Here’s a unique program to help people buy New Construction homes in the Redding California area. Local bankers North Valley Bank, and local builders Ochoa & Shehan have teamed up to create a new finance option for people to buy or build new homes.
Here’s the issue they address: A lot of potential buyers have had unusual conditions prevent them from getting traditional financing. NVB has developed ARM loans specific to new construction with Ochoa & Shehan that removes obstacles to good buyers who have maybe bad credit scores, or some other financial obstacle that an ordinary FHA type loan wouldn’t consider. This isn’t Sub Prime lending! While it is Creative Financing, its not the type that crashed the economy. This program is targeted for specific buyers. Those whom a smaller local bank can determine is a good risk, and who may not have any options with a big box lender. NVB is going to “portfolio” these loans, which is to say they won’t sell them in the secondary market. So they will be looking for good candidate buyers, who they expect to pay them back. Perhaps a high earner with a good job, who was foreclosed on, or had some other financial setback in this economy that was unusual. The upshot is that they can buy a high quality local home at a terrific rate. Ochoa and Shehan build excelent high quality Earth Advantage homes, and becasue they use local contractors, it’s a win-win for the local economy. Call us for more info.
(530) 255 4070
