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Buying Your First Home? Explore 15 Steps Along the Way

As a trusted home builder in Colorado Springs for over 20 years, we know a thing or two about buying your first home! Here’s the process that our home buyers can expect when buying a new Challenger home in any of our communities:

 

Rendering of a two-story home with a stone-accented front and attached garage

1. Pick your home

First, you need to find a Challenger home that fits your wants needs and budget. Luckily, we have a number of new home communities across Colorado Springs and Northern Colorado.

2. Loan Pre-Approval

Next, you’ll need to get pre-approved by the Loan Consultant of your choice. Our preferred lender is PenTrust Mortgage.

3.  Weekly Sales Communication

Your Sales Associate will now start checking in with you once a week with any updates and to answer any questions you may have.

4.  Building Permits

We’ll make sure all permits are pulled correctly and on time so we can start building!

Hands comparing interior finish samples and design photographs

5. Design Consultation

Now it’s time to visit our Design Studio so you can truly make your Challenger home your own.

6. Break Ground

It’s official! Your new Challenger home is now underway.

7. Pre-construction Meeting

A meeting with your superintendent to review all of your selections and answer any questions you may have.

Wood roof framing beneath bright sunshine at a construction site

8. Start Frame and Weekly Construction Communication

Next, construction is really taking off! After framing starts, you’ll also have weekly construction communication.

9. 1st Quality Assurance Inspection

We want to make sure you’re happy every step of the way, which is why we perform three quality assurance inspections on your home.

10. Pre-drywall Construction Walk

This walk-through of your home will allow you to see “what’s behind the walls” before the drywall goes up.

Worker installing a white window frame

11. Finishes Begin

The final details of your home are being put into place!

12. 2nd Quality Assurance Inspection

Now that finishes have been installed, we want to perform the next quality assurance inspection.

13. New Home Orientation

Approximately one week prior to closing we’ll walk you through all of the features and systems of your new home. We will also go over operational and maintenance tips. This walk-through will ensure your satisfaction with the condition of your home.

14. 3rd Quality Assurance Inspection

The third and final quality assurance inspection is now performed.

One person passing house keys to another above paperwork

15. Final Home Sign Off

Finally, it’s time to close on your new Challenger home! Once all steps have been completed for a successful closing as set forth in the Purchase Agreement, the keys to your new home are yours.

After Closing

Even after you’ve closed on your new home, we want to make sure you’re satisfied! We’ll provide a new home courtesy visit to make sure. We also stand behind our work, offering a 1-year limited warranty period to all new homebuyers. Finally, we’ll send out a third-party survey so you can tell us how we did! If you’re happy with our process, you can even earn $1000 for each friend you refer.

 

Buying your first home

Buying your first home? Check out Challenger

Whether it’s your first home or your fourth, we would love to help you buy a Challenger home! We have communities across Colorado Springs and Northern Colorado. Please contact us today to learn more!

 

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How we estimate your payment

Principal & interest + estimated property taxes + homeowners insurance + applicable HOA/metro charges.

Our advertised estimated lowest payments use a 30-year VA loan example for an eligible buyer with full entitlement and 0% down. The featured payment option is 3-2-1 Buydown. Advertised amounts are year-one estimates; payments increase in years 2, 3 and 4. The note rate is fixed at 6.5%. Home price, estimated taxes, and HOA/metro charges vary by property and community. Open the asterisk beside a payment for that home’s figures and assumptions.

More about the calculation

Principal and interest are calculated from the modeled loan amount, selected payment rate, and loan term. The model uses 8.661% combined 3-2-1 buydown cost and an assumed 2.15% VA funding fee financed into the loan. It includes a $8,000.00 closing-cost allowance, modeled through a higher contract price and seller credit. Points and any temporary buydown funding are modeled through a higher contract price and seller credits, subject to lender approval and appraisal support.

Property taxes use the community mill levy and an approximate assessed-value calculation; they are estimates, not an actual tax bill. Homeowners insurance is estimated at $180.00 per month. Applicable community HOA/metro charges are included. Upfront tax and insurance escrow deposits are excluded. A zero down payment does not guarantee zero cash due at closing.

3-2-1 Buydown payment assumption notes

The advertised amount is the Year 1 estimated payment. A builder-funded 3-2-1 buydown reduces the buyer's principal and interest payments during the first three years; the underlying note rate remains fixed. Payments are based on a rate 3 percentage points below the note rate in Year 1, 2 points below in Year 2, and 1 point below in Year 3. Full note-rate payments begin in Year 4. Taxes, insurance and HOA/metro charges are estimates and may change. Interest rate is not APR. Financing costs are modeled through a higher contract price and seller credits, subject to lender approval and appraisal support. Contact the lender for a complete Loan Estimate.

Promotion terms & lender information