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Wednesday, October 28, 2009

Frisco One Time Close...Custom Home Build

One Time Close for Frisco and McKinney Texas's a TRUE One Time Close too.

Building your own Custom Home? check this out!

This loan includes financing for both the construction and permanent loan in one closing. That means saving the expense of dual loan fees and the worry of having to re-qualify for a permanent loan after the home is complete.

-The interest-rate is fixed and secure from beginning to end! You can relax and enjoy the security and peace of mind that comes from knowing the permanent interest rate before construction even begins.

-Rely on our investor’s years of experience in construction lending.

-No “per-draw” fees. Unlike most lenders, our construction loan includes free monthly draw inspections!

Use the one time close for a number of purpose...Major Remodel
Custom Construction or Major Remodel of an Owner Occupied Single Family Residence or
Second Home.
Only 10% down payment required!

Tear Down and Rebuild:
Regardless of when the property was purchased, if the old house is being completely demolished in order to rebuild a new home, the 10% down payment or equity required is derived from the appraised value of the home AFTER the remodel/rebuild, or the total of the fixed price construction contract, plus the current site value (only), plus closing costs, whichever is less.

Loan Payments to Investor:
During Construction: Borrower(s) will be billed “interest only” each month based on the total portion of the loan amount that has been disbursed. After
the project is 100% complete, the loan will automatically convert to permanent
financing at the same interest rate, with monthly principal and interest payments fully amortized over the term of the loan.

After Conversion to Permanent Loan:
After conversion, the borrower has the
option of making their monthly payments manually or via the “E-Z Pay”
method (automatic withdrawal from a checking account of Borrower(s)choice).

Monday, October 19, 2009

Word on Extending Tax Credit for 2010

Have you been wondering, will the First Time Buyer Tax Credit stimulus package really go away as the timeline by law defines, or will they extend it?
Without disclosing the name of the person who forwarded the letter to me, and who was addressed on the letter, I did see the official letter from Washington that was written on October 5, 2009 that talked about this. My understanding of the letter lead me to believe that it would be possible that as the current tax advantage opportunity expires, there is possibility that a new one would be set forth including not just First Time Buyers. The new one MIGHT increase the amount one might get for the tax credit, and it would include anyone buying a primary residence rather than just the first time buyer.
Keep your fingers crossed!

Wednesday, October 14, 2009

Fannie Refi or Refinance Plus

Are you looking to see if you fit into the guidelines for the Fannie Mae program designed to help current home owners with a good pay history on their current home loan but may not have enough equity in their home due to poor market conditions, but want to take advantage of the super low rates our market is offering?
The Fannie Mae Refi Plus very possibly is your answer. This loan provides a competitively-priced, streamline refinance option to qualified borrowers who currently have a Fannie Mae® loan. This option is only available to Fannie Mae customers who have demonstrated their ability to repay their mortgage and have verified their information as part of their original loan. As a result, these borrowers may qualify to refinance with minimal documentation requirements.
If your existing loan did not come with monthly mortgage insurance, you may refinance under this loan and have a new loan to value over that 80% threshold that normal would call for a demanded mortgage insurance, but you will not be required to have it...that is if your middle credit score from the three credit bureaus is above 700. In general, this loan is available for new borrowers with a minimum credit score of 620.
Here is a list of loans that can NOT be paid off with the refi plus:
  • 2nd liens
  • Interest-only loans
  • 3/1 Fixed Period ARMs
  • Balloon mortgages
  • MyCommunityMortgage®
  • HomeStyle® Renovation
  • Flex 97
  • Loans subject to any outstanding repurchase request from Fannie Mae
The cost for this refinance can be slightly cheaper than a normal refinance due to the possibility of having appraisal waivers or exterior appraisal needs only.

Too see if your loan is a Fannie Mae loan and possibly eligible for this opportunity, go here.
If you are interested in seeing if your home is eligible and you are approved, my team can do that work for you if you would just call us at 469-450-2723...we'll need your current loan number from your current mortgage statement, your current interest rate, the balance on any loans you have on the property, and the type of loan you have.

Tuesday, October 06, 2009

Extend Home Buyer Tax Credit of $8,000 for Frisco Home Buyers

The question I see as a mortgage person in Frisco Texas a lot this year is, "Do I think that the first time Home Buyer Tax Credit will be extended to 2010." My response is, "I sure should be", because it seems like it has given a lot of folks the extra steam they needed to get going in a job market and home market that isn't necessarily one that prods you toward buying a home right now.
In search of statistics to see who is doing their homework to show the government that this Tax Credit is the one stimulus that should be more permanent than any other, it seems like it's an overwhelming YES from the masses to extend it.
In a Weichart poll of around 1,000 Realtors, 71% revealed that the tax credit had the largest positive response in their business in 2009. Of that poll, 92% thought that the market would decline after November if the Tax Credit wasn't reinstated and 97% were in favor of reinstating it.
If you get the chance, vote to's good for the home market and what's good for the home market is good for you. Reason being, the Chief Economist of Stewart Title, the leader in the title industry in the United States, made note in a an economic forecast I attend earlier this year that every single recession that our nation has seen in it's history was turned around first by the housing market. If history defines the present as it normally does, we need to first stimulate our housing market before we expect to see any permanent positive changes in our nations overall economy, including consumer spending, decrease in unemployment, and increase in jobs, obviously.

Testimonials & About Me

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Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.