIND REQUIRED EXHIBITS:

LOST BANK STATEMENTS

• Request a verification letter from your bank on their letterhead, signed by a Bank Official. The verification letter should verify all name(s) on the account, account number, date the account was opened, current balance and a two (2) month average balance.

LOST W-2’S

• Your employer is required to keep copies of W-2 forms for seven (7) consecutive years. Request duplicate copies from your employer.

LOST HUD-1 CLOSING SETTLEMENT STATEMENT FROM SALE OF PREVIOUS REAL ESTATE

• Request a copy of the closing statement from the closing agent (Attorney and/or Title Company) that closed the previous sale.

LOST PAY STUBS  

• Request from your employer a duplicate copy of your paystubs or a payroll printout for the most current 30 days. If your employer does not issue paystubs, obtain a copy of the payroll ledger and cancelled checks for the most current 30 days. In the case of employee bonuses, overtime or commissions, obtain a signed letter from your employer on company letterhead. This letter should verify the actual amount of commissions, overtime and/or bonuses paid to you for the most current and consecutive two-year period. 

LOST DIVORCE DECREE

• Request a copy from the Attorney that handled your divorce or obtain a copy from the County in which the paperwork was filed.

*Information provided by our Preferred Lender partner, Opteum Financial Services.

Finding your Crown Communities Home with “the perfect fit” is easy! Crown Communities has over 21 new home communities in the metro Atlanta area. One is sure to fit your needs!

… the perfect fit

Create a wish list of what you want in your home. Keep it with you as you look at our Communities and note which homes fit your needs!

• Number of bedrooms and bathrooms
• Master bedroom location
• Square feet and size of home
• Fireplace
• Garage
• Closets and storage
• Laundry room location
• Two story home or ranch

Call a Crown Realty associate at 678.509.0555 for assistance in your home purchase.

 

Mortgage Calculator

Calculate your estimated mortgage payments with this simple mortgage calculator.

Enter Loan Information Length of Loan (Yrs): Loan Amount: Annual Tax: Annual Insurance: Interest Rate:    See Your Estimated Mortgage! Monthly Prin + Int Monthly Tax : Monthly Ins :   Total Payment :