brad brown: Stated Income Construction Loan in Arizona - 07/28/08 06:43 PM
Stated Income Construction Loans are still available!
You need abundant reserves and your income needs to be reasonable. The guidelines are strict but I can still close a loan for a strong borrower.
Please contact me with any questions.
Brad Brown
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext 307- office
480-393-8801 - fax
bradbrown@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
http://www.scottsdaleconstructionloans.com/
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brad brown: Remodel and Construction Loans - 07/28/08 06:36 PM
Remodel and Construction Loans
Rehab and Renovation
Maybe you like the location, but not the home. Maybe you like the house, but not the kitchen. Maybe you like the home you live in, but want a bigger one. Use of a construction loan can help you build, rebuild, remodel or rehab any home you choose. Most work can be completed cheaper than you would think.
Heres how it works:
The loan is based on the value of your home AFTER the renovations are finished. This gives you the flexibility to make your home into more than you could with just your current home equity. … (0 comments)
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brad brown: Who is doing your construction loan? - 07/11/08 06:15 PM
Yes, we know right now it is more challenging then ever to get high end custom home construction loan done. Banks pulling back and depreciating home values make for an upfront challenge but once it is determined that you can qualify you need to have a loan officer that knows what he/she is doing. It boggles my mind the level of imcompetency in the market. With the recent attrition of mortgage companies and loan officers one would think the ones still in business would be conducting business at a high level. But what I hear from banks and borrowers is that is not the case. Some of the … (2 comments)
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brad brown: Required Investment into a construction loan- "Skin in the game" - 03/11/08 03:38 PM
Maricopa County, the largest county in Arizona and one of the largest county in the USA, had over 22,000 building permits issued in 2007. This estimate is provided to me by Construction Monitor, LLC. With in this 22,000 there were some quite large home built and many of them still being built. The ultra luxury home that is 10,000+ square feet can take 2 or more years. Now here is a question that I received today; What is the largest construction loan I can do? My answer is pretty simple: there is no limit. If you want to build a $20 million … (0 comments)
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brad brown: Purchasing a lot- It's a great time to buy if you can afford it. - 03/11/08 03:31 PM
Things have changed dramatically in the last eight to ten months when it comes to acquiring a lot, especially in Maricopa County. Banks are pulling back nearly daily on loan to value guidelines, increasing reserve requirements and raising credit score minimums. The days of buying a lot sitting on it for a few years and selling for a nice profit is over. Lenders want buyers to invest deeply and someday, within two -three years, build a primary residence.
Minimum down-payment is now 25%, with some banks as step as 40%. This is due to declining values and the number of lot loans … (0 comments)
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brad brown: The word on the street in regards to Home Equity Lines of Credit. - 01/31/08 01:55 PM
Max your HELOC today, banks are going to freeze your account!!!
MAX YOUR HELOC!
My sources within the banking industry tell me that next week a number of large banks will start to freeze the Home Equity Lines of Credit on many of their borrowers. This means if you have any available credit/balance on your credit line it will be frozen and home owner will NOT be able to use it. I can confirm that USAA has already started this process in the state of Arizona.
Why would banks do this?
Lets say you have a line of credit for $100,000 on your home. At the time … (1 comments)
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brad brown: How can a builder improve his chances of selling his spec home? - 01/23/08 06:43 PM
I recently found a new sales tool to assist in moving product. I witnessed Vupod today at Paradise Valley Mall and it was amazing. It takes the virtual tour to a whole new level.
There is only one of these in the world and it will improve your odds of selling your property.
Check out: http://www.vupods.com/index.html
Brad Brown
Construction Loan Specialists
Scottsdale & Paradise Valley
Home Loans Loan Process Contact Us
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext 307- office
480-393-8801 - fax
bradbrown@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
http://www.scottsdaleconstructionloans.com/
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brad brown: Basics of a Construction Loan. - 01/15/08 04:49 PM
Construction Loans 101
What are the reasons people buy resale homes over building thier own custom home?
Tangible product. They can see, smell, and touch the new home they wish to buy. Time line. Most resale homes are available with in 45-60 days. Inventory. Easier to find an existing home rather than a vacant lot. Variables. Building requires: Realtor, land, builder, plans, options, time, patients, vision, trust, etc.... Education. Many customers that build homes invest more time into their "purchase" and at the same time have to educate themselves with land, building and builder.This list can go on all day long, but the theme of the idea is HOW DO … (0 comments)
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brad brown: What happened or is happening with Construction Loans? - 01/08/08 06:10 PM
Lowering ltv's, eliminating stated income loans, reason-ability tests and other criteria changes have made these times challenging for finding construction loans. As a matter of fact, many banks have completely halted doing construction loans. It is with this information I hit the streets to help educate those considering a construction loan, in process or even in the construction phase.
What happened?
Some lenders went belly up. If your loan was in process too bad. It was your responsibility to find a new bank. If your loan was in construction phase, too bad. Wait until the lender found another bank that will purchase the loan and Mr. Builder, sit … (0 comments)
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brad brown: Why choose a Scottsdale & Paradise Valley Construction Loan Specialist? - 01/02/08 09:38 PM
Community First Financial is your hub for construction loan financing.
Why choose a Scottsdale & Paradise Valley Construction Loan Specialist?
Over 20 years construction and loan experience We finance projects throughout Scottsdale & Paradise Valley Loan products your bank can not offer Hub of investors to finance your project
How do we eliminate Builders headaches?
Offer builders risk & general liability insuranceLocal ties to construction industryA team available to answer all questionsFinancing options for your customers
How do we eliminate Customers headaches?
Walk them through the construction processProvide information via our Blogs & WebsiteUpdate them on their loan every Thursday Brad Brown
Construction Loan Specialists
Scottsdale & Paradise Valley … (4 comments)
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brad brown: How to Start Your Scottsdale Custom Home Construction Loan - 01/02/08 09:30 PM
How to Start Your Scottsdale Custom Home Construction Loan
The options for construction lending have never been better. Construction loans now offer lot financing and construction financing all in one. Years ago the process often required the borrower to first get a lot loan, then a construction loan, and then get a permanent loan when the building process was over.We here at Community First Financial, LLC have never been fully satisfied with that process, over the years we have developed a process and a loan that is more builder-friendly and a process that makes the customer feel comfortable.We now have a Construction Loan … (3 comments)
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brad brown: Why someone would build a custom home in Scottsdale Arizona. - 12/28/07 03:39 PM
As a native I am certainly biased to this lovely city. While many things have changed in the last 30 years here is why I still call Scottsdale home.
Climate: 330 days of sunshine. 72.6 degrees year-round average temperature. 7.74 inches of rain per year. 11-30% humidity during spring and summer months. 33-66% during winter months.
Activities: 58 miles of bike paths. 40 miles of hiking trails. Nearly 200 golf courses. More than 600 restaurants. 67 resorts with over 12,500 rooms. 125 art galleries.
Sporting Events: Four major sports teams in metropolitan area. Eight major league teams call metro area home for spring … (0 comments)
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brad brown: How to select a Scottsdale Builder - 12/07/07 02:57 PM
How to select a Scottsdale Builder (edit/delete)
Choosing the right builder is just as important as choosing the right lender. Your builder needs to be an experienced professional with a proven history of delivering a high-quality product on time and on budget.
Where do you find a Scottsdale builder?
Begin your search with family and friends who know people who have recently built homes. Professional organizations like your AZ ROC and South West Builders Association are also good sources of builders in your area. Ask a local real estate agent familiar with new home construction in your area. Drive around and note the builder's name on a … (1 comments)
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brad brown: Scottsdale Custom Home Construction Loans - 12/07/07 02:48 PM
Scottsdale Custom Home Construction Loans & Financing (edit/delete)
Unique Scottsdale construction loans generally allow:
No money down * 100% financing (including land) Up to $2 million, other construction loans to $10 millionNo payments during construction up to 2 year (not even interest payments)** If we do not save you at least 10%, we will not fund the loan! *Must qualify through our Automated Underwriting System**certain exceptions may apply The best ARIZONA construction loan ever
Reasonable credit guidelines and great rates Stated income for self-employed Owner Builder Financing Available General Contractor, Builder, License, Experience, Resume NOT REQUIRED Single Close Loan to save you closing costs Assistance … (0 comments)
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brad brown: How to choose a Scottsdale Construction Loan Specialist - 12/07/07 02:33 PM
How do you choose a Construction Loan Specialist in Scottsdale Arizona?
How special are construction loans? In a report from Countrywide Home Loans, only 1 in 10 loan officers do more than 1 construction loan per year. So less than 10% do more than one loan per year, this makes finding a loan office that is experienced with construction loans very difficult. Like all advisor's associated with real estate, loan officers should be interviewed by potential clients. Here are a few questions and ideas individuals seeking a construction loan should ask their future loan officer candidate:
1. How many CONSTRUCTION loans do you close PER … (1 comments)
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