Zia Homes Will Make the Buying Process as Easy as Possible

Homeownership is the quintessential American dream. Being a homeowner is a lifetime achievement that so many of us strive to achieve. Visions of a kitchen where you’ll host family dinners, a backyard where you’ll throw your son or daughter’s first birthday party, and a living room where you and your spouse can spend evenings winding down after work. When you first begin searching for a home, it’s easy to get bogged down by the realities of the process. From finding a good realtor to falling in love with a floor plan, selecting the perfect location, working with the bank to get approved for a loan, to signing a contract — it can all feel so daunting. Rest assure because Zia Homes is here to make the process as transparent as possible.

Step 1: Exploring Your Loan Options

Home financing is generally done in one of three ways. We suggest exploring the following loan options:

• VA Loans: VA loans are designed for military families and veterans. This zero down loan option is a principal and interest only loan that makes it easier for military families to buy a home since they generally require no more than a funding fee, which your loan originator will be able to explain in greater detail.
• FHA Loans: An FHA loan is designed for first-time buyers who are looking to have a lower down payment. Typically these loans ask for a 3.5% down payment. Although they may carry a higher mortgage, these loans do not ask for a funding fee like VA loans do.
• Conventional Loans: Conventional loans are intended for individuals with higher credit. Your down payment can range anywhere from 3% to 20% and your mortgage insurance will typically be more affordable than that of an FHA loan. Also, there is no funding fee like with the VA loan.

Step 2: Get Pre-Approved and Pre-Qualified

Now that you have an idea as to what type of home loans are available,  it’s to meet with a home loan lender. The lender will want to gather information regarding your finances — everything from your salary, personal debts, and other expenses. The lender will let you know how much you’re able to afford. Another option is to get a pre-approval, in which you run a credit check along with your plans for a down payment. If you’re a first-time homebuyer, the lender will also want to know about your personal debt. Based on those factors, you’ll be provided with a pre-approved amount.

Step 3: Deciding on a Location

As the saying goes, location is everything. If you’re new to El Paso, we recommend that you take a look at our Communities page where we break down the amazing benefits of living on the east and west side of El Paso, respectively. While there are benefits to both areas, ultimately, it will come down your preference. We recommend taking a tour of our model homes and spending time in the neighborhood.

Step 4: Custom vs. Move-in Ready

Your next decision is a big one. Are you looking for a move-in ready home or do you wish to have your home built from the ground up? There is no right or wrong answer but there are factors to consider with both decisions. To help make your decision easier, consider the following:

Time. Time is perhaps the biggest factor when deciding to build or buy. It takes anywhere from four to six months for a new home to be built. If you need to move into a home sooner than that, then you will want to go with a move-in ready home. The process of buying a move-in ready home is roughly 30 to 45 days.
Location. Right next to time, if not more important than time, is location. Once you’ve found an area or neighborhood where you wish to live, that will help determine your options for building or buying a move-in ready home.
Customization. If you decide to build, the greatest benefit is customization. You’ll have a say in everything from location, floor plan, and all of the home’s features inside and out. One important factor to consider is your budget. If you find a pre-built home with all of your desires, that could be the way to go.

Step 5: Permits and Inspections

Prior to building your home, we will obtain the necessary building permits to begin construction. Whether you had your home custom built or fell in love with one of our available homes, prior to move-in day, we’ll ensure the home meets critical state requirements. This involves a thorough walk-through of the home to look for any potential maintenance or repairs. A third-party private inspection will be performed by an independently licensed inspector and a copy of the final inspection will be available upon request. Once your home passes the inspection and all necessary changes have been completed, we will be able to hand you the keys to your new home!

There are numerous custom home builders in the El Paso area, which is why it’s important to know what to look for when going down this route. You want a custom home builder who, most importantly, sees your vision and has the capacity to bring it to life.

As you explore home builders, consider doing the following:

• Learn about their previous work and see if it matches your vision.
• Look for a builder who is open to your ideas, no matter how different or unique they may be so long as they are technically possible.
• Choose a builder who offers you a competitive contract that is within your budget.
• Take time to explore the builder’s references. There is nothing wrong with wanting testimonies or client reviews.

Find out if they offer a comprehensive warranty? Your home’s warranty is important. Make sure it protects you where it matters most such as any potential foundation issues or roof damage.
Learn early on if you like the way they communicate. Since you’ll be working with your custom home builder for months to come, you need to feel comfortable. Also, make sure that communication is not a one-way street.