Question 1

I’m interested in purchasing a Tri Pointe home.  Do I need to submit a pre-qualification application if I plan to pay with cash?

Accepted Answer

Yes, you will need to submit an online pre-qualification application with Tri Pointe Connect and provide verification of funds to Tri Pointe Connect in order to receive a positive pre-qualification letter and be eligible to purchase a Tri Pointe home at an upcoming homesite release.

Question 2

I’m interested in purchasing a Tri Pointe home.  Do I need to submit a pre-qualification application if I have already pre-qualified with Tri Pointe Connect for another Tri Pointe neighborhood?

Accepted Answer

Yes, you will need to submit a new pre-qualification application with Tri Pointe Connect for each individual neighborhood. However, if you’ve received a prequalification letter from Tri Pointe Connect®, that included a credit authorization within the last 90 days, your credit report will not be pulled again. Your credit report will need to be pulled again if over 90 days old, or closer to when you’ll be purchasing your new home.

Question 3

What are the benefits of pre-qualifying for a mortgage?

Accepted Answer

Pre-qualification helps determine your budget and shows the home builder that you're a serious buyer. It's a crucial first step in the home-buying process.

Question 4

What mortgage options are available?

Accepted Answer

Various mortgage options include FHA, VA, USDA, Conventional, and Jumbo loans, each with unique benefits and requirements.

Question 5

What information do I need to provide when applying for a mortgage?

Accepted Answer

Required documentation includes paystubs, W2s, tax returns (if self-employed), and asset statements. Having these ready expedites the application process.

Question 6

How much down payment do I need?

Accepted Answer

Down payment requirements vary by loan type. Conventional loans can be as low as 3%, while FHA and VA offer low or no down payment options.

Question 7

When will Tri Pointe Connect be running a credit check?

Accepted Answer

To be eligible to purchase a Tri Pointe home, you must receive a positive pre-qualification letter from Tri Pointe Connect before the date that the home or homesite is made available for sale. A credit check will be run in order to provide you with a pre-qualification letter - unless you are paying cash for your new home or have already recently received a pre-qualification letter from Tri Pointe Connect for another neighborhood.

Question 8

What is the minimum credit score needed to qualify for a mortgage?

Accepted Answer

Requirements vary by loan program and your overall credit profile.  There are loan programs, like FHA and VA, with more flexible guidelines for borrowers with lower credit scores.

Question 9

How long does it take to find out if I am pre-qualified?

Accepted Answer

Typically, a few business days, but it can vary based on application complexity. Having documentation ready helps speed up the process.

Question 10

Can I buy a home with bad credit and a limited down payment?

Accepted Answer

There are loan programs, like FHA and VA, with more flexible guidelines for borrowers with lower credit scores and limited down payments.

1. Get Pre-Qualified

2. Meet Your New Home Advisor

3. Find Your Dream Home

4. Finalize Your Mortgage Plan

5. Loan Approval Notification

6. Final Loan Documents

7. Closing on Your New Home

8. Prepare for Closing Day

9. Loan Funding

10. Congratulations!