www.zfgmortgage.com
918-459-6530 & 1-877-205-7266
THERE HAS NEVER BEEN A BETTER TIME TO BUY…AND IT JUST KEEPS GETTING BETTER.
(The home must be closed between April 9th, 2008 and July 1st, 2009).
February 15th 2009 Update
First-time buyers get $8,000 tax credit in stimulus bill:
Although many prospective home buyers had hoped for a $15,000 tax credit to buy a new home (as promised by the Senate), the $8,000 tax credit for new home buyers provided in the newest stimulus bill is unprecedented and incredible. A proposed $35 billion credit to support first time buyer home sales was jettisoned in favor of a more conservative $2 – $3 billion provision.
The proposal eliminates the repayment requirement in an existing tax credit for first-time home buyers, and raises the credit to $8,000 from $7,500. Essentially the Federal Government is giving $7,500 to $8,000 to first time home buyers to help stimulate the economy.
Clarification about the 2009 $8,000 first time home buyer tax credit:
- This is not a deduction, it is an actual $8000 reduction on your next tax bill.
- This bill was designed to help motivate renters (that have been sitting on the fence about home ownership) to become first-time home buyers for the greater good (benefit) of the United States economy (and not the apartment industry).
- The credit program is designed to cover qualifying home purchases between April 9, 2008 and April 1, 2009.
- Some of the details we are waiting for include income restrictions and possible re-payment plans.
To qualify, you must satisfy these conditions:
- The home much be purchased as a primary residence (you cannot buy your first home for the purposes of renting your new property to Cousin Eddie).
- You must not have owned a primary residence in the last three years.
- For couples, both individuals must not have owned a primary residence in the last three years.
- Vacation homes and rental properties don’t affect this (you aren’t disqualified if you have a vacation home or rental property).
- Must not be a non-resident alien as defined by the IRS in Publication 519.
- Individuals must have a modified adjusted gross income of less than $75,000 annually and couples MAGI of less than $150,000 to qualify for the full amount.
- The home must be closed between April 9th, 2008 and July 1st, 2009.
- The Bill does not provide mention of a credit score or history requirement (but more-than-likely you will need at least a 580 credit score or above).
How the “tax credit” works:
- The tax credit is 10% of the home’s sale price with a maximum of $7500.
- You must claim the credit on taxes filed in 2008 or 2009.
- It’s a credit and not a deduction (difference between tax credit and tax deduction).
- “Tax credit” is a misnomer because it’s really a zero percent loan with some qualifications.
What else in the Bill is “for business”:
Most economists feel as though the massive government spending outlined in this most recent “economic stimulus plan” will have only modest results for the economy as a whole, but here are the quick highlights of the governments most recent attempts to artificially create growth by reducing rates, and printing money:
- Companies that build bridges, make concrete, manufacture wind turbines and assemble backhoes for construction will benefit greatly from this $150 billion of new infrastructure spending under the stimulus.
- The package alots $50 billion for energy efficiency and renewable-energy programs.
- Large hospices will receive $134 million — from cuts in what Medicare pays them to care for dying patients.
- The nucleur energy industry will receive around $50 billion worth of federal loan guarantees for technologies that use little or no carbon.
- The defeense industry – The bill provides billion dollars for construction at military facilities.
- Home buyers credit – 10 percent of the value of a home, up to $8,000 was estimated to cost the government $6.6 billion and was allocated in this bill. This provision was designed to help home builders who have witnessed their worst year in new home sales since 1982 (Eye of the Tiger was the #1 Hit That Year).
To help our great customers to connect to our incredible products and services call ZFG mortgage today at:
www.zfgmortgage.com
918-459-6530 & 1-877-205-7266
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Your FICO score is computed and tracked by the three major credit bureaus: Trans Union, Equifax and Experian. Your score is updated quarterly and is negatively affected by such things as: late or missed loan payments, filing for bankruptcy, having too much debt compared to your income, and credit card balances being too close to their limits.
Fixing Bad Credit:
If you are a homeowner and you are looking into mortgage refinancing then you are on the right track toward improving your financial situation. However we have put together the following list of financial future improvement ideas to help you even further on the journey to becoming financially debt free and eventually financial independent. Credit card discipline is very important. There are no wealthy people with large credit card debts. Thus, you must work diligently to reduce the number of cards that you are using on a daily basis. And if you use the money wisely, you can get out of credit trouble and raise your FICO score. This will qualify you for better rates in the future
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ZFG mortgage helps you gain extra cash and lock in a fixed payment today. If you want to lower your payment and increase your positive cash flow today by paying off high interest debt you need to call ZFG mortgage. ZFG mortgage offers options that are generally available to anywhere else in the financial market place. Zeshu Financial is the most reasonable and honest refinancing company in Tulsa. ZFG Mortgage Tulsa is tailored to fit your specific lending needs with our customized lending options now available through our wholesale credit, affiliate credit and coorespondant lines of credit (including Countrywide, Bank of America, Chase, Wells Fargo, and many other leading financial institutions).
When refinancing your home loan it is important that you fully understand the long-term financial benefits and potential ramifications of each financial decision that you make today. Call ZFG Mortgage Tulsa to speak to one of our expert mortgage lending experts today.
Refinancing has never been easier and rates have never been lower, thus call ZFG Mortgage today at 918-459-6530.
www.zfgmortgage.com
ZFG Mortgages: Financing your home purchase
Buying a home is a large financial commitment and for many it’s their biggest investment. Research tells us that the average home buyer lives in the home they purchase for about five to seven years. Therefore, serious consideration should be given to mortgage arrangements so that you’re sure you’re committing to the best financial terms available.
Fixed Rate Mortgages are usually the most desirable type of loan. The reason for this is that the interest rate is set at the time of origination and remains the same for the entire length of the mortgage. Changes in the economy will not affect the amount of your monthly payment for the full term of the loan. The most common term is 30 years, but some banks and lending institutions also offer 10, 15, 20 and even 40 year mortgages.
Another type of loan is the Adjustable Rate Mortgage or ARM which has become more popular over the past few years. The initial monthly payments are lower than a fixed rate loan but can adjust after a period of time. That initial period usually lasts anywhere from 6 months to 5 years. After that period the monthly payments and the rate of interest are regularly adjusted based upon the interest rates of the market. It is therefore important for borrowers committing to an ARM to be sure they understand the exact terms for which they are liable. Adjustable rate mortgage loans have earned a bad reputation in recent times due to lenders using them to get people into houses they could not afford. There are some legitimate reasons to use an ARM. Perhaps you know up front that you will only be in a property for 3 years before a job transfer will take you to a new city. You might opt for an ARM with a lower payment for the first three years since you will be selling after that. In that case a 30 year fixed rate loan may not make as much sense.
Our mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home’s sale price, the term of the loan desired, buyer’s down payment percentage, and the loan’s interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Contact an Agent!
Contact a ZFG Mortgages Agent today!
Buying a home is a large financial commitment and for many it’s their biggest investment. Research tells us that the average home buyer lives in the home they purchase for about five to seven years. Therefore, serious consideration should be given to mortgage arrangements so that you’re sure you’re committing to the best financial terms available.
Fixed Rate Mortgages are usually the most desirable type of loan and for many years were the most common kind of Tulsa mortgage. The reason for this is that the interest rate is set at the time of origination and remains the same for the entire length of the mortgage. Changes in the economy will not affect the amount of your monthly payment for the full term of the loan. The most common term is 30 years, but some banks and lending institutions also offer 10, 15, 20 and even 40 year mortgages.
Another type of loan is the Adjustable Rate Mortgage or ARM which has become more popular over the past few years. The initial monthly payments are lower than a fixed rate loan but can adjust after a period of time. That initial period usually lasts anywhere from 6 months to 5 years. After that period the monthly payments and the rate of interest are regularly adjusted based upon the interest rates of the market. It is therefore important for borrowers committing to an ARM to be sure they understand the exact terms for which they are liable. Adjustable rate mortgage loans have earned a bad reputation in recent times due to lenders using them to get people into houses they could not afford. There are some legitimate reasons to use an ARM. Perhaps you know up front that you will only be in a property for 3 years before a job transfer will take you to a new city. You might opt for an ARM with a lower payment for the first three years since you will be selling after that. In that case a 30 year fixed rate loan may not make as much sense.
The Right Team…
New Home Mortgages, Refinancing, Home Equity Loans
Significant life milestones such as buying a home, refinancing a mortgage, or even tapping into your home equity are important decisions, requiring much consideration on your part. Team McClellan understands the serious commitment such decisions include, and what is often considered to be a monumental undertaking, fraught with frustration and concern.
You can rest assured that with our agents working closely with you every step of the way, you will walk away from the process with a better understanding of all the ins-and-outs of the intricacies involved in this process, and with a sense of comfort knowing that you are trusting your most important decisions to caring, dedicated pros who have put decades of experience with thousands of every type of real estate and mortgage transaction into ensuring your best interests and knowledge and comfort throughout the process.
Our goal is to assist our clients in thoroughly educating themselves about the changing market and real estate climate, so that you may better help yourself when it comes time to make important decisions about mortgage transactions. The ever-changing mortgage and real estate market is an exciting opportunity for education; therefore, we continually offer numerous opportunities for you to become an educated consumer, in every sense of the word.
It’s not just your mortgage; it’s your life, and we believe that you deserve as much information as possible when making critical decisions. We believe in making clients for life, and making sure that those important life milestones are transacted in a well-educated and thought out manner.
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With ZFG Mortgages you get low rates and fees through a technology and large mortgage broker company network. We employ experienced and knowledgeable mortgage bankers, trained to offer expert advice and excellent customer service. All loans are originated, underwritten, and processed. Our customers can feel comfortable knowing their loan officer will be involved throughout the entire process. We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken all of the guess work out of finding the perfect match for your Tulsa mortgage loan needs.
ZFG Mortgages are now fast and easy. Let ZFG Mortgages help simplify your Tulsa mortgage loan process and find the right lender for your specific lending needs. With an automated loan application process we are able to match our customers to lenders that best fit their financing needs.
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Please contact one of our friendly mortgage brokers today for free home loan consultation. Call us or visit us online today!
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http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20090403_46_E2_Rateso993956
Mortgage rates hit record low
The interest on a 30-year fixed note falls to 4.78 percent.
Rates on 30-year mortgages fell to their lowest on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.
The mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.78 percent this week, from 4.85 percent last week.
It was the lowest in the history of Freddie Mac’s survey, which dates to 1971. Rates are down by more than a full percentage point from a year ago.
“Mortgage rates followed other interest rates lower this week amid reports of slower economic growth” said Frank Nothaft, Freddie Mac’s vice president and chief economist.
Rates vary at Tulsa-area lenders. BOk Mortgage President Ben Cowen said the lender’s 30-year, fixed-rate mortgages were going for 4.78 percent.
Because rates have been low for some weeks, demand for new mortgages is picking up at his office, he added.
Low rates have sparked a surge in refinancing. The Mortgage Bankers Association said Wednesday that its weekly application index climbed 3 percent for the week ending March 27, on top of a 30 percent increase a week earlier. Nearly 80 percent of applications came from borrowers seeking to refinance.
Mortgage rates fell dramatically over the winter and have fallen further after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on
30-year home loans.
Lenders, however, have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
The average rate on a 15-year fixed-rate mortgage dropped to 4.52 percent this week, from 4.58 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages fell to 4.92 percent, compared with 4.96 percent last week. Rates on one-year, adjustable-rate mortgages fell to 4.75 percent, from 4.85 percent.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all mortgages in Freddie Mac’s survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.
http://www.journalrecord.com/article.cfm?recid=97400
Capital Assets pays $27.98M for four Tulsa apartment complexes
by Kirby Lee Davis
The Journal Record April 3, 2009
TULSA – Capital Assets paid $27.98 million for four Tulsa apartment complexes, with plans to spend $3.1 million renovating the Class B properties.
Adding those 984 units brings the company to 5,043 under management in Tulsa and Oklahoma City, eclipsing the mark Vice President Greg Wright targeted two years ago for optimum critical mass. But with the national recession and continued tight credit making mortgage refinancing far more difficult, president Royce Wright anticipates closing more bargain deals this year on potential distressed properties.
This one involved a two-month deadline that heightened the suspense, said Tooman Partners Principal Gary B. Krisman, who with Royce Wright represented Capital Assets in the deal.
“It was a miracle we got this one pulled off,” said Greg Wright. “We had four different properties that all had to close at the same time. To really do it in 60 days is phenomenal.”
The deal involves three 1970s-era properties and one built in 1982, their occupancies generally trailing the 93 percent averaged by others in the Capital Asset portfolio.
“We feel like these fit in rather nicely,” he said of the portfolio mix. “We will have property all across Tulsa, east, central and south.”
Under the name Sand Dollar on the River Apartments, Tulsa-based Capital Assets paid $7.47 million for the 10.3-acre Sand Dollar on the River complex, 910 E. 61st St. The firm will invest $1 million, adding fitness and business centers, upgrading the office, installing washer and dryers in some units, restoring some offline units and making overall cosmetic improvements.
The 27-year-old Sand Dollar gives Capital Assets a Riverside Drive product with great views of the Arkansas River. It also boasts an entryway pond and other water features.
“We see Sand Dollar as a property you can really reposition in the market,” said Greg Wright, their renovations intended to boost its occupancy rate above the low 80s level.
Apart from its 64 two-bedroom units at $568 a month, Sand Dollar’s 328 units target one-bedroom or studio customers, their rents ranging from $359 to $459.
As Tulsa Four Hunters Creek LLC, Capital Assets paid $6.9 million for the 25.2-acre Hunters Creek Apartments and Duplexes, 1563 S. 79th East Ave. Capital Assets intends to spend $600,000 sprucing up the trim, woodwork and paint while adding a business center.
Opened in 1972, almost half of the 206 Hunters Creek units offer three bedrooms and two baths at $699 a month. Another 44 represent two-bedroom floor plans, their monthly rents ranging from $539 to $569.
“It’s just a beautiful setting, with a meandering creek that runs through the property,” Royce Wright said of the low-90s occupancy site. “It’s got these arbors with flowering vines. … It’s just lovely.”
Under the name Tulsa Four Lakewood Park LLC, the Wrights spent $4.56 million for the 6.27-acre Lakewood Park Apartments, 3625 S. Lakewood Ave. The firm allotted $400,000 to freshen up the complex, adding a fitness center while sprucing up the office and business center.
Greg Wright said Lakewood’s location makes that it attractive, sitting just behind Bishop Kelley High School, along Tulsa’s 41st Street retail corridor.
Like Sand Dollar, that 224-unit property focuses predominantly on one-bedroom units, now offered at $404 a month. The 93-percent occupied complex provides 56 two-bedroom units at $514 a month.
Capital Assets, as Tulsa Four Arbors LLC, paid $3.99 million for the Arbors of Southern Hills, an 11.9-acre complex at 6630 S. Zunis Ave. The Wrights will pour $1.1 million into that 1972 complex near Oral Roberts University, returning some units to service, improving the fitness center, business center and office, and touching up the wood and paint.
With occupancy rates in the 70-percent range, the Arbors offers 120 two-bedroom apartments at $622 a month, 88 one-bedroom units at $422, and 18 three-bedroom units at $725.
The seller of all four properties was nonprofit multifamily investor NVHF, owning these properties under the names Hunters Creek Properties LLC, Sand Dollar on the River LLC, Arbors of Southern Hills Properties LLC, and Lakewood Park Properties LLC. An affiliate of NVHF also had invested in the Cambridge Landing Apartments in Oklahoma City.
To finance the purchase of Hunters Creek and Lakewood Park, Capital Assets worked with Evans Rector with Power One Financial, Todd McNeill with Metropolitan Capital Advisors, and Alliant Capital LLC.
For Sand Dollar and the Arbors, the Wrights used Rector and SpiritBank.
‘The most stressful three hours’
Balancing financing through several different lenders against the seller’s rigid closing deadline caused tremendous challenges, said Krisman.
“On Jan. 15, we had a verbal agreement,” said Greg Wright. “It wasn’t until Feb. 1 that we got a written copy of the contract. And we had to close it by March 31.”
A technical snafu heightened the pressure for Hendricks and Partners broker Aaron Hargrove, who with Tim McKay and John Clayton had offered the deal to Capital Assets.
“We had a hard date that it had to be closed by or the deal was off,” he said. “We were putting all our eggs in one basket. We had to be very confident that we had picked the right buyer.
“Literally we had a 12 o’clock Central Standard Time wire deadline on Tuesday the 31st,” said Hargrove. “I literally was on the phone between 9:40 and 12:15 constantly, on probably 100 different phone calls, and receiving last-minute signature page faxes. Now, our fax machine, anytime I receive a fax, comes straight into my Inbox on Outlook. At 11:30 we’re waiting for the last signatures to come in and our national server goes down.
“I’m not kidding,” he stressed. “People were freaking out.
“I knew it would get done,” he said. “I never was sweating it wouldn’t get done, but I was sweating taking calls from the buyer and seller and closing agent that it wouldn’t get done.
“It was the most stressful three hours I’ve ever been a part of in a business transaction,” said Hargrove. “It was exciting.”
Zeshu Financial: Your Tulsa Mortgage & Lending Resource 