Construction Mortgage

Spec House Definition

What is a ‘Spec’ House? When a builder constructs a house without a contract, it is known as a spec house or a speculation home. There are several advantages to the builder to build a spec house including timing, financial gains and workforce retention. There are advantages to the buyer to purchase a spec house as well.

Specs definition, spectacles; eyeglasses. See more. Collins English Dictionary – Complete & unabridged 2012 digital Edition William Collins Sons & Co. Ltd. 1979.

The term "spec house" means it is a speculative venture for the builder, built with the intention of selling it as-is or with minimal changes to a home buyer. Should I Consider a Spec House? First it’s important to understand, in the building industry, there are different types of homebuilders. Some are known as custom home builders, others are tract home builders and some are "spec" home builders.

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Find all the synonyms and alternative words for spec home at Synonyms.com, the largest free online thesaurus, antonyms, definitions and translations resource on the web.

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Some custom builders also build on land they own which is known as a spec home – short for speculative. Build unique houses. A custom home is a site-specific home built from a unique set of plans for the wishes of a specific client.

Definition of product specification: Written statement of an item’s required characteristics documented in a manner that facilitate its procurement or production and acceptance. Dictionary Term of the Day Articles Subjects BusinessDictionary Business Dictionary.

95 conventional loan 15-Year Conventional Loans – Because mortgage rates have been so low recently, more home buyers and homeowners have opted for the 15-Year conventional mortgage. The 15-year loan pays down much more aggressively than the 30-year loan, and 15-year payments are often the same price as a 30-year a few years ago.

Dave Ramsey's Guide To Building Your Own Home However, the definition of a “spec house” varies. “Some builders start homes by pouring the foundation and then build very slowly while waiting for a buyer,” Costello said. “A true spec home is one.

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qualifications for construction loan Requirements of usda home construction loans. USDA loans are designed keeping in mind the needs of people with moderate to low monthly income, so like any other loan programs by USDA, the home construction loans also have many benefits. You can combine the financing and construction loan into one, which makes it easier to handle.

A spec home is a brand new property that is completed, or nearly completed, before it is sold. The home’s layout and flooring and its appliances and features are chosen by the home builder, not the buyer. Out Building Homes Build A Simple Home How to Build a House (with Pictures) – wikiHow – How to Build a House.

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