Financing in Tampa>Question Details

Jessica, Home Buyer in 33579

This is a question about Lennar homes..

Asked by Jessica, 33579 Thu May 30, 2013

SO I just want toi know if Lennar homes is a good builder? And also want to know if the own lending is good as well? Is it better to go with the lennar homes in house lender or just apply to any bank out there and get a loan that way? Which is better?

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You can go through the builder however I do know that if you go with an outside lender you can negotiate upgrades etc. The builder may be held to strict financing guidelines where as a lender like myself may have more lenient guidelines. So dependent upon your credit situation you may want to go with an outside source of financing. I f you need any assistance with obtaining financing please feel free to reach ou to me.

Stephanie Adams
Senior Loan Officer NMLS # 1001484
1511 N. Westshore Blvd. Suite 260
Tampa, FL 33607
Direct (813) 377-2226 Fax (813) 377-4071
Mobile (678) 296-2488
0 votes Thank Flag Link Mon Aug 10, 2015
I just bought a Lennar home in Las Vegas and was told that they will pay all of the closing costs if i went with their preferred lender so i did. I am financing their down payment and gave me back my down payment which I am financing as well. I just closed last month and was not explained this at all. I had a friend go over the HUD1 with me and she showed me the closing costs that Lennar was supposed to cover and I am paying for it. Over 12K plus my deposits I put down I am paying for. I have called 5 different numbers and can't get a hold of anyone. I am not even sure that there is anything I could do about it. All i know is that i purchased a $286K home and I am paying $300K for it. Nothing was covered.
0 votes Thank Flag Link Wed Aug 5, 2015
Did you have your own agent or did you just go through the builder? If you had your own agent, I would go to them with all the documents that you signed from the builder and the lender and have them help you go over everything if not then go to the lenders office. Typically builders will give buyers a flat amount (such as $10k) for the incentive which is large enough to cover the average buyer's cc but if you had any special considerations such as buying down the interest rate or needed to purchase mortgage insurance (because you used an FHA loan, which is what I believe to be the case here) then you may have needed extra funds to cover those costs. It would have been very unusual for them not to have capped the cc credit. The original contract should state the amount of credit that you were to receive as well as any other incentives that the builder was giving you. Good luck.
Flag Wed Aug 5, 2015
To the best of my knowledge, Lennar is a good builder. To assure yourself of any builders' qualifications you can check reviews online as well as the Better Business Bureau.
As far as lenders are concerned, it is best do your homework first and only have a couple pull your credit because each time your credit is pulled it lowers your credit score. Often a builder will pay closing costs if you use one of their preferred lenders. This can save you thousands of dollars up front. It is best to understand their terms, such as, interest rate, fixed vs. adjustable and if they charge points at the closing table.
It has been my experience that banks take longer to close than mortgage brokers.
In the end, the best deal is the one that, when all is said and done, costs you the least amount of money.
I hope this is helpful.
0 votes Thank Flag Link Thu Jan 22, 2015
Lennar is a track home, you can go with a custom home builder versus track builder for same price. Low grade materials...They build "me too" homes. I have that home, yeah, "me too". We built with Southern and Traditional Homes. Gorgeous home.
0 votes Thank Flag Link Mon Jun 3, 2013
Jessica,

Lennar is a homebuilder that started in Florida in the mid 50s. The company has grown over the years and now builds homes across the nation.

A new home is an exciting venture. It can be advantegous to purchase a home with a new roof, air conditioner and built to current building codes.

When you select a new home, there are two different lending routes that can be taken. 1.) you apply for a construction to permanent loan. This requires that you carry the construction costs and then at Certificate of Occupancy (CO) you convert the construction loan (interest only) to a permanent fixed loan. 2.) You provide a pre approval letter or get pre approved by the builder's lender and at Certificate of Occupancy you go through the underwriting process and close on your new home with an "end" loan. Which is your typical FHA or Conventional loan.

When the project is in control of the developer, and the developer then you want to ask if the project is Fannie Mae qualified. This means that you can secure loan; FHA or Conventional from your lender. If not, then ask your lender if they can close a property that is not Fannie Mae qualified. The answer will provide you with your direction.

Good luck with your new home purchase.

Lynn Brock
Brock Realty Inc.
email@brockrealty-inc.com
941.313.1234
http://www.brockrealty-inc.com
0 votes Thank Flag Link Fri May 31, 2013
Hello Jessica,

Yes, Lennar is a great builder. You have to view one of their "Cut Out Homes" that shows you how the home is constructed. It is very cool to see inside the walls of a constructed home.They build some of the most energy efficient homes.

There are many benefits of using Lennar's in house lender. The most important one is Lennar will usually pay a large portion of the buyer's closing costs. Ask your Realtor for the builder's current buyer incentive list. Having an in house lender make the loan process much faster and easier. Everyone associated with the transaction is usually on the same page and can resolve issues quicker.

Before you make a final decision make sure to visit other builder's model homes. You will be surprised how much you might like another builder. Many of my clients will change their mind two or three times before they pick a home.

Please feel free to call or email me with any questions.

Andrew Schmitt
Yellowfin Realty
Sales Associate / Property Manager
Cell: 813-857-1543
andrew.yellowfinrealty@gmail.com
http://www.andysellstampabay.com
0 votes Thank Flag Link Fri May 31, 2013
Jessica, call me at 813-458-2324 to get all your questions answered.

Thanks,
Jim Myers
813-458-2324
Jimmyers@luxurylivingintampa.com
0 votes Thank Flag Link Fri May 31, 2013
Lennar is an excellent quality builder, and their in house lender works fast and easy. Of course is always a good idea to shop for a loan and compare Good Faith Estimates. Keep in mind Lennar will give good financial incentives to use their lender, frequently cover all closing cost and there is money left.

Tony Vega
Antonelli Realty
0 votes Thank Flag Link Fri May 31, 2013
Jessica:

Lennar is the number one builder in Florida - they significantly build more houses than all the other national builders located here. In regards to their financing. Since it sounds like you don't have a specific person that you know and trust, the builders lender is good and would be beneficial in a few ways. First the managers of Lennar and the managers at their lender know each other. Secondly they sales people work with them all the time and have a relationship as well. The builder also may be more apt to be lenient on you if your financing takes a little longer because it is their own than if it was someone from the outside. Hope all the information helps and good-luck on your purchase. If you need someone to guide you through the new home purchase process, I am happy to help.
0 votes Thank Flag Link Fri May 31, 2013
Good question. You definitely want to "shop" your mortgage and if you can get Lennar to agree to pay your incentive if their in-house lender is more than 1/8 percent higher than another lender with the identical "lender related" fees. Otherwise you may end up paying much more than you should on the interest rate and/or garbage lender fees.

Here is a very helpful website on how to "shop" for your mortagage:
http://www.MtgProfessor.com

Also it's a good idea to have a Realtor at your side and will not hurt your negotiation and may actually help you. The builder will pay your Realtor the typical fee so there is no cost to you.

Additionally it's crucial to understand the fees and sometimes the Builder's loyal representative may just gloss over high fees like Community Development District fees.

Another important thing is to be sure you get a multi-stage home inspection so that it will keep the Builder on their toes. It's money well spent.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Thu May 30, 2013
Actually everyone is partially correct...every situation is different. I've seen builders charge too much and other's are fair. If you aren't familiar with customary charges then it's beneficial to use a Realtor you trust that can make sure you aren't being over charged and walk you through the process. I've seen preferred lender's over charging clients and others do a great job and are fair. Each situation is different. If charges are customary you will come out ahead using the preferred lender.
0 votes Thank Flag Link Thu May 30, 2013
I disagree you should shop it around..builders charge a whole lot more.
0 votes Thank Flag Link Thu May 30, 2013
Lennar is one of the biggest builders in the country. It's beneficial to go with their in house lender because they will typically pay your closing costs. Lennar will not contribute anything to your closing costs if you use your own lender. Contact me and we can discuss your options.

Ian Walters
813-477-3504
iwalters@prutropical.com
0 votes Thank Flag Link Thu May 30, 2013
Hello Jessica, I've sold Lennar homes before and there clients have been very happy. Also, you usually will benefit by using the builders preferred lender and title company . Typically the builder will pay for a portion of your closing cost that they won't contribute to if you use an outside lender. Hope that helps.
0 votes Thank Flag Link Thu May 30, 2013
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