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wenatchee lot loans: Land Finanancing continues in Eastern Washington - 06/17/09 12:39 AM
I was at a meeting with Realtors from Western Washington, and they were amazed that we were still doing lot and land financing.  Actually in our market areas of Wenatchee, Chelan, Winthrop, and Leavenworth (plus surrounding Counties), there are actually several community lenders that will lend on land. Each bank has different programs and terms, so it is worth calling around to compare programs before making a decision.
I have seen some great deals out there; your dollar really goes a lot farther than it did a few years ago.
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wenatchee lot loans: Is Mortgage Qualifying Getting Easier? - 10/30/07 12:50 AM
In the last week,  it appears that Fannie Mae is loosening the reigns and making mortgage qualifying easier.  I won't try to completely explain Automated Underwriting here, but basically, when we as lenders take an application for a loan that will be sold to Fannie Mae or other investor, we gather all the details of the home purchase and all the buyers personal and financial information. We enter the information into our origination software and then send it off to Fannie Mae's Desktop Underwriter (DU) or other similar approval system.  What we get back in seconds, is a list of what needs to be … (4 comments)

wenatchee lot loans: Refinance Boom in Wenatchee - 10/03/07 01:54 AM
With the extraordinary increase in home values over the past 2-3 years, most people gained a lot of equity in their homes and land.  I am now seeing a lot of people coming in to refinance; some to take equity out, others to eliminate PMI (Private Mortgage Insurance).  I closed loans recently for two separate clients who wanted to pull some cash out of Chelan building lots, each of which had more than doubled in value.  (Yes, you can refinance a building lot).
 
More commonly, people are pulling modest amounts of cash out their primary or investment homes for remodeling or to … (2 comments)

wenatchee lot loans: Wenatchee Land- Helping Your Kids Into Their First Home - 06/21/07 02:30 AM
I am currently working on three transactions where relatives are helping the younger generation get into their first homes. I am excited to see this as we are all aware that rising prices in Wenatchee, Leavenworth and Chelan Real Estate markets are making affordable housing for first time homebuyers harder to find.
I recently posted on Geordie Romer's  Leavenworth Real Estate site about using gift money.  However, two of my current transactions involve a relative who bought some land a few years ago,selling the property to the kids at a reduced price and gifting some of the equity to the younger buyer to … (5 comments)

wenatchee lot loans: Wenatchee Land Financing - 05/15/07 03:04 AM
I work in the still growing markets of Wenatchee and Chelan County, where demand often exceeds supply. You may have seen the blog by my friend Perrin Cornell talking about how to best deal with multiple offers. The other side of this is that many people can't find the home they want, so instead they buy a building lot or piece of land to build on sometime in the future.
As financing land is a little different than financing homes, I thought I'd pass along a little information to help keep potential Wenatchee land buyers informed.
The first thing you'll find is that … (4 comments)

 
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Darel Ansley

Wenatchee, WA

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Peoples Bank

Office Phone: (509) 664-5324

Cell Phone: (509) 860-3301

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