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

The Tennessee Housing Development Agency just hit a “home run” in their newest program, “Homeownership for the Brave.”   Those that are eligible will receive a ONE-HALF PERCENT permanent reduction in their fixed interest rate on their home purchase!

This program is valid for purchasing a home, preferably a new one!   Here is a list of those that are eligble for this great program:

*   All Veterans

*   Active Duty Military

*   Retired Military

*   Active Duty Reservists – or Reservists who have served 180 days minimum active duty

*   Personnel discharged under conditions other than dishonorable

*   Spouse of Veteran, or Surviving Spouse of Veteran

There are  certain income and purchase price restrictions, per existing THDA guidelines.  Click here for more eligibility information:  http://www.thda.org/singlefamily/dpchoices.html

This program is BRAND NEW and not even listed on THDA’s website yet.  (www.thda.org)   If you would like additional information, please do not hesitate to contact me anytime at 615.593.6340, or your favorite mortgage lender.  If you don’t have a favorite lender, why not give Chris Meagher or David Prince at Ole South Financial a call at 615.898.7152.  Remember, if you use Ole South Financial for your new home mortgage needs, ALL CLOSING COSTS ARE PAID on your new Ole South home.

And don’t forget that certain military personnel are still eligible to take advantage of the Home Buyer Tax Credits!  This was discussed in a previous blog post here:  https://nashvillehomesblog.com/2010/11/10/thank-you-sir/

We have new homes all over Middle Tennessee, including Clarksville!  For detailed information on our neighborhoods and available homes, please visit our website, www.OleSouth.com.  Even better, visit one of our model homes and see for yourself why “New Homes Are Better!”

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 home sales in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, and Spring Hill, Tennessee

Nashville New Homes: Mortgage Costs to Rise – Soon.

Please don’t be surprised.  You have heard all the news that “Home Affordability is at a peak.”   If you still don’t believe it, keep waiting…… and pay more as a result. 

Those that have aspirations to own their first home, change their lifestyle with another home, or purchase a vacation/future retirement home have a great opportunity RIGHT NOW to get just a bit more for quite a bit less!

Here is one increase that is definite.  On FHA loans, MMIP (Monthly Mortgage Insurance Premiums) will increase by .25% on new loan files initiated after April 18, 2011.   An active loan file is considered to be one that has a “FHA case number” assigned to it.  If your new loan file has a case number before April 18, you are fine.  If it doesn’t, you will pay more.

 How much more?  It depends on the home you buy.  For example, if you purchase a $165,000 home and do not have a “case number” before April 18th, your payment will be $34 more each month after the increase.  That is not the end of the world, but it is $34 each month, and you must qualify for that additional amount too!  

If you contract to purchase now, and begin the loan process, you can purchase approximately $5000 more home than you will be able to if you wait.  And THAT is assuming that interest rates remain the same.  Bets anyone?

Here is the full scoop:

http://www.quickenloans.com/mortgage-news/fha-loan-requirements

Keep in mind that you do not have to actually close on your new home by April 18th to take advantage of the lower premiums.  All you need is an accepted contract and a loan in process.  Consult a mortgage professional for more information.  If you don’t have one in mind, give Chris Meagher at Ole South Financial a call, 615.898.7152.  Take advantage of the “peak affordability” today!

In the meantime, visit www.OleSouth.com.  We define “affordability” in new homes all over Middle Tennessee.

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 home sales in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, and Spring Hill, Tennessee