Category Archives: Real Estate

Nashville New Homes: Bad economic news?….Another great opportunity for Tennessee!

Every time you turn on the national news, or read a national headline, there is negative news about the economy, specifically the housing market.   Many prospective buyers hear this news loud and clear, and sustain their “wait it out” philosophy.  Why?

Because no one else is talking!   I saw a great facebook post this week of a quote by Anthony J. D’Angelo, “If you have time to whine and complain about something, then you have time to do something about it.”

Yes we do!   It is our responsibility as Realtors to communicate the positive to everyone, not just those already searching for a new home, but those that should be.  Let’s start now:

Right now, low interest rates are resulting from a lackluster national economy.  Every day the overall economic news leans toward “bad” is one more day that a home buyer can take advantage of unfathomable interest rates.

From the Wall Street Journal….”Based on incomes, this is as affordable as it gets,” said Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”

It truly is a great time to buy.  Not just because of low interest rates, but because of the programs that are available.  In this world, especially in this Congress, loan procedures are always subject to change.  Here is one potential change looming on the horizon that we have the opportunity to do something about:

https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=1653

There are areas of the country that are suffering in this economy.  But others are striving, and those areas are attracting jobs and economic activity much like a magnet.  We are blessed that  Tennessee is one of these areas!

http://www.bizjournals.com/nashville/news/2011/06/13/tennessee-no-6-for-2010-economic-growth.html

The Clarksville/Ft.Campbell area is a magnet all by itself, bringing industry that is thinking outside the box in attracting workers.  Check out a unique approach from Hemlock Semiconductor:

Click here to learn more about Hemlock’s opportunities:  http://www.clarksvillenow.com/pages/10125186.php?

And less than 50 miles away, Nashville just keeps on retaining and creating job opportunities, as reported in the Nashville Business Journal:

http://www.bizjournals.com/nashville/news/2011/06/14/employment-outlook-in-nashville-among.html

And there is even more encouragement for young adults to begin their careers in Nashville, creating many potential “first-time buyers.” 

http://www.bizjournals.com/nashville/news/2011/06/20/nashville-a-top-city-for-young-adults.html

Education in Middle Tennessee is also in the national spotlight!  Four Middle Tennessee High Schools are ranked among the top 500 in the nation.  Below are the Tennessee schools on the list and their nationwide ranking:

          Hume-Fogg Academic High School of Nashville, #33

          Brentwood High School, #100

          Ravenwood High School of Frranklin, #284

          Page High School of Franklin, #494

The above facts are just a few examples of evidence that “Tennessee is happening”   and attracting more attention and activity, just like that magnet!   When you plan an evening on the town, you more than likely select a place that you have heard great things about, right?   Businesses and relocating families are the same way.

Tennesseans, let’s join forces and get the word out on the economy in our great state!

When you are searching for a new home, you will hopefully consider one home builder that has been providing the area’s best new home values for over 25 years:

http://www.bizjournals.com/nashville/feature/ResBuilders-061711-1.html

We at Ole South appreciate everyone’s support and continue to be optimistic about life in the Great State of Tennessee.  We invite everyone to visit our model homes and neighborhoods, as well as our website, www.OleSouth.com, to discover why thousands of homeowners are proud to say:

     

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

    

Nashville New Homes: Mortgage Payment Relief Program in Tennessee

What is the difference between a recession and a depression?

A recession is when a friend or neighbor loses their job.  A depression is when you lose yours.  Job losses have affected many, with positions either eliminated, or full time hours scaled back to part time.  In either situation, through no fault of their own, many families have difficult choices to make.

Tennessee is one of few states that received money, $217,315,593.00 from the US Treasury’s Hardest Hit Fund (HHF).   In January of this year, the Tennessee Housing Development Agency (THDA) announced a program to help unemployed and under-employed homeowners meet their mortgage obligations in Tennessee’s hardest hit, or “targeted” counties.  Click here for a list of these “targeted” counties:  https://www.keepmytnhome.org/ppc.html

Now, this 7-year program has now been expanded and is available in ALL Tennessee counties.  Here is a synopsis of the program from the THDA website www.keepmytnhome.org. 

*****

Homeowners who qualify for financial assistance may receive up to 18 months of monthly mortgage payments and/or funds to pay past due mortgage payments to bring the mortgage current; these funds are paid directly to the loan servicer/lender.

To qualify for the Keep My Tennessee Home program, a homeowner must meet the following eligibility requirements:

  • Be unemployed or underemployed (a 50% reduction of income) through no fault of their own. The event or incident which results in unemployment or substantial underemployment must have occurred after Jan. 1, 2008.

 

  •    *** THIS has now ben changed to a 30% reduction. ***

 

  • Have a mortgage for a single-family home or condominium (attached or detached) in Tennessee that they occupy as their primary residence. This includes manufactured homes on foundations permanently affixed to real estate that they own.
  • Have a history of timely mortgage payments prior to the job loss/reduction of income.
  • The combined amount of your mortgage principal, interest, taxes and insurance must be greater than 31% of your household income after the job loss/reduction of income.
  • Not have more than six months’ reserves of liquid assets, that is, liquid assets equal to six months of their mortgage principal, interest, taxes and insurance.
  • Have a household income less than $74,980.
  • Have a total unpaid principal balance not exceeding $226,100.

Above are the basic eligibility criteria. Meeting these criteria does not guarantee eligibility for the Keep My Tennessee Home program.

*****

In Tennessee’s “targeted” counties, homeowners can receive funds up to 18-months, up to a total of $20,000.  In all other counties, homewoners can receive 12 months of assistance, up to a total of $15,000.  Once eligibility is approved, funds are sent direct from THDA to the servicing lender and can be for delinquent payments, current, and future payments as they become due.

The assistance funds are basically a loan, set up as a “line of credit” to be used as long as the hardship circumstances continue, up to the end of the eligibility period.   The loan is then forgiven over 5 years, 20% each year, as long as the family keeps the home as their primary residence.

Another great feature of this program is that you do not have to be delinquent on your mortgage payment to be eligible.  As long as your financials fit the guidelines, you are eligible for the assistance loan. 

For more information, please visit www.keepmytnhome.org.  For more information on THDA and its many valuable programs, please visit www.thda.org.

Even in tough economic times, Tennessee is still the best place in the world to live.  Come join us.

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.

Nashville New Homes: Work Equity as your New Home Downpayment?

What is the one thing that everyone in this world has in common?   A FUTURE.  

That’s right…everyone has a future of some kind.   Although there are no guarantees in life, there are steps each one of us can take to make our future more stable and secure.  Owning a home is one such step that everyone can position themselves to take.  Your future really can be in your own hands.

Home mortgage criteria has changed a lot over the recent years, but that doesn’t mean it has to be more difficult to purchase a home.  It just means you have to provide more proof of your ability to be a responsible homeowner. 

FHA loans are the most widely used programs, where 3.5% of the purchase price is required as a downpayment, without exception. 

WAIT A MINUTE…. aren’t there ZERO DOWN home mortgages?  Technically, NO…. but actually…. YES! 

In Tennessee, there are loan programs where the Tennessee Housing Development Agency (www.THDA.org) will grant first-time buyers up to 4% of the purchase price to be used toward the downpayment and/or closing costs. 

If the seller of the property agrees to pay your closing costs, which Ole South will, you can use the THDA Great Start grant for your downpayment and administrative fees.   How does THDA do that?  What is the catch?

There is no catch.  The fixed interest rate for loans using the downpayment grants are slightly higher than those FHA loans with your actual down-payment.   If used responsibly, the Great Start program can be a very useful tool in financial planning. 

With today’s historicaly low interest rates, the money you would normally put down can be used to pay off other debts with higher interest rates.  A trusted mortgage professional can help you evaluate your options.  I happen to know many, so please let me know if you would like to know more.

There are other ways in addition to THDA to secure a downpayment.  You may have a relative or close friend that will give you the money, which has to be documented in the form of a gift letter affidavit that no repayment is required or expected.

And there is another provision that has been around a long time, but has basically been forgotten….WORK EQUITY.   Most builders hate it because it really is a pain in the ass to deal with.  BUT, it is a tool that can bring willing homebuyers to the closing table much quicker!  We offer the program at Ole South and you do not have to be a first-time buyer to participate!

FHA allows the seller to credit the buyer an amount up to $2.00 per heated square foot living area for painting the interior of the home, including all wood trim and doors.  The seller can also furnish the paint!  Please remember in your negotiating, that is the maximum allowed amount and the builder can get the same job done for 1/2 of that amount. 

You can also receive “work equity” credit toward your required downpayment for seeding and strawing your own lawn.  And the seller can furnish the grass seed and straw as well!

Lets do the math using an 1800 s/f,  $150,000 new home example, which Ole South offers plenty of choices.  (www.OleSouth.com) 

The required down-payment is $5,250.   Paint the home and you can receive $3,600 credit toward your downpayment.  You can seed and straw a typical new home yard and receive approximately $750.00 credit.  That leaves your total cash out of pocket at $900…. and you still get to take full advantage of the lowest rates available!

History proves that over time, owning is always better than renting.  Why not improve your financial future today by visiting one of our Middle Tennessee neighborhoods in Nashville, Smyrna, Murfreesboro, Spring Hill, and Clarksville?  Find out why thousands of home owners are proud to say:

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

Nashville New Homes: The “Dog Days of Summer”

I used to always wonder why people coined the phrase “dog days of summer.”   Back one summer in the early 1980’s, legendary songwriter Bobby Harden asked me to bring my keyboard over to his boat to play background on a song he had just written.  The song was about those old dog days of summer.  The title ended up being “Too Cold at Home.”   Several years later, the song was released by Mark Chesnutt.   We played it a lot over the years at the lake!  (Thanks Judie Wells for the antiquated picture!)

  

Rather than dog days, we at Ole South are having YES DAYS!  The upcoming weekend has been proclaimed Nationwide Open House Weekend all across the nation!   The weather is going to be perfect for an Open House also.  Like the song says, it is going to be “too hot to fish,” and “too hot for golf.”  Why not cool off looking at a new home?

In conjunction with National Open House Day, Ole South will kick off its 2011 Yes Days of Summer this Saturday, June 4th from 11:00 am until 4:00 pm at our Preserve at Old Hickory and Old Hickory Commons neighborhoods.   Tour our newest decorated model home (5011 Preserve Blvd. 37013 for you GPS tekkies) and enjoy hot dogs, refreshments, and a variety of family fun.  Yes, there’ll be a waterslide, a bounce house, as well as snow cones to give added relief from the heat.

And there is also a neighborhood yard sale as well.   A great way to find bargains, and meet the great residents of this neighborhood!

Now is an unprecedented time to purchase a new home.  Interest rates are lower than ever.  New homes are more efficient than ever before.  New homes are….well…. NEW!    Why not join us this weekend at one of our Middle Tennessee neighborhoods.  With brand new homes from 89,990 to 299,990, there is certain to be one for 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

Nashville New Homes: Another Day on the Cumberland River – Part 2

 

Current and Crap

After an evening of great food, fellowship, and fun it was bedtime on the river.  We were securely tied, so there was no real concern for the current or the logs floating downstream.  After all, there was another boat docked in front of us!

At 4:00 am, Ingram’s David K. Wilson pushed a string of coal barges through downtown.  The thrust and wake from his propellors bounced us around like a floating cork. 

HINT TO METRO PARKS & RECREATION:  If the Riverfront docking was on the East Bank, we would not have felt a thing.  OK, I’ll stop bitching.  At least we do have a facility to tie up and plug into downtown.

Downtown Nashville in the morning is interesting to watch.  Early-risers walking their dogs, street sweepers, and several less-fortunate people snoozing on the riverbank.

Across the river at LP Field, home of The Tennessee Titans, a crowd was gathering for the GoodGuys Car Show.  Hundreds of hot rods and collectibles were on hand for this event.

After morning coffee, we headed downstream for the brunch at Commodore, which started at 11:00 am.  We would arrive right on time, even with all the barge traffic.

Remember Frosty Morn?  This was the former home of the Neuhoff Packing Company.  Mr. Robert Baltz worked at the Neuhoff facility and said as a kid he would one day own them.  In 1980 (=/-) Baltz Brothers Packing Company acquired Neuhoff and the Frosty Morn name.  The plant was shut down, but Mr. Baltz still occupied Mr. Neuhoff’s office.  A neat story about a neat man.

Futher down river, MetroCenter was spared during the flood of May 2010.  Many fingers were crossed that the levy would hold…and it did.

There are also numerous fuel storage facilities along the Cumberland. 

and pretty buildings for landmarks also…

Remember Mario Ferrari, the legendary restauranteur?  Back in March, I posted about his former 103′ yacht, Dolce Vita, returning to Nashville.  Here is the article:

https://nashvillehomesblog.com/2011/03/12/nashville-new-homes-back-again-to-the-cumberland-river/

The “Dolce Vita’s”  new name is the “Lost Pearl” and here she is tied up below downtown, across from MetroCenter.  If you would like to keep up with its progress, check out the boat’s website www.lostpearl.net.

Here is a cute waterfall that happens to be located at the Ford Glass Plant.  No, its not sewage.  We assume it is water being used to cool the glass ovens.

Here is the entrance to Rock Harbor Marina.  Many may remember the famous “Blue Moon” restaurant that was here.  The flood of May 2010 ended that, but plans are to open another restaurant in the near future.  We moored our boat at Rock Harbor for five years before moving to Old Hickory and had a blast there.  Drop in sometime and meet some really great people.

Uhoh….here comes 795 tractor trailer loads of coal, courtesy of Ingram Barge’s “HORNET,” one of the largest pushboats to tour the Cumberland.  I don’t know whether “Hornet” is a “he or she” so I will just say “it.”  Here it is pushing 15 barges upstream:

 I wonder who “Hornet” was named after?

There are many riverfront homes in this area that suffered tremendous damage from the May 2010 flood.

Commodore Yacht Club is located up in Overall Creek, on River Road.  You would never know it was back there from the river:

We have arrived… 10:55 am!  Like a bus schedule.

This year’s brunch was put on by Phil Carmen and his wife Linda, and went off without a hitch.  The food was beyond excellent too!

The best treat was seeing many old friends.  Shown here is the original “Uncle Bud” , Buddy Rogers and his lovely wife, Sydney. ( In addition to catfish fame, Buddy was also Marty Robbins’ drummer and has played with all the great names over the years.)

Surely someone under that tent needs to buy a new home!   Another highlight of the visit to Commodore Yacht Club is to see the “Lady J” which used to belong to Alan Jackson.  It is a 57′ Burger with twin diesel engines, and everything else known to man kind.  And it is pretty too!

This boat is so pristine and slick that spiders can’t even hold on!

Well, today is the day that the world was supposed to end, and we wanted to be closer to our home marina when it ended…so we headed back upstream at 1:00 pm.   Just at the time the world was supposed to end, this is what we saw ahead of us:

It got worse before it got better.  Thank goodness for radar, and an attentive crew.

The time the world was to end passed.  Everything cleared up just in time to enter Old Hickory Lock.

We weren’t alone in the lock.  We were joined by mountains of debris and logs. 

In no time, we were back at home at Blackjack Cove Marina.  www.blackjackcove.com.   Just minutes after securing everything, the thickest fog I have ever seen rolled in.  We had made it back just in time.  And we missed the end of the world too.

If you have a boat, and have not traveled the Cumberland River through Nashville, do it!  

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

Nashville New Homes: Attention Realtors: “Thou shalt have free food and fun”

Let’s face it, the economic times of the past several years has taught us (forced us is more like it) to realize that we can get by on less.  Less business, less money, and sadly…less fun. 

But for those that will pull their head out of the sand, there is still a lot of fun to be had… and a lot of it involves complimentary food and spirits too!  There is absolutely no excuse for being bored or hungry in the Real Estate business.

MARK YOUR CALENDARS!

This Tuesday, May 17th, all Realtors, Home Builders, and Trade Vendors are invited to a poolside mixer at the Governors Club.  The event is from 4:00 – 7:00 pm and will feature complimentary beer, wine, and appetizers.  (A cash bar will be on hand for those that cannot compromise their distinguished tastes.)  Here is a link to all you need to know about this exciting evening event:

http://www.hbamt.net/smc-mixer-0511.htm

Many thanks to Christina Cunningham and The Governors Club for hosting this fun evening!

Membership in The Sales & Marketing Council of the HBAMT is not limited to Home Builders and their on-site agents.  It is open to all Realtors whose firms are members of the association.  The SMC’s monthly meetings are great networking events where you will learn more about exciting topics, as well as enjoy complimentary breakfast.  Want to know more?  Drop by the Governor’s Club on Tuesday, contact any SMC member, or give me a call at 615.593.6340.

Summer is right around the corner and you can also be assured Ole South will host many events worthy of attending.  Our first “Yes Days of Summer Celebration” for 2011 will be held at our Preserve at Old Hickory neighborhood on Saturday, June 4th.  

Enjoy food, refreshments, games, waterslide, and prizes while you see first hand the exciting new homes that Ole South has to offer!  There will even be a community-wide yard sale.  Mark your calendars and watch the Ole South Facebook page for more updates and events.   www.facebook.com/olesouthproperties.

In the meantime, take a closer look at all the emails you receive from the many different Realtors, builders, and their organizations.  There are a multitude of great networking events happening each week.  Any one of them could change your business plan for the better!  And nothing beats free food, drink, and fun!

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

Nashville New Homes: Great Deal, Necessity, or Smart Financial Move?

In economic times like these, we should ask ourselves this question every time we consider purchasing something:

“Is this a Great Deal, a Necessity, or a Smart Financial Move?”

But most of us, including myself just don’t take the time.  Either we really don’t want to know the real answer, or we just don’t care.  We want whatever it is.

This week, a young professional couple pulled up at the model home in a brand new luxury sports car.  I know it was new because it still had the temporary dealer tag in the back window.  As they approached the door, I was confident that this was my next sale.

After a warm greeting, I asked them “what in a new home would be most important to them?”  Their answer…. “a new home…FOR RENT.”  Well damn!  

Even new home sales professionals know that home ownership isn’t for everyone.   So, lets find out why this couple shouldn’t buy.   Were they here in Nashville on a temporary relocation?   Were they expecting a transfer within the next year? 

No, they are from the area and have no intention of relocating away.   Further discussion revealed the reason for wanting to rent.  They were just unsure of the current Real Estate market.  They wanted to wait until the news media confirmed home prices have bottomed out, and appreciation certain.

I don’t want to appear cynical, but the car they drove up in was 1/3 the price of a nice home.   It lost approximately 30% of what they paid for it the second they signed the purchase agreement.  It has little chance of ever being worth what they paid for it.  And there are no tax advantages when they do sell it for less than they paid for it (unless they are self-employed and use the car for business.)  But, I know better than to make fun of something that someone purchased.  The car never came up in the conversation…. well not until later anyway.

If they had asked the above question about the car purchase, the only possible answer would be “a great deal.”    I bet the new car salesperson would have danced a jig around answering the question too!  But, they had received a nice discount, zero down payment, and 0% financing for 72 months.

 

For “First-Time Buyers” in Tennessee, buying a new home is almost that easy.  You can purchase a brand new home with zero-out-of-pocket money using the ‘Great Start” program, offered by THDA.  Coupled with today’s record low interest rates, you can more than likely own your new home for the same, or less, than a comparable rental would be.

The new home will not go down 30% in value the day you move in.  Real Estate has firm documentation of appreciation over time.  Chances are very good that your new home will one day be worth more than you paid for it.  Mortgage interest is tax deductible.  So are property taxes.   You can also turn your new home into investment property and rent it out, should you ever choose to move.    Try all that out with a car.  You can also borrow money on your equity.  Try that with an apartment.

Ole South has brand new homes, of all shapes and sizes, in a variety of locations throughout Middle Tennessee.  With prices ranging from $89,990 to $299,990, you are certain to find a home to meet your needs.    For more information on our locations, please visit www.OleSouth.com.   Visit any of our model homes and find out for yourself why thousands of Tennesseans are proud to say “Ole South Built It.”

And while you are there, ask yourself the above topic question.  At Ole South, the correct answer is “All of the Above!” 

After more discussion, the visiting couple decided the time was right to explore purchasing a new home.  I am sory to say that expedition did not take very long ….. their sparkling new car payment had pushed their debt-to-income ratio way over approvable limits.  For them, renting it is for a while longer.  And we’ll stay in touch until the time is right for them to explore 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

Nashville New Homes: Take time to smell the mulch.

I can now cross another item from my “bucket list.”   I have lived to be 50 years old.  And..other than being fat, I feel pretty darn good!   I am thankful for having many good friends that helped make turning 50 more fun than it would have been otherwise!

It also helps to see that I am not the only one getting older.  Remember Ruby?

Birthday week 2011 will be one to remember.  From a surprise gathering at The Black Pearl at Blackjack Cove Marina on Old Hickory Lake, to dinner at Nero’s in Green Hills … the surprises keep coming.   It was a pleasant surprise to learn that “Nero” is actually still alive and well.  You see, man can live by corn cakes alone!  Like me, this restaurant has been in Nashville for 50 years plus also!  http://www.nerosgrill.com/

After spending a whole day cleaning the boat, another great surprise was coming home Monday evening to see this:

Thanks to Dana Moore and his crew, mulching is one less thing I have to do!   Don’t get me wrong, I enjoy working in the yard … but there are other things I enjoy doing more…

…Like selling new homes!   Fortunately, we have been quite busy lately and are starting more new homes each week to keep pace with sales!    Now is a great opportunity to purchase a new home in Nashville.  Our local economy is steadily rebounding, but interest rates remain historically low.  Whether you are a first-time home buyer, upsizing or downsizing, or investing… the “window of opportunity” is wide open.  

        

Don’t know where to start?   Why not give me a call at 615.593.6340?   Not sure where you want to live?  Check out our many Middle Tennessee New Home locations at www.OleSouth.com.  Come find out the many reasons why New Homes Are Better.  I know first hand, because I live in an old one.  The one with a freshly mulched yard that needs a new roof.

Regardless of your religious preference or faith, this time of year is all about coming back to life.  Brown grass is turning green, leaves are appearing on once-bare trees, and flowers are sprouting.   It looks like “its safe to come out now!”   It is, and I am looking forward to it!   Let’s all slow down, even if just for a moment, and enjoy watching nature come back to life.

I am going to take a few extra minutes and smell the mulch…before it washes away!

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.

Nashville New Homes: The stupid questions are the ones you don’t ask!

After the good-ole days of school, the thought of owning a home seldom crossed my mind.  I knew nothing about the process and was living under the assumption that I would have to have a large down-payment whenever the time came.  I didn’t feel comfortable asking questions.  I did not want to appear stupid.

A few years later, a friend who was a mortgage geek asked me why I had not purchased a home.  Being self-employed, I really did not know where to start, and did not want to admit it.   Swallowing my stupid pride, I finally laid all the pieces to the puzzle out there and purchased a home weeks later.  Then, I backed up to the “ass-kicking machine” for not asking someone sooner!  It really was that easy…and still is today!

Every year you do not own a home is another year you will not build financial security.  If the home you purchase does not go up in value at all, it will still be yours when it is paid for and you still have something to sell.  Home Equity loans have also put many children through college.  No apartment complex has ever managed to do that… except for its owners!

Lets address a few of the many questions that our first-time buyer of today might want to ask:

1)   How much down-payment will I have to have?     Don’t you just hate hearing the answer, “it depends.”  I do, and refuse to use that as an answer.  In most cases, you will have to have a minimum down-payment of 3.5% of your home’s purchase price.  In Tennessee, first-time buyers using THDA’s Great Start can purchase a new Nashville area home with ZERO down payment and ZERO cash out of pocket.  Of course, certain credit and income restrictions apply, but the program is relatively easy to qualify for.   Visit www.thda.org for more details.

Members of our US Military, Veterans and Active-duty, are also eligible for ZERO DOWN financing and can now receive a 1/2% reduction in their fixed interest rate under THDA’s new “Homeownership for the Brave” program.    Please contact me anytime and I will tell you all about these great options!  615.593.6340.

2)  Just what are closing costs?   Much like purchasing a car, closing costs include sales taxes and various fees.  The costs of obtaining your loan are also closing costs, and there are many options there as well.  Also included is an escrow account where you property taxes and insurance is pre-paid into the future.  Typical closing costs to range between 3 to 4% of the purchase price of your home.  This amount is due at the time of closing.

3)  Who pays closing costs?  Everybody pays in one way or another!  Who gives the money at closing is negotiable.  It is very common for buyers to negotiate with the seller to pay closing costs.  If you purchase a new home with Ole South, ALL of your closing costs are paid when using our network of preferred lenders.  In any case, we will pay 2% toward your closing costs with any lender.  We make it easy to own a new home.

4)  How much money do I need when I decide to contract on a home?  The deposit amount you place when you contract is a negotiable figure between buyer and seller.  That deposit is called “Earnest Money” and is held in escrow to apply toward your cash requirements at closing.  We at Ole South ask for a minimum $500 deposit at the time of contract.  If you use the THDA Great Start program through Ole South Financial, you will receive this deposit back at closing!

5)  When do my payments start?  Payments on your new home do not start until the home is completed and the transaction is closed.  Typical first payments are due 30 days forward to the 1st of the next month.  If you close on April 15th, your first payment will be due on June 1.

So get out there and explore the many homeownership options that are in front of you!   See for yourself how new homes are better.  Start by visiting the new home neighborhoods of Ole South.  And remember, if you have questions….. we have the answers!   www.OleSouth.com

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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.

Nashville New Homes: “Homeownership for the Brave” – Breaking News for Veterans and Active Military!

Nashville New Homes: “Homeownership for the Brave” – Breaking News for Veterans and Active Military!.