Speaker 1: (00:00)
Hello, and welcome to the Shaw Holmes podcast. The one and only Jenks home builder show, where I break down just how easy it is to build your dream home with Shaw homes. I’m your host, Colton cruise, the timber Creek community manager in jinx, Oklahoma. All right, now we are making our way through the path and we are on the second step of your path to your new Shaw home, the best Jenks home builder in Oklahoma. Now the second step, which is financing is probably the fastest and easiest step that we have on the path takes. It takes no time at all. And it’s super simple just to fill out an application. Um, but that being said, it’s also one of the most intimidating steps on the path. So I’m going to go through it and try to break it down, uh, as easy as I can, um, to show you how we are the best Jenks home builder in Oklahoma.
Speaker 1: (01:05)
Now, whenever you pick one of our four preferred lenders, which is either total lending concepts, bank of Oklahoma, first Oklahoma bank and spirit bank. Now, when you, you choose out of our preferred lenders, you’ll actually get incentives to doing so. Now our most recent preferred lender took him three years to become a preferred lender. So we don’t just pick these people and, uh, you know, not without doing, um, extensive checks to make sure that they do business up to par with how we do business. So it’s, uh, it’s a very, very slow and detailed process to become a preferred lender with us. Now, whenever you have your own lender, if you want to go with your own lender, our lenders will do closing cost matching and interest rate matching. So there’s really not going to be anything that your lenders can do that ours can’t do or won’t do for you not to mention the extra incentives that are added on to those, those, uh, those lenders.
Speaker 1: (02:34)
So now whenever you qualify and you do the application, you will receive monthly payment quotes. So not just the total amount. Yes, you’re approved. You’re good to go. We will give you detailed monthly payment quotes that include the interest, the insurance and the taxes in the area of where you’re looking. So there’ll be very, very, very detailed. The applications take only about five minutes to do. It’s super simple. You can go to build with colton.com. That’s my website, Colton cruise. Um, and, uh, I am tied with Shaw homes, which is Oklahoma’s best GenX home builder. And, um, you can go through our, our preferred lenders and choose which one you want to use, and you can click on it or tap on it if depending on if you’re on your phone and it will take you directly to their, um, their page where you’d fill out that application.
Speaker 1: (03:43)
It’s a five minute application super, super quick. Now we usually like to say that there’s going to be a 24 hour approval process. It normally does not take that long. If you do it that night, you’ll most likely have your approval that next morning, or sometime around lunchtime. It doesn’t normally take 24 hours. It’s usually really, really quick. And, uh, I did mention the interest rate matching and the closing cost matching if you’re wanting to use your own lender, but we would highly recommend using ours. We’ve done business with them before, and they’re just really, really good companies to work with. Now we do conventional loans, FHA loans, VA loans, and native America loans. So what I’m going to do now is give you a breakdown of exactly what is the difference between each one. Now the first one is the conventional loan. Now it’s important to remember that this is not a government loan and it is going to be a 5, 10, 15, or 20% or even more down, um, depending on your credit and things like that to qualify for this one.
Speaker 1: (05:00)
Um, you do have PMI, which is basically insurance mortgage insurance. Um, unless you, you go ahead and do 20% or more down, um, and you can get rid of it once you put that one, once you put that 20% down, um, and the greatest advantage to this loan is that you have the ability to get rid of PMI. Some you can’t. Um, and if you don’t get rid of the PMI, it’s still lower than most of the other loans for Jenks home builder. Um, you do have a larger down payment amount though. So that would be the downside to that spec, that specific loan. The next one is the F H loan, which is the federal housing administration or a government loan. Um, a lot of people think that this is the first time buyers loan, but it’s not, you can use it over and over and over again. Uh, it does require three and a half percent down to
Speaker 2: (05:57)
Qualify for this one. And you do have qualified. You do have PMI on this loan, but you cannot get rid of that loan. You cannot get rid of the PMI on this loan. Uh, what’s nice about it is that it has an ease of qualification and it’s a really low down payment, but the biggest disadvantage is that you cannot get rid of the PMI. Now, these two loans are probably the most common loans that we work with. Um, especially being the best Jenks home builder in Oklahoma. And of course you’d want to do your work with Colton crews and build with colton.com. Now the next one is the VA loan, which is one of the best loans that you can get. Um, it is the veteran administration, uh, but it is a government loan. It doesn’t take any thing down to qualify for this loan. 0% down to qualify. You do unfortunately have PMI and you cannot get rid of that PMI, um, reminder that the BMI is just the mortgage insurance. The greatest advantage to this loan is that you can roll the closing costs and the funding fee into the payment. Uh, and of course the 0% down is a huge advantage, but the funding fee can be a little high. Um, and so, uh, when you’re adding that into your closing costs, when you’re adding that into your monthly payment, that can make it a little bit higher.
Speaker 2: (07:37)
Now we have the section 180 4 or the native American loan, which this is a government loan and you, it does require 2.2, 5% in order to qualify for this loan. It also has a really low debt to income ratio requirement, meaning that your income has to be significantly higher compared to your debt. Um, so that is something that is harder to qualify for it, but you do not have PMI on this loan, uh, meaning that you’re not having to pay monthly for that mortgage insurance. You have a really low down payment and, uh, you don’t get no PE you don’t have any PMI. There is a possible grant from the tribe to pay for the closing costs and the fees. Um, so it can be a really, really good loan to have if you can qualify for it. And there are no disadvantages to this loan other than it’s hard to qualify for it for Jenks home builder.
Speaker 2: (08:43)
Now, the next one is the RD loan, which is the farm bureau loan, or it’s a USA USD, a loan, some call it the rural district loan, which is what the RG stands for. It is a government loan and it requires 0% down payment to qualify. You do have PMI on this loan and you cannot unfortunately get rid of the PMI on this loan to the greatest advantage is that it takes zero down to, um, to apply for this loan and, and qualify for it. Uh, but the biggest disadvantage is that it requires you to be in a rural area, meaning out in the country, away from the cities and, uh, and suburbs. So location is important for this loan in order to qualify for it. We also have a construction loan, which us, the construction builders will be the home builders. Um, we’ll be applying for, uh, this is the money used to construct the home, and it’s a five to 20% down, uh, needed to qualify for this loan zero PMI. It’s not, it’s not even applicable. Um, and same thing with getting rid of the PMI. It’s not applicable. Uh, it’s the greatest tool that we have to get the construction started and get things rolling. So that has been the breakdown in detail for step two of your path to your new Shaw home. Thanks for listening guys. I appreciate it. And I’ll see you next time.