Every big builder in Richmond will offer you money to use its lender: $10,000 here, a 4.99 percent rate there, up to $50,000 off a standing home somewhere else. The offers are real, and they are also the most misunderstood numbers in new construction, because a lender credit is only worth what the lender’s rate and fees leave behind. This page lists who ties what to which lender across Richmond’s builders as of August 2026, then shows the math for testing any offer in ten minutes.
Daniel Yoon is a Certified New Home Co-Broker (NHCB) representing buyers on new construction across the Richmond metro. Promotions change monthly; treat the table as the structure of each builder’s program and confirm current terms before you write.
Who ties what to which lender
| Builder | Affiliated or preferred lender | Incentive structure (Aug 2026) |
|---|---|---|
| Ryan Homes | NVR Mortgage + NVR Settlement Services (owned) | Closing-cost credit conditioned on using both; typically $5,000 to $10,000 on to-be-builts, more on inventory |
| Stanley Martin | Stanley Martin Mortgage / First Heritage (affiliated) | Closing-cost credit conditioned on affiliated lender |
| Lennar | Lennar Mortgage (owned) | Own Your Dream: up to $50,000 off select inventory homes |
| D.R. Horton | DHI Mortgage (owned) | Rate promos on select inventory, including a 4.99 percent FHA offer |
| Richmond American | HomeAmerican Mortgage (owned) | Credits and rate promos through the owned lender |
| Main Street Homes | C&F Mortgage (preferred) | 4.99 percent buydown promotion, expiration August 31, 2026 as advertised |
| Eastwood Homes | Sabal Mortgage (affiliated) | Up to $15,000 to $20,000 toward closing costs by community |
| Schell Brothers | Henlopen Mortgage (affiliated) | $10,000 Platinum incentive plus $10,000 to $15,000 Flex Cash |
| HHHunt Homes | CMG, United Bank, TowneBank, CrossCountry (outside preferred) | Credits negotiated deal by deal; no captive lender |
| Mungo Homes | Lender partner | Community-specific offers, up to $25,000 advertised at one community |
| RCI Builders | Atlantic Bay (preferred) | Community-specific credits |
| StyleCraft, Boone, and most local semi-custom | None published | Incentives, where offered, are not lender-conditioned |
Why builders pay you to use their lender
Three reasons, all rational. An owned lender is profit: NVR, Lennar, D.R. Horton, and Richmond American book the mortgage revenue themselves, so part of your credit comes back to them in origination. Certainty is worth money: a captive lender will not let a file die quietly three weeks before closing on a house the builder has capital in. And rate promos move inventory without cutting list prices, which protects the comps for every unsold home in the community. None of this makes the offers bad; it explains why the credit can be large and still leave the builder ahead.
The ten-minute test for any lender offer
- Get a full loan estimate from the builder’s lender with the credit applied, not a rate quote, the standardized loan estimate form.
- Get a competing loan estimate from one outside lender on the same day, same lock period.
- Compare line by line: rate, discount points, origination and underwriting fees, and the credit. A $10,000 credit paired with a rate a half point above market on a $450,000 loan costs you that credit back within about seven years, faster with points.
- Ask the builder in writing what the price is without the lender condition. Sometimes part of the credit survives; that answer is itself information.
- Rate promos like 4.99 percent offers: confirm which homes qualify, whether the rate is bought down permanently or temporarily, and what happens if you do not qualify for that loan type.
Two structural notes. Virginia law does not let a builder require its lender, so every one of these programs is framed as a credit for choosing it, and you can always walk your own financing in and forgo the credit. And the settlement side matters at Ryan in particular, where the credit is conditioned on NVR Settlement Services as well as NVR Mortgage; price the title work too. Our incentives guide covers negotiation beyond the lender credit, and the builder contract guide covers the clauses that ride along.
When the builder’s lender wins, and when it loses
In our experience the captive lender’s package wins roughly half the time once everything is priced, most often on standing inventory where the builder is motivated, on FHA and VA promos like DHI’s, and near quarter-end when volume targets loosen underwriting of credits. The outside lender tends to win for strong-credit conventional borrowers, for anyone the promo loan type does not fit, and whenever the credit is modest and the captive rate sits above market. The only way to know which buyer you are is to run both loan estimates; we do that with clients on every builder purchase, and the result changes the decision more often than the model home does.
Frequently asked questions
Do I have to use the builder’s mortgage lender? No. Virginia builders cannot require their lender; they condition closing-cost credits on choosing it. You can use any lender and forgo the credit.
Which Richmond builders own their own mortgage company? Ryan Homes (NVR Mortgage), Lennar (Lennar Mortgage), D.R. Horton (DHI Mortgage), and Richmond American (HomeAmerican Mortgage). Stanley Martin, Eastwood, and Schell use affiliated lenders; HHHunt and Main Street use outside preferred lenders.
Is a builder lender credit worth it? Only if the lender’s rate and fees are competitive. Compare full loan estimates from the builder’s lender and one outside lender on the same day. A credit paired with an above-market rate can cost more than it gives within a few years.
Are the 4.99 percent builder rates real? Yes, as promotional buydowns on select homes through the builder’s lender, such as D.R. Horton’s FHA promo and Main Street’s C&F promotion. Confirm which homes qualify, whether the buydown is permanent, and the fine print on qualification.
Can I negotiate the incentive itself? Often, especially on standing inventory and at quarter-end. Ask in writing what the builder will do without the lender condition, and negotiate the credit, the price, and included options as one package.
Want both loan estimates run for you?
We help clients test every builder offer against outside financing before signing. Daniel Yoon is a Certified New Home Co-Broker, ABR, and SRS with eXp Realty. Call or text 804.896.2694, or browse every new home in the region at showingnew.com/dyoonnewhomes. We are not lenders, and this is general information rather than financial advice; your loan officer prices your specific file.