katie marchione: Basics of Construction Loans - 03/27/08 01:29 PM
How do Construction Loans Work? A construction loan finances the following: •1. The land •2. Land improvements -i.e. clearing, grading, utilities, etc. •3. Actual construction costs •4. Finishes to the home - i.e. carpet, appliances, tile, etc. •5. Architect or engineering fees •6. Permits •7. Interest Reserve account to pay your mortgage during construction •8. Closing costs (in … (0 comments)
katie marchione: Jewelry, toys, and cars are not liquid assets! - 03/19/08 05:54 PM
Have you ever heard this from a client? "Well my 2007 Camry is paid off and that's worth about $15,000" or "I have a dune-buggy that I paid cash for last year, can't you state that on the application?" With guidelines tightening up in recent months, and lenders requiring more assets … (0 comments)
katie marchione: 2008 is the time to BUILD - 02/07/08 03:38 PM
Why you should BUILD in 2008 If you are one of the many people out there who are struggling to make the payment on your vacant lot, listen up! Obviously the market has slowed down, and lots especially aren't selling very quickly. Have you ever considered building a house on that lot? Or … (2 comments)
katie marchione: Zero Down Construction Loan Information - 11/06/07 05:48 PM
ZERO DOWN! Custom Home Construction Loan & Financing Community First Financial is excited to offer our no money down* construction loan program. This program is designed for primary and 2nd home buyers who want to put limited funds into their custom home project. This program also allows the borrower to use … (2 comments)
katie marchione: Challenges of a Construction Loan - 10/30/07 06:07 PM
People often ask me why construction loans are so difficult? One would think this is a question a potential client, building their first home, or maybe a Realtor new to the construction arena would ask. Unfortunately this question I get asked most by colleagues in my profession. Loan officers, processors, and senior … (0 comments)
katie marchione: Construction to Permanent vs. Construction Only - 10/30/07 06:04 PM
What is the difference between "Construction-to-Permanent" and "Construction Only" loan programs? A C/P or Construction-to-Permanent, also called "One Time Close" is a type of construction loan that rolls directly into your permanent financing once your home has received its Certificate of Occupancy. Typically, the borrower qualifies for the loan to the … (4 comments)
katie marchione: Construction Loans 101 - 10/30/07 05:56 PM
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, … (0 comments)
katie marchione: Super Bowl 2008 Rentals – Any Advice? - 10/16/07 01:55 PM
With the Super Bowl coming here to Glendale in a few months, we have been contemplating renting out one of our investment properties and possibly our primary residence. I have been watching Craigs List recently and the prices to rent a home out here for the week are staggering! I can't … (12 comments)
katie marchione: Brokers vs. Banks - Pick me first! - 10/11/07 05:57 PM
Lately, I am hearing more and more from realtors and others that they are urging borrowers to go to their local banks for financing. They are telling them to stay away from larger banks and mortgage brokers due to unstable market conditions ( ie: subprime mess, lenders closing ) Now I may … (35 comments)
katie marchione: From Rich Dad to co-owner of Community First Financial - 10/11/07 05:12 PM
Former Rich Dad executive creates opportunity in a down market and educates others how to do the same 2007-10-04 00:15:50 - ( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since … (1 comments)
katie marchione: Is it wise to mix friends and business? - 10/03/07 05:30 PM
Hello, here is the first blog from another new member of Active Rain! I have been in the mortgage industry since 2003 and I am a Loan Coordinator for our construction loan division at Community First Financial. Whenever the opportunity arises, I like to originate my own loans as well. So I … (0 comments)
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How do Construction Loans Work? 
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