Thinking of buying a 3D-printed house? Since 3D homes are still fairly new in comparison to traditionally built homes, it makes sense that you would have questions about how to finance a 3D-printed home. Trust me, it isn’t nearly as complicated as you might think.
Can you get a mortgage on a 3D-printed house?
With PrimeLending by your side, financing a 3D-printed house is exactly the same process as buying a traditional home. Whether you want to buy or build your 3D home, having more options always helps you reach your short- or long-term homebuying goals. That’s why choosing a lender who can not only offer you a wide range of mortgage options, but also help you evaluate which option makes the most sense for your situation is key.
At PrimeLending, we offer more than 400 mortgage programs. Popular mortgage options you may choose to finance your 3D-printed home include:
- Fixed-rate mortgage – Offered for 15- and 30-year terms, the interest rate on a fixed-rate mortgage will not change over the life of your loan. This can mean more predictable monthly payments and your rate will not increase if market rates go up.
- Adjustable-rate mortgage (ARM) – With a lower starting rate and lower starting monthly payment, an ARM could help customers afford more home space from the get-go. But, keep in mind, the interest rate will adjust according to the market and can increase or decrease as the market interest rate shifts.
- Jumbo loan – If the 3D-printed home you want is higher priced, or you live in a high-cost market, a jumbo loan can help you finance a home that exceeds the standard conventional loan limit in your area. These are often referred to as “non-conforming” loans because they do not conform to the guidelines set forth by Fannie Mae and Freddie Mac.
- Low and no down payment options – If you don’t have as much saved for a down payment as you would like, don’t stress. Government-backed loans can help you afford a home with little to no down payment. VA and USDA loans offer 0% down* while an FHA mortgage allows borrowers to put as low as 3.5% down.
How do I buy a 3D-printed house?
When it comes to 3D homes, you can either buy one that has already been constructed and is available on the market, or you can build your own 3D-printed house with the help of a 3D home builder. Either way, you will go through the same mortgage process as you would purchasing any other home.
When you apply, you will need to provide documentation to your lender, such as:
- Two most recent years’ tax returns/W2s
- Two most recent pay stubs (within the last 30 days)
- Other income records (e.g. Social Security, disability, pension, distribution income, child support, alimony)
- Two months’ bank statements (All Accounts)
- Driver’s license copy
- Homeowner’s insurance information
- Homeowners’ association dues or fees statement
If you are a self-employed homebuyer, your lender may ask for additional documentation to establish your income. For example, since you may not have a W2, you will need to prepare a 1099, also known as a contractor/self-employed/freelancer income form.
Why should I get approved1 for a 3D-printed home mortgage?
As with buying any home, the sooner you know how much home you can afford, the better. Lenders that offer a digital mortgage application process (like PrimeLending) make it easy for you to start your home loan application from anywhere. And, if you get approved for a loan before you start house hunting, you will have more negotiating power.
PrimeLending’s bilingual, digital mortgage application2 streamlines your home financing process to make completing your mortgage application as simple and safe as possible. The online application allows you to safely upload any necessary documents, securely connect to your financial accounts, and easily use your cell phone to snap a picture of important documents.
Benefits of getting approved for a mortgage before you look for a home include:
- Know what you can afford. Once you are approved for a mortgage, you will know exactly how much home you can afford. Now, you can set an accurate price range and hone in on the homes that you know will work with your homebuying budget.
- Put in a quicker offer. Few things feel worse than losing out on the home of your dreams because someone got in their offer first. By getting approved before you start your search, you can make an offer the same day you find the perfect home for you.
- Show 3D home builders you’re a serious buyer. Your approval letter will show them that you are serious about buying and that you can secure a mortgage. Your offer, when backed by an approval letter, could be just as enticing as a cash buyer.
Buying your 3D-printed home is a journey, and it’s always better to have someone along for the ride. Consider your local PrimeLending loan officer your co-pilot for all things mortgage related. Whether you have questions about the application process, have been told “no” by other lenders, or want to know what your mortgage options are to buy a 3D home, they can help. Connect with a local loan expert today to get started.
*Down payment waiver is based on VA eligibility.
1All loans subject to final credit approval and acceptable property. Conditions and restrictions may apply.
2Please note, the mortgage process including negotiations will take place in English on documents printed in English aside from foreign language disclaimers required by law. If you have difficulty understanding English or reading English, you are advised to bring your own interpreter over the age of 18. PrimeLending will NOT provide an interpreter for your use.
