{"id":25373,"date":"2023-04-04T07:35:20","date_gmt":"2023-04-04T13:35:20","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=19628"},"modified":"2025-03-10T09:40:20","modified_gmt":"2025-03-10T15:40:20","slug":"whats-so-special-about-special-financing","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/whats-so-special-about-special-financing\/","title":{"rendered":"What\u2019s So Special About Special Financing?"},"content":{"rendered":"\n<p>Special financing. You\u2019re familiar with the term, but its definition varies by industry. For example, some car dealers use \u201cspecial financing\u201d to describe financing options for people with bad credit who otherwise wouldn\u2019t qualify for an auto loan. And some retailers have deferred-interest special financing options, which allow shoppers to make interest payments on their purchases at a future date.<\/p>\n\n\n\n<p>Luckily, mortgage special financing has none of those connotations and is often enjoyed by people with good credit. Here\u2019s what you need to know about \u201cspecial financing\u201d as it\u2019s sometimes used by our affiliate, HomeAmerican Mortgage Corporation (<a href=\"https:\/\/www.richmondamerican.com\/terms-conditions#RAcompanies\" target=\"_blank\" rel=\"noreferrer noopener\">see licensing info<\/a>):<\/p>\n\n\n\n<ul>\n<li>Special financing generally takes the form of reduced fixed or adjustable interest rates for 30-year FHA, VA or Conventional loans. Other loan options may be available at different rates and terms.<br><\/li>\n\n\n\n<li>Funding for these special rates may be limited and therefore may run out before an offer\u2019s end date. It\u2019s important to act fast if you want to take advantage of special financing, because it\u2019s typically available on a first-come, first-served basis.<br><\/li>\n\n\n\n<li>Be sure to pay attention to offer requirements, such as closing dates.<br><\/li>\n\n\n\n<li>Don\u2019t assume that special financing will always be available. Though there are many advantages to using our affiliated lender, the savings offered by special financing should not be considered a standard offering.<\/li>\n<\/ul>\n\n\n\n<p>Special financing can help shave hundreds of dollars off monthly mortgage payments and save you thousands in interest over the life of your loan, making your new home more affordable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><em>See special financing in action\u2026<\/em><\/h2>\n\n\n\n<p>Still wondering how special financing stacks up against recent market rates? Following is a payment example for a 30-year, fixed-rate <strong>FHA loan<\/strong> with and without special financing on a $420,000 home.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.richmondamerican.com\/campaigns\/1981?ch=online&amp;ls=print&amp;ta=flyer&amp;td=&amp;utm_source=vanityurl&amp;utm_medium=print-flyer&amp;utm_campaign=ntl-offer\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"315\" src=\"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2023\/04\/SpecialFinancing_BLOG-graph.png\" alt=\"Infographic explaining 30-year fixed rate FHA loan comparison, includes market rate versus special financing\" class=\"wp-image-19650\"\/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">That\u2019s a difference of $325 per month or $3,900 per year!<\/h3>\n\n\n\n<p>If you\u2019re interested in learning more about special financing options and <a href=\"https:\/\/www.richmondamerican.com\/campaigns\/1981\" target=\"_blank\" rel=\"noreferrer noopener\">current offers<\/a>, contact our affiliated lender, <a href=\"https:\/\/www.homeamericanmortgage.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">HomeAmerican Mortgage Corporation<\/a> (HMC), at <a>866.400.7126<\/a>&nbsp;, NMLS #130676. <\/p> <figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.richmondamerican.com\/content\/campaigns\/media-11785.png\" alt=\"30-year fixed rate FHA loan comparison - market rate principal and interest payment: $2,505.74. Special financing principal and interest payment: $2,182.41\"><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"cross-sell\">\n  <div class=\"cs-content-new\">\n     <div class=\"u-width-30 cs-image\"><a href=\"https:\/\/www.richmondamerican.com\/campaigns\/6\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"post-img u-width-100 cs-guide-cover\" src=\"https:\/\/www.richmondamerican.com\/content\/globalmedia\/media-5097.webp\" alt=\"First-time homebuyer guide\"><\/a>\n     <\/div>\n     <div class=\"u-width-70 cs-content\">    \n       <h4>Take the guesswork out of homebuying!<\/h4>\n       <p>Our free <em>First-time Homebuyer Guide<\/em> is filled with tips to help you navigate your homebuying journey.<\/p>\n       <p class=\"m-top-40\"><a class=\"btn-rah\" href=\"https:\/\/www.richmondamerican.com\/campaigns\/6\" target=\"_blank\" rel=\"noopener\">Get your free guide<\/a><\/p>\n     <\/div>\n  <\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">One more thing to consider\u2026<\/h2>\n\n\n\n<p>There is also a non-financial benefit to financing a Richmond American home through HMC. Because we work together every day, using our affiliate can provide a more streamlined homebuying experience. This could potentially expedite your closing process, which can get you into your new home faster!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Special financing. You\u2019re familiar with the term, but its definition varies by industry. For example, some car dealers use \u201cspecial financing\u201d to describe financing options for people with bad credit who otherwise wouldn\u2019t qualify for an auto loan. And some retailers have deferred-interest special financing options, which allow shoppers to make interest payments on their purchases at a future date. But here\u2019s what you need to know about special financing when shopping for a new home. Read more.<\/p>\n","protected":false},"author":7,"featured_media":19654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[382,206,279],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2023\/04\/SpecialFinancing_BLOG.png","author_info":{"display_name":"Joe Warth","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/jwarth\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>What\u2019s So Special About Special Financing? - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"The definition of special financing varies by industry. 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