WestStar Mortgage Rolls Out CloseitBuildit.com™

Oct. 14, 2009 - PRLog -- Roanoke, Texas  - WestStar Mortgage announced today the launch of their new brand, Close It, Build It™. The new brand is aimed at the small-to-medium sized home builders as a financing outlet through traditional FHA financing and a one-time close, construction-to-permanent loan.

Close It, Build It™ is an FHA one-time close program that offers financing directly to the homebuyer prior to the beginning of construction. Builders are able to take draws throughout construction to help manage their cash flow. Buyers are able to obtain financing with as little as 3.5% down payment or in some cases no investment if they already own their land. This type of financing for both builders and buyers offers some hope to a very particular segment of the market that has seen a slow down over the past twelve months.

Ryan Grandi, Vice President, is spearheading the project with hopes that the Close It, Build It™ will offer a lifeline to the small-to-medium size residential home builders that have been impacted by increasingly tighter credit markets.

“It has become increasingly more difficult for the smaller home builders to acquire new or additional credit lines,” says Grandi. “This limits construction for these builders as they work to effectively manage cash flow.”

Grandi indicated that there are only a handful of lenders providing this type of financing today. This is in part due to tougher mortgage insurance guidelines that went into affect late last year where credit score requirements were raised to 720 on conventional loans. Additionally, many lenders are unable to sell their loans as investors pass down additional underwriting layers that restrict this type of financing.

WestStar is a Ginnie Mae direct lender allowing them to underwrite to FHA guidelines without any investor overlay. “This is huge in today’s market,” says Grandi. “We have done these types of loans for years. If we were not a direct lender with Ginnie Mae our business would be severely impacted by the changes that have taken place in the mortgage industry over the past year. We are very fortunate to be in a growth mode.”

The new brand is already being offered and marketed through their website, CloseitBuildit.com, but will kick-off officially October 29, 2009 at the Sunbelt Builders Show. The Sunbelt Builders Show draws in builders from several states and will be held in Grapevine, Texas at the Gaylord Texan.

About WestStar Mortgage

Weststar Mortgage, founded in 1983, is a direct lender that specializes on tailoring solutions that traditional lenders and banks consider outside-the-box. Weststar services over $1 Billion in privately held mortgages and is a FNMA seller/servicer and an FHA Direct Endorsed lender with in-house underwriting. WestStar is a leader in staged interim construction financing/warehouse lending.

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Weststar Mortgage is a direct lender that specializes on tailoring solutions that traditional lenders and banks consider outside-the-box. Weststar is an FHA Direct Endorsed lender, and a leader in staged interim construction financing/warehouse lending.