Chinese drywall

I was flabergasted when I saw the news report regarding the Chinese drywall a few weeks ago, and relieved for my clients when I learned that this drywall was predominately sold to large tract builders.   That is, if you purchased your drywall from Home Depot, Lowes, etc, it is unlikely that you received this toxic material.

Here is an update post regarding a class action lawsuit: http://www.hgtvpro.com/hpro/nws_econ_fin_material/article/0,2624,HPRO_26526_5942046,00.html?nl=HGPro_v212c_Top5-Chinese

The defective drywall emits sulfur compounds that corrode air conditioning coils, and damages other metals on items inside the home, including jewelry, chrome, silverware and copper wiring inside electrical outlets.  Also,  people who live in homes with the drywall have reported health complaints, from nosebleeds, headaches and nausea to respiratory problems. 

It has been found now in 41 states.

By the way, we still have financing available for owner-builders in most states…  most programs require 20% down.

LONG time, no post…

have not kept this site up…. been scrambling to find new business and work with all our new lenders.  YES!  we do still have owner-builder financing available.

Offerings vary by state, so if you are seeking financing, email me with your location, and I will post back with terms. 

BIG right now is renovation- BUY a new home with only 3.5% down and renovate it to suit your needs!

Lending still available!

Just a heads up that we still have some strong lenders available to help finance owner-builder construction, and also lenders with GC involvement.

Send me a email in regards to WHERE lending is available.

Also, I have re-entered the mortgage biz with L&G Mortgage Banc, which means I can do purchase, refinance, rehab loans in AZ, CA, NM, CO, TX, NV, WA, and ID.

cindy@buildmax.com

BUILDMAX article in “Family Home Plans”

Follow this link to excellent article in the Family Home Plans digital magazine Fall 2008, titled “the Upside of the Downturn in Home Construction”.
 
 
http://www.familyhomeplans-digital.com/familyhomeplans/2008fall/

What construction lending terms are your receiving?

OK readers.. would love to hear from you in regards to what kind of construction financing you are finding out there!

I am aware that many local banks are still lending.. but at what LTV/LTC, what down payment, and with or without a builder?

WE still have available 3 lenders and soon to add another…. and can you believe that we are STILL able to offer a construction to perm loan with only 5% down (based on appraised value of the project)?  AND with credit score of only 640?

I believe that this is still a good time to build.  In many areas the values are stablizing and may not drop further.   Your construction-perm loan is based on Fair Market Value at the time of construction start; a new appraisal is NOT done at the completion of the project.  Thus, IF you are building in sufficient ‘sweat equity’, then your investment will be safe.

Many subcontractors need the work!   Why not start your project now and a discounted land purchase, and employ these needy trades!

TWELVE.. count them… 12!  months of no payments while you build!

Call me.  I will get you started first with an estimated cost to build budget line-item, a detail of lending terms, and then get your loan application over to the lender for credit approval.

Again, I welcome your replies in regards to what lenders are offering you on construction financing!

RENOVATING?

I have come upon more and more clients who are choosing to renovate or remodel their existing home as opposed to building a NEW home.. which in itself is a ‘GREEN’ alternative!

BuildMax has just brought on-board a new lender that can offer 97% financing to pay off your existing property, purchase building materials, pay for labor, permits, fees, closing costs and NO payments for 6 months while you renovate.   Credit scores as low as 580!

Go to http://improvemax.com/ and then call me for more information!  

Foundations

No question that a strong foundation  is pertinent to a well-built home… don’t take shortcuts on this stage!

Check out  www.hgtvpro.com best practices video center… in fact here is direct link to foundation related videos:  http://www.hgtvpro.com/hpro/pac_ctnt/text/0,2595,HPRO_20196_55073,00.html?c=487&videoid=70747