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custom home loans: 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)

custom home loans: 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)

custom home loans: 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)

custom home loans: 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)

 

Brad Brown

Scottsdale, AZ

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Community First Financial

Office Phone: (480) 305-8900 x 307

Cell Phone: (480) 220-8526

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My blog is to educate and inform individuals in regards to residential construction loans.


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