Perhaps the best reason to buy a new home in Nashville now is “the rules” and furthermore, knowing that the rules are going to change.
For example, on October 1, 2011, if passed by Congress, FHA loan limits will decrease in 669 counties across the nation. These 13 Tennessee counties will be affected by the new limits:
Cannon, Cheathan, Davidson, Dickson, Hickman, Macon, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson, and Wilson.
Currently, a home buyer can acquire an FHA loan up to $432,500. After October 1, 2011, the proposed limit will be $393,300. Those wishing to use FHA financing on loans up to $432,500 need to act now!
For those looking to purchase a new Ole South home in the immediate future, these changes will have no effect. Other than with our custom built homes, our most elegant offerings are far below these proposed limits, even though they compare very favorably to homes in the 400’s. You’ll have to see it for yourself to believe it! www.OleSouth.com
So, if this change will not affect Ole South directly, why my great concern?
The moral of the story? All rules and lending criteria are subject to change at any time.
Purchase a new Ole South home using an FHA loan through Ole South Financial, and Ole South pays all of your closing costs. There are proposals out there to restrict the amount of closing costs a seller can pay, meaning YOU will pay the difference out of pocket. Things can change. Act now.
Currently FHA loans require a 3.5% down payment, which can also be funded by THDA for eligible first-time buyers using the “Great Start” program. There have been numerous proposals floating around to raise the down payment requirement. Things can change. Act now.
According to many experts nationwide, home affordability is at a peak. Especially in Nashville. Now truly is the time to buy a new home, before the rules that we know change again.
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