Our Most Frequently Asked Questions

How do I apply for a mortgage loan?
What if I don't have a "perfect" credit history?
Do I need a large down payment to purchase a home?
What types of financing does your lender offer?
How do I begin my community search?
What do I do once I've decided to purchase a Main Street Home?
How long will the building process take?
Do I get a tax advantage from having a mortgage?
What are rates, terms, and APR?
How do I know what my loan rate will be?
What are points and how many do I have to pay?
How do I qualify for a loan?

How do I apply for a mortgage loan?

The first step in the process of applying for a home loan is a simple one. Just click on the SECURE online loan application form. These few short questions will help us get a "snapshot" of your credit history and current credit score. Just fill in the form, click the submit button, and the process will be started. It's fast, easy, and private. We will respond to you within 3 days with our review of your current ability to buy a new home.

What if I don't have a "perfect" credit history?

Our Loan Consultants can review your credit history and counsel you in areas of concern. Many prospective homebuyers believe they have a negative credit history only to find out that their "past" credit problems are no problem at all! Let our trained sales team show you how easy qualifying can be! Best of all, your confidential credit analysis is FREE!!!

Do I need a large down payment to purchase a home?

No. We have many programs that require little or NO down payment. We specialize in understanding the needs of first-time home buyers.

What types of financing does your lender offer?

Prime Lending Company, our designated lender, offers FHA, VA, TX VET, Conventional, and USDA financing programs to suit your special needs. Our trained personnel can help you determine which type of financing is best for you.

How do I begin my community search?

You can start with our community map at mainstreethomes.com. When you find the area that’s best for you, contact the sales team at the phone number provided or simply send an e-mail request for information. We are ready to help you, 7 days a week!

What do I do once I've decided to purchase a Main Street Home?

Your sales counselor will help you identify your floor plan and home site, choose optional features, and select color schemes to personalize your dream home! A purchase agreement is executed and you’re off to see the lender!

How long will the building process take?

Your sales counselor can provide you with completion estimates based on the stage of construction, weather conditions, and other factors that determine your overall time frame.

Do I get a tax advantage from having a mortgage?

You should consult a tax attorney or accountant for specific details, but interest on a mortgage is usually tax deductible. Interest on credit cards or automobile loans is not normally tax deductible.

What are rates, terms, and APR?

All mortgages have an interest rate, a term, and an Annual Percentage Rate (APR). For example, a mortgage might be defined as a 30-Year Fixed Rate Loan at 7.625%, with an APR of 7.800%.
In this example, the mortgage term is 30 years. As the borrower, you will pay back the loan in installments over the course of 30 years.
The interest rate in this example is 7.625%. This means you must pay interest on the money you've borrowed at a rate of 7.625% per year. That is, in addition to paying back the loan, you will pay your lender an additional 7.625% of the current loan balance every year. This interest is basically the fee your lender charges you in return for lending you the money.
The Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a yearly rate. Because APR includes points and other costs such as origination fees, it's usually higher than the advertised rate. The APR allows you to compare different mortgages based on actual annual costs.

How do I know what my loan rate will be?

Rates vary primarily based on the type and purpose of the loan, your credit history and income, loan amount, value of the property, and the number of points you are willing to pay.

What are points and how many do I have to pay?

Generally speaking, points are fees added on to loans. One point is equal to 1% of your loan amount. Points are paid when the loan closes, not at the time you apply for the loan.

How do I qualify for a loan?

Lenders use specific criteria to determine if you qualify for a loan, and the amount you can qualify for.

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