New Home Financing Options in Michigan, Indiana & Ohio
Buying a new home is exciting. Figuring out how to finance it should not feel like learning another language. Explore common mortgage options, estimate your monthly payment and discover financing paths that may fit your home buying goals.
common financing paths to explore, including Conventional, FHA, VA and USDA Rural Development financing.
How Does Financing a New Construction Home Work?
Allen Edwin home buyers can explore several mortgage financing options depending on eligibility, including Conventional, FHA, VA and USDA Rural Development financing.
Which Home Financing Options Should You Explore?
Answer five quick questions to identify financing options that may be worth discussing with a mortgage lender.
Where are you in your home buying journey?
Have you or your spouse served in the U.S. military?
What best describes your down payment plan?
When would you ideally like to move?
Is this your first home purchase?
Financing Options Worth Exploring
Want Help Exploring Your Financing Options?
Share your contact information and an Allen Edwin Homes team member can help you explore financing options and next steps based on what you are looking for.
What Could Your Monthly Home Payment Look Like?
Purchase price is only part of the monthly cost. Adjust the numbers below to estimate principal and interest, property taxes, homeowners insurance and mortgage insurance.
*Estimated payment is for educational purposes only and is not a loan offer, approval, rate quote or commitment to lend. Actual payments, interest rates, property taxes, homeowners insurance, fees and loan terms may vary. The 5.99% promotional rate is available on select Move In Ready homes and is subject to borrower qualification, lender requirements, program availability and applicable terms and conditions.
How Much Could a Down Payment Be?
Twenty percent is not the only down payment option. See how different percentages translate into dollars based on the home price you enter.
Zero down payment and low down payment financing is available only through certain programs and for qualified borrowers and eligible properties. Down payment is separate from other potential costs due at closing.
Can You Buy a House With a Low or No Down Payment?
Depending on the mortgage program and buyer eligibility, financing may be available with considerably less than a 20% down payment.
Conventional Loans
Conventional financing can provide multiple potential down payment structures depending on the borrower and specific loan program.
FHA Loans
FHA financing may provide a lower down payment path for qualified borrowers purchasing eligible homes. Mortgage insurance and other program requirements apply.
VA Home Loans
Eligible veterans, active duty service members and certain surviving spouses may have access to VA financing with no required down payment in many situations.
USDA Rural Development
Qualified borrowers purchasing eligible properties may have access to zero down payment financing through USDA Rural Development.
Do You Need a Construction Loan to Build an Allen Edwin Home?
No. You do not need a construction loan when you build an Allen Edwin home.
Allen Edwin Homes handles the construction process without requiring you to secure a separate construction loan. You work with a mortgage lender on the financing for your home purchase, helping make the path from choosing your home to closing easier to understand.
What Are the Steps in the Mortgage Loan Process?
Set Your Budget
Consider your potential monthly payment and upfront costs.
Talk With a Lender
Review loan programs, requirements and estimated costs.
Get Preapproved
A lender reviews financial information and a potential borrowing range.
Choose Your Home
Explore available homes, communities and floorplans.
Apply
Complete your mortgage application.
Underwriting
Your lender completes applicable borrower and property reviews.
Final Approval
Complete remaining requirements and review loan information.
Closing
Complete the home purchase and prepare for your new home.
Why Consider an Allen Edwin Preferred Lender?
Financing a new home involves more than finding an interest rate. Allen Edwin Homes' Preferred Lenders are familiar with our building and closing process, which can help create a more coordinated, straightforward experience from financing through closing.
| Things to Consider | Preferred Lender | Other Lender |
|---|---|---|
| Delayed Closing Fees |
✓
No delayed fees
|
May apply |
| Application Fees |
✓
$0
|
May apply |
| Coordination With AEH Closing Team |
✓
Direct coordination with Allen Edwin Homes
|
Homeowner may need to coordinate |
| Keys Received at Closing |
✓
Yes
|
Funding timing may affect key delivery |
| Familiarity With the AEH Process |
✓
In depth knowledge of our building and closing process
|
Varies by lender |
| Overall Customer Satisfaction* |
✓
90%+
|
Varies |
*Based on GuildQuality customer surveys.
Allen Edwin Homes is not compensated by Preferred Lenders.
Mortgage Terms Without the Mortgage Speak
Choose a term to see what it means, why it matters and what you may want to ask your lender.
PMI
PMI stands for private mortgage insurance. It may be required with certain Conventional mortgages depending on the down payment and loan structure.
Frequently Asked Questions About Financing a New Home
Ready to See What Is Available?
Explore Move In Ready homes, homes under construction, communities and floorplans throughout Michigan, Indiana and Ohio.
Financing Information & Sources
Allen Edwin Homes is a home builder, not a mortgage lender. Financing information and interactive tools on this page are provided for educational purposes only and are not a loan offer, approval, rate quote or commitment to lend. Loan programs, eligibility requirements, down payment requirements, mortgage insurance, rates, fees and terms vary by lender, borrower qualifications and property eligibility. Buyers should consult a qualified mortgage lender for current program requirements and financing options.
Information on FHA, VA and USDA Rural Development financing is based on publicly available guidance from the U.S. Department of Housing and Urban Development, U.S. Department of Veterans Affairs and U.S. Department of Agriculture Rural Development. General mortgage and Conventional loan information is also informed by consumer guidance from the Consumer Financial Protection Bureau. Interactive tool results are estimates only and do not determine loan eligibility or approval.