10 Steps to Buying a Home at Cony Village

  1. Contact Cony Village
    Join the mailing list and stay updated with news and special events. Housing counselors are also available to answer any questions you have along the way. Contact Amy MacDonald of Sprague and Curtis Real Estate at 207-485-4789 for more information.

  2. Education
    Attend a Home Buyer Education Class. This class is a smart investment for anyone considering buying a home and it's now required by many financial institutions before you can secure mortgage financing. The class will get you thinking about the pros and cons of homeownership and help you to evaluate your needs by looking at your current income, debts and ratios. Visit www.mainehomeworks.org for a statewide schedule of classes.

  3. Create a Budget & Include Savings
    If you are not using a budget already, now is the time to start! As a homeowner it is important to know what your expenses will be and budget for savings for the unexpected. Think of it as "Managing Your Wealth & Assets". Buying a home at Cony Village may cost you as little as $500.00 - $1,500.00 for out of pocket expenses, about the same as rent & deposit, but, as a homeowner, it is also important to have a little nest egg.

  4. Review Credit Report
    Lenders would like to see no late payments made in the last 24 months. If you don't have data on your credit report due to not having borrowed from a financial institution, you may still qualify for a mortgage if you have paid utilities, rent, etc. over a period of time with no late payments. A Homeownership Counselor can help you to obtain and understand your credit report, call 377-2223 to schedule an appointment.

  5. Get Pre-Approved or Pre-Qualified
    Make an appointment with your lender and ask what you should bring. Your lender should be able to tell you how much you will be able to borrow and discuss the most affordable options for you. Also, contact any organization that may provide assistance money to help you buy a home.

  6. Design Your Home
    You'll work with the folks at Cony Village to choose the best floor plan for your household. They will get the professional estimates needed to determine the costs so you'll get the best value for your money. You'll also choose interior and exterior colors, cabinet styles, flooring and metal finishes.

  7. Sign a Purchase & Sales Agreement
    Once a style has been selected and the building details are worked out, you will enter into an agreement with Cony Village to have your home built for an agreed price and time line.

  8. Apply for Your Loan
    Make another appointment with your lender and ask what you'll need to bring. If your lender asks for additional information, provide it as promptly as possible, failing to do so could put your financing at risk.

  9. Shop for Homeowners Insurance
    About one week before closing, you will need to show your lender proof that you have purchased your first year of Homeowners Hazard Insurance.

  10. Closing/Settlement
    Your lender will schedule the closing date and time with an attorney or title agent and should keep you informed. This is when all the papers will be signed and ownership will be transferred to you. You will be offered Title Insurance and, if desired, you should be prepared to purchase it that day. Your closing agent, attorney or housing counselor can tell you about the cost and benefits.