If you’ve been waiting for the planets to become perfectly lined up before buying your first home, wait no longer!
Buying your first home is a big decision, and if you haven’t thought much about it, you need to start now. According to HUD, home prices have stabilized and will start rising.
If you have a stable job, and plan on staying in the Nashville area, what are you waiting for? The rent to go up?
No agency is better developing programs for first-time buyers than the Tennessee Housing Development Agency, THDA, who announced today a further drop in their program rates effective Monday, July 18th. Check this out: (shown are current rates, edited January 2012)
THDA Great Rate – 3.95% This loan is perfect for a first-time buyer that already has their 3.5% downpayment funds secured, but has high “front-end” ratios. With this loan, the house-payment can actually be as high as 44.99% of gross income, as long as no other installment debt is present.
THDA Great Advantage – 4.25% This plan is great for those that may be just a little short on cash. With this plan, the buyer receives a 2% grant, which can be used toward the required downpayment, or closing costs.
THDA Great Start – 4.55% This plan is terrific for those wishing to save their cash for other plans. The buyer receives a 4% grant, which can be used toward the required downpayment, administrative, and closing costs. With a seller paying all closing costs (which Ole South does), this is truly a “ZERO CASH REQUIRED” loan.
Homeownership for the Brave – Veterans and active duty military ned to explore this great program. Pick any plan listed above and subtract 1/2% from the fixed interest rate. No first time buyer requirement, and if you have another home financed through VA, you can still use this program and not sell that other home…as long as the new home will be your principal residence.
Targeted Counties – The first-time buyer requirement is waived in designated “targeted counties.” Maury County is one such area and you will want to explore to great selection of new homes in Ole South’s Meadowbrook and Cobblestone neighborhoods of Spring Hill.
Detailed information is available at THDA’s website, www.THDA.org.
Want to learn more? Whether you are exploring purchasing your first home, looking to move-up or downsize, or would simply like to know more about all home financing issues and programs, drop by Bridgestone Arena this Sunday, July 17th from 1:00 to 5:00 pm for the 2011 Mayor’s Homeownership Fair. THDA will be there. And so will Ole South!
For more information, visit the website http://www.nashville.gov/housingfair/
Come on down and learn more about why NOW is the time to purchase a new home!
And you are always invited to drop by any of our Middle Tennessee model homes. We’ll be excited to explore your options with you!
Trey Lewis is a licensed Real Estate Broker in the State of Tennessee with Ole South Realty, 615.896.0019 direct 615.593.6340. Specializing in new homes in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, Clarksville, and Spring Hill, Tennessee