New construction heaven

Now's the time to shop if you're thinking about buying new construction. Many lenders are now offering special mortgage rates and money toward closing costs for buyers who purchase a home whose construction loan the bank holds. The lenders are willing to offer these favorable terms in order to get bad debt off the books. Essentially, they're paying buyers (in the form of closing costs) to buy a house with an already low price (due to market forces) and to finance it with a low-rate mortgage.

We currently receive lists of houses eligible for special programs from lenders weekly. Current offered rates are as low as 3.875% with up to $20k of closing costs paid by the lender.