Financing 2018-04-10T17:47:42-05:00

Get Pre-Approved

Biggs Realty is partnered with DFW’s premiere home loan experts, the Core Team. Core Team has a wealth of experience coupled with 10-15 day average close times and in-house under writers to get you in your dream home faster than ever before. learn More and get pre-approved below.

Get Pre-Approved

 

We have a strong and genuine belief in the “customer for life” principle of doing business: it is what fuels our company. Referrals from previous customers and local real estate professionals have always delivered the majority of our production.

The CORE Team takes pride in being one of the leaders in the mortgage industry. Through our ethics, policies, practices, technology and support, the home buying experience will be Supreme.

The Supreme Lending culture is one where the customer comes first. It is our goal to build customers for life by helping homebuyers achieve their dreams. Our customers will always be treated fairly and honestly.
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Loan Programs

Conventional loans are actually any type of creditor agreement that are not financed by the Veterans Administration (VA), or supported by the Federal Housing Administration (FHA). In general, all conventional loans are protected by the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC).

There are different types of conventional loans that have their own peculiarities. Conforming and nonconforming types of conventional loans are the most common kind of subdivision. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. One key feature is that the loan amount can not exceed the maximum loan limit set by Fannie and Freddie.

Advantages:

  • The fact that the creditors can actually keep the loan in their own portfolios and in this way they provide themselves with more flexibility concerning the loans as it must not take any other direction when it comes to some other borrowers.
  • The creditors are free to add or on the contrary eliminate some of the fees on the loans.
  • In the case when a person who is willing to get a loan does not have all the possibilities to do that, the creditor has the opportunity to self-insure the loan at the same time increasing the interest rate so that to recompense for the risk he or she takes.

A jumbo is a loan in which the amount borrowed is greater than loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC)

Advantages:

  • Able to finance a home that is over the maximum loan amount established by Fannie Mae and Freddie Mac.
  • Enables a borrower to purchase “more house”.

The Federal Housing Administration was created in 1934 as an effort to bolster homes sales during the Depression. By financially guaranteeing loans the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.

Advantages:

  • Bankruptcy not an automatic disqualification.
  • Less stringent credit requirements.
  • Lower interest rates.
  • Down payment is less.
  • Lower mortgage points and other closing cost requirements.
  • Resale can be made quicker.
  • Is backed by the U.S. government.

Features:

  • Down payment required.
  • Higher MIP than on conventional loans.
  • Loan Limits are lower than conventional.
  • MIP required regardless of the Loan-to-Value (LTV).

A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.

Advantages:

  • No down payment.
  • VA does not require private MIP.
  • Limit on the amount of origination fees and closing costs that the lender can charge.
  • Limit also placed on appraisal fees.

Features:

  • Borrower must have a Certificate of Eligibility (CoE) from the VA in order to avoid a longer processing time.
  • Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
  • Closing costs may be paid by the lender and/or the seller.

The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA Rural Housing Loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment.

Advantages:

  • No Down Payment requirement.
  • Property must be located in an eligible rural area (moved up from disadvantages).
  • Closing Cost can be added into the loan (if the property appraises high enough to include it at up to 102% of the appraised value).
  • Loan government guarantee fee and not monthly guarantee fee.
  • Low interest rates.
  • Applicants with a wide range of credit profiles.
  • Income eligible applicants who do not qualify for conventional financing.
  • Families & Individuals that have minimal funds for a down payment and closing costs.
    Includes First Time Homebuyers and Repeat Homebuyers.
  • Seller Concessions – 6% max.
  • No cash reserve requirement.
  • No Non-Allowables costs.
  • No First Time Homebuyer Requirement.
  • 30 Year Loan @ Competitive Fixed Rate.
  • No Limit on Gift Funds.

Features:

  • Property must be in very good condition and have a high insulation R-factor.
  • You can not make over 50% of 115% of the median county income to qualify.
  • Must be able to verify income limits.

Home Loan Process

  • You complete the loan application and all items have been submitted. 

  • We order your credit report. 

  • We meet with you to determine which loan suits you best. 

  • We issue a pre-approval and you start looking for a home with a real estate agent. 

  • You find your home, your real estate agent presents an offer, offer is accepted and a closing date is set. 

  • We order appraisal, title report, insurance binder, and other necessary documents. 

  • We submit the completed files to underwriting for final approval. 

  • Final approval is issued and any final conditions are collected and satisfied. 

  • Loan is clear to close, closing documents are sent to the title company. 

  • We send you and your real estate agents a copy of the final settlement statement for you to review in advance. 

  • Your file goes to closing and you are ready to fund. 

  • Congratulations, you are officially a home owner!

Client Testimonials

Our experience with Derick was our best yet and we have moved many, many times. There was not much inventory in the area where we wanted to live, and we complicated it by having some requirements that were not that easy to find. We had to move quickly with each new listing and he gave us good advice to get the contract. Derick was very easy to work with and has a calming and reassuring manner along with his wealth of experience and knowledge. He also provided top notch contacts after we closed for updates on the house. We highly recommend him!

Karen E.

Derick is resourceful, knowledgeable, and kind. He’s dedicated to his clients and communicates in a timely manner. He took extra steps to ensure we found a property that suited our family’s needs and wants.

Shaun A.

Our Owners

Derick BiggsOwner / Broker
Intuitive, seamless, automated, forward thinking. These are ideas that were discussed with the formation of Biggs Realty. Pride in his craft is what drove Derick Biggs to formulate the company that is today one of the fastest growing innovative brokerages in Texas. Derick has been a full time real estate agent in the North Texas area since 1999. He has been a multi year multi million dollar producer, and has been extremely successful in the fast paced, always changing DFW market. Derick obtained his brokers license in 2012 concentrating on finding the right time, and like minded group of partners to branch out and start a brokerage with the forward thinking concepts of offering a cloud based brokerage with patent pending software and a top notch level of service for clients. He is continuing his success as broker of record for Biggs Realty, by identifying, recruiting and developing top agents. His drive to see agents not only succeed but thrive in the ever changing and competitive market place is his passion. Derick has lived in McKinney, TX since 1988 and experienced the phenomenal growth that has blessed the North Texas area. He is married to his wife, Shannon, and has three children, Austin, Laine and Annalee.
Jeremy SwindellVice President / Owner
Jeremy Swindell has been blessed to be born and raised in the great state of Texas, and he will always call Texas home. Immediately after graduating college, Jeremy entered into a career in outside sales. Jeremy knew no matter what direction his career path went, his passion was to guide people in the right direction to reach their dreams. Whether it was in business, or helping someone in their personal life, Jeremy wanted to see them succeed at the highest level possible. After moving to the North Texas area over sixteen years ago from Houston, Jeremy saw the opportunity to follow his passion. By watching major companies relocate, and seeing the influx of families moving from all over the world to the North Texas area, Jeremy knew right then that he would be a part of something special. Jeremy jumped head first into a career in real estate and has never looked back since. Real Estate has allowed Jeremy to live out his passion. Through real estate, Jeremy has truly been able to help individuals and their families make their dreams come true. Jeremy understands the intricacies of buying or selling a home can be very emotional. By making families feel comfortable and educating them through the real estate process he allows his clients to enjoy the journey that will allow them to open the door to the home of their dreams. Not only their dream home, but a home where they can start making memories that will last a lifetime.
Jeremy makes his home in Celina Texas, with his wife Kara and daughters Allie, and Reese. Jeremy and Kara spend their spare time enjoying watching their daughters play sports, and hanging out with their family and close friends.
Grant JonesCTO - Owner
Grant Jones is a forward thinking business owner and private equity inventor. His extensive knowledge is based from years of experience in multiple fields including manufacturing, e-commerce, app development, and many others. He was blessed to be raised in a business minded home where he was trained from a young age to succeed in harsh, unforgiving markets. Today, Grant has been featured in Entrepreneur.com, Business News Daily and runs several successful businesses. His thirst for knowledge and self sufficiency has driven him to learn over 40 pieces of software. Grant’s sole purpose with Biggs Realty is to use technology to facilitate change within the real estate community, to break through old thought processes, and to create something refreshing / new that will set the bar for years to come.