"Lower sales prices may not receive the full $55,000." That line sits near the bottom of the disclosures for Perry Homes' Year End Sales Event. The same offer appears at the top of the Grand Central Park builder incentives page as "Up to $55,000" in flex cash plus a 4.99% rate.
Conroe builders are discounting heavily this fall. Most of that discounting happens outside the list price, through money capped by the same contribution rules a resale seller works under. The money is tied to specific lenders and specific houses, and it expires on a year-end clock. The flat median prices you've seen on the portals are the visible part of that arrangement.
The $55,000 is a ceiling set by a percentage
Perry's disclosure says its flex cash and closing costs count toward "a combined maximum of 6% of the contract sales price." At 6%, a home needs a contract price of about $916,700 before the full $55,000 is available. On a $400,000 home, the most that cap allows is $24,000. Perry's own worked example is a $500,000 home with 10% down, where 6% comes to $30,000.
The percentage can also be lower than 6%. For conventional loans, the Fannie Mae Selling Guide sets limits on interested party contributions, meaning money a seller or builder puts toward the buyer's costs. The limit depends on how much the buyer borrows against the home:
| Loan-to-value on a principal residence | Fannie Mae contribution limit | Ceiling on a $400,000 home |
|---|---|---|
| Above 90% | 3% | $12,000 |
| 75.01% to 90% | 6% | $24,000 |
| 75% or less | 9% | $36,000 |
| Investment property, any ratio | 2% | $8,000 |
Fannie Mae calculates the percentage on the lower of the sale price or the appraised value, not on the loan amount. Contributions above the cap are treated as sales concessions and deducted from the price for loan-to-value purposes. Contributions can't exceed the buyer's closing costs, and they can't fund the down payment or required reserves.
A builder and a resale seller face these same limits. Under this guide, a homeowner selling an existing home in Conroe can fund a buydown or closing costs within the same percentages. Builders have no special allowance here. They have a marketing budget and a reason to spend it before December.
Every offer runs through one lender and a short list of houses
Each builder offer with published terms requires financing through a lender the builder chooses:
- Perry Homes: Buyers must "select, qualify with, and use" Crestmark Mortgage or Parkstone Mortgage, both affiliates of Perry Homes. Buyers also have to choose a home designated for the offer and present the flyer on their first visit to a Perry model home. Perry states that buyers aren't required to use those lenders to buy the house, only to receive the promotion.
- Drees Custom Homes: Buyers must finance through First Equity Mortgage, which Drees identifies as a wholly owned subsidiary. The offer applies to select quick move-in or build-to-order homes, and the amount varies by community and floor plan. At Grand Central Park, the Drees flyer is attached to homes at 342 and 346 Silver Sage Street. The incentive can go toward eligible design-center credit, a price reduction or financing, depending on the home type. It can't be taken as cash or combined with other promotions.
- Home Creations at The Enclave at Spring Branch: The rate offer uses a lender credit from CMG Home Loans, the participating lender, combined with a seller credit. It applies to select homes.
Perry's 4.99% (5.898% APR) is a conventional 30-year 7/6 adjustable-rate mortgage, bought down with points that Perry pays. The rate is fixed for the first 84 months. Starting in year eight, it can adjust every six months, up to a lifetime cap of 5% over the starting rate. The Home Creations offer is a 2/1 temporary buydown. The note rate is 5.99%. Payments are figured at 3.99% in year one and 4.99% in year two, then at 5.99% from year three through year 30, and the buyer must qualify at the full note rate. The builder's example uses a $289,990 price, 3.5% down on a 30-year FHA loan, and a 740 minimum credit score, for an APR of 6.784% based on market pricing as of October 22, 2026.
Grand Central Park also lists Highland Homes' "Season of Traditions" offer of up to $75,000 to personalize a new home, and David Weekley Homes' Flex Dollars worth 7% of base price, capped at $40,000. Those are headline figures. As with Perry, the terms that set the real dollar amount are in each builder's own disclosures.
The deadlines run out by December 31
On the Thursday this post publishes, the offers with published terms run on this calendar:
- November 15, 2026: Contract deadline for the Home Creations financing event at The Enclave at Spring Branch.
- November 22, 2026: Last day for a firm, non-contingent Drees contract under the promotion, which opened October 1.
- December 22, 2026: Closing deadline for Drees quick move-in homes.
- December 31, 2026: Closing deadline for both Perry Homes and Home Creations.
A closing deadline is stricter than a contract deadline. A house has to be finished, appraised and funded by that date, so the offers favor inventory that's already built or nearly built. Perry and Drees both state that their offers can change or be withdrawn, and Home Creations states that its pricing and rate can change.
Why the medians look calm while builders spend this much
A buydown or flex-cash credit leaves the contract price where it was. Perry's 6% cap is calculated on "the contract sales price," and the incentive is paid on top of that price, not taken out of it. The recorded sale is the full price, while the buyer's actual cost is lower.
The local data fits that picture. Community Impact reported on October 27 that across its eight Conroe and Montgomery ZIP codes, September 2026 median prices were relatively steady year over year. Sales fell everywhere except the Montgomery area and east Conroe, and days on market dropped in five of the eight ZIP codes. The outlet's August report was weaker. Sales were down year over year in all eight ZIP codes and prices were down in six.
Across the county, the Texas Real Estate Research Center at Texas A&M reported 6,482 active listings in Montgomery County for August 2026. That was 5.11 months of inventory, with 1,176 sales, down 13.4% from a year earlier, and a $330,000 median price. The Houston Association of Realtors' September 2026 report for Greater Houston showed 5.5 months of single-family inventory, up from 5.1. Homes averaged 58 days on market, up from 56, and sales fell 5.7% to 7,030. The median was essentially flat at $325,000.
Inventory went up, sales went down, and the median barely moved. Incentives paid outside the price account for that combination. The center's dataset covers homes sold through the MLS and excludes new-home sales negotiated directly between a builder and a buyer outside the MLS. Some of the new-home competition a resale listing faces never appears in the figures used to price that listing.
Some discounts do appear in the price. At The Enclave at Spring Branch, Home Creations lists 18724 Loom Drive at $269,990, down from $299,990, and 18745 Loom Drive at $259,990, down from $289,990. 18737 Loom Drive is at $229,990 against $255,990, and 18728 Loom Drive, available in November 2026, is at $199,990 against $239,990. The same community also offers up to $10,000 in closing costs on quick move-in homes. The incentive comes on top of the price cut.
What this changes in a new-versus-resale comparison
Comparing a new home's advertised incentive with a resale home's list price puts a capped, conditional number next to an open one. A fairer comparison sets each home's price against the contribution the buyer's loan type actually allows. A resale seller can offer the same kind of contribution within the same Fannie Mae percentages. Resale sellers aren't held to a builder's lender requirements or a December 31 closing date. Builders have more reason to accept terms in November than they will once their fiscal-year incentives expire.
The 7/6 ARM and the 2/1 buydown should be compared on what the buyer pays from year three or year eight onward, not only on the starting rate. Home Creations publishes its year-three rate of 5.99%. Perry publishes the adjustment terms that apply from year eight: the 30-day SOFR index plus a 2.75 margin, with a 5% lifetime cap over the starting rate.
Short FAQ
Do I have to use the builder's lender to buy one of these homes? Perry Homes and Drees both say no. Each requires its affiliated lender only to receive the promotion.
Does the Fannie Mae cap apply to every loan? The percentages above come from Fannie Mae's Selling Guide for conventional loans it purchases. Perry's disclosure notes that the amount it can pay depends on the loan type the buyer chooses.
Will these offers still be available after New Year's? Every published deadline falls on or before December 31, 2026, and each builder states that its terms can change before then.
This post is general information, not legal, tax or financial advice. Confirm loan terms and contribution limits for your own situation with a licensed lender or other qualified professional.
When you want to compare a builder's capped incentive with what a resale seller would offer on a specific Conroe home, Jamie Bechtold's team can put the two offers side by side before the November deadlines pass. Schedule Your Strategy Call.
