Our Guide to Financing | French Brothers
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Before you make any large purchase, your first step in the home-buying process is to learn what you can afford and what you are comfortable spending. Just like the steps involved in building a new home, the process of financing and getting a mortgage for that home involves a different set of steps.

For buying Alamogordo, NM homes, French Brothers wants to ensure that this is a simple effort. Here is a brief 5 Step Guide for Home Mortgage Financing:

  • Organize your financial situation. Now is the time to organize your finances and understand your income and debt obligations. Take time to view your income, look up your recent tax return, and review credit cards and all outstanding balances or loans.
  • Understand your DTI. Be sure to take a deep dive into your financial situation in step 1, review your credit score, and assess the debt-to-income ratio next. Your debt-to-income or DTI ratio is used by lenders to determine your borrowing risk. To determine a DTI, divide your monthly total of debt payments by your gross monthly income. The lower the DTI ratio, the better the balance of debt to income. Most lenders favor a DTI ratio of around 36%, meaning that 36% of your monthly gross income goes to payments of your debts each month.

Under our mortgage calculator to determine a monthly payment.

  • Get pre-qualified. Find a mortgage lender by asking friends or your sales agent at French Brothers. They have a list of quality, preferred lenders who can make your buying process run smooth. By speaking to a mortgage lender, they can help you determine how much house you can really afford and get pre-approved for a mortgage.
  • Apply for a loan. Take time to work with your lender and understand the interest rates and loan locks. Secure a loan and lock in an interest rate while your home is still under construction and once French brothers gives you the 30 days to close. This is also a great time to review all documentation needed to complete your home closing. This review will provide you with a complete, detailed explanation of mortgage interest rates and closing costs.
  • Getting to closing. Until the day of closing, work with your lender to provide the necessary documentation and answers to questions. Ask questions and understand the process. On the day of closing at the meeting, you will officially provide the lender with funds to pay for the loan and sign all necessary paperwork. Nothing will be new in the paperwork during the meeting as you will have reviewed this information prior to the closing. You will then receive ownership of the house and enjoy your Alamogordo, NM home.

It’s easy to build and get financing for a new Alamogordo, NM home in the communities of Mesa Village, Quail Hollow, Valencia, and Las Lomas. Alamogordo is home to Holloman Air Force Base, and thrives with outdoor recreation, history and natural beauty.

Join our VIP list and be the first to know when home sites become available. Call 800-691-4375 or click here today and see how easy it is to Live Your Dream in a brand-new French Brothers home.

Request information online about French Brothers Homes and receive a $1000 Design Center Credit!* *First point of contact must be the French Brothers’ website not a sales agent in a French Brothers’ model home or independent real estate agent.

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