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scottsdale construction loans: 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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scottsdale construction loans: 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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scottsdale construction 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)
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scottsdale construction 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)
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scottsdale construction 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)
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scottsdale construction 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)
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scottsdale construction loans: 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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scottsdale construction loans: 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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scottsdale construction loans: 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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scottsdale construction loans: Why is now the time to build a custom home? - 12/13/07 04:53 PM
The recent slump in the housing market is driving costs down. Lumber availabilty is up and prices are dropping due to tract home builders slowing down. It has decreased 24% over the last two years. Drywall prices are down 35% over the last year. Many borrowers are going back to their subcontractors requesting rebids with as much as a 5-10% decrease in overall costs.
Architects are idle. Tradesmen, pool builders, roofers, painters and landscapers are slow and hungry for business. Projects they would not have considered in past are now opportunities they are pursuing. Of course, be careful and dilgent in researching your builder and … (0 comments)
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Brad Brown
Scottsdale,
AZ
More about me…
Community First Financial
Office Phone: (480) 305-8900 x 307
Cell Phone: (480) 220-8526
Email Me
My blog is to educate and inform individuals in regards to residential construction loans.
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