Purchasing Your Home

You will use several standard forms when you buy your new home. These include the purchase agreement and several addenda. The purchase agreement becomes binding only when all parties have signed all forms and attachments. If you are new to the United States, Classic Homes welcomes you and understands that you may be unfamiliar with our business procedures and traditions. We will gladly discuss any questions you may have about us and the business practices we will be following.

After signing the purchase agreement, the next step is selecting a lender and completing a mortgage application — ideally within seven business days. The two are tightly linked: your purchase agreement informs every part of your loan application.

What's in this guide

This guide is organized into two parts:

• Purchase Agreement — the legal document that records your decision to buy and our commitment to build, plus the addenda that accompany it and the meeting where it all comes together.
• Arranging Your Loan — selecting a lender, preparing your documentation, navigating underwriting, and what to avoid between approval and closing.

Key terms

Purchase Agreement — the legal agreement that documents your decision to buy a home and our commitment to build it for you; typically includes the contract and several addenda.

Addenda — in addition to the purchase agreement, each community has specific disclosures, such as metro district disclosures.

Purchase Agreement Meeting Details — for each routine meeting, we provide a table summarizing practical matters such as purpose, location, duration, and preparation hints.

Preparation — a list of the documents and information typically needed to complete a mortgage application.

Loan Application Paperwork — an overview of the forms involved in processing your application.

Loan Underwriting — key points to be aware of regarding the loan approval process; take special note of contingencies that may apply.

Loan Lock — lock your loan only after Classic Homes has provided you with a written delivery date confirmation.

Loan Closing — avoid changes to your financial circumstances to protect your loan approval.

Down Payment Worksheet — to assist you in determining the amount you have available for your down payment.

Monthly Payment Worksheet — to assist you in estimating the monthly payment amount for your new home mortgage.