Financing Info

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(901) 713-1070

Mortgage Finance

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Buying a new home is exciting! But, the mortgage loan process can feel like a complicated and overwhelming process. That's why Grant & Co. recommends some of the top mortgage lending companies in the country who understand the new construction lending process and will help you get the loan that is best suited to your needs. We are here to answer your questions — and our recommended lenders will guide you every step of the way, from pre-approval to finding the mortgage that's right for you. If you have other questions or concerns, feel free to chat with Kristy by calling or texting 901-713-1070.

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FHA Loan

An FHA Loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. FICA loans have historically allowed  Americans to borrow money for the purchase of a home that they would not otherwise have been able to afford.

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VA Loan

A VA Loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs. The VA loan allows veterans 100% financing without private mortgage insurance.

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USDA Rural Housing Loan

Single Family Housing Guaranteed Loan Program or Section 302 loans are primarily used to help households purchase homes in rural areas. The USDA loan allows for 100% financing without private mortgage insurance.  Check with a Grant sales team member to see which Grant neighborhoods are included in the USDA designated area.

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DTI Ratio

Debt-To-Income Ratio indicates the percentage of income that goes toward paying all recurring debt payments, including mortgage, interest, mortgage insurance, and other debts such as credit card payments, car loan payments. student loan payments, child support payments, alimony payments and legal judgments.

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Down Payment

The difference between the investment price and the loan amount.  The down payment is paid at the closing of the mortgage loan.

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Closing Costs

All the costs that a lender requires from the Buyers to obtain a loan.

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Earnest Money and Deposit


Earnest money is a deposit made to the Seller that represents the Buyer's good faith to buy a home.  The money gives the Buyer time to get financing and have all mortgage company documentation done before closing.  

Earnest money is required on all contracts whether you are purchasing a home already under construction or a presale (where Grant builds your new home especially for you)

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Deposit on a New Home

Grant & Co. will require a deposit paid to the builder at contract when you agree to allow Grant to build your new home.  You choose the neighborhood, homesite and Grant home plan and Grant will build the home especially for you.  This is called a presale.   The advantage of going the presale route is that you are given the opportunity to make all selections, options and upgrades to the home.  The amount of the deposit required to start your new home is based on the contract price.  Typically, the deposit ranges from $5,000  to $15,000 and is credited toward your required down payment at closing.


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