Nashville New Homes: Zero downpayment available to even more home buyers.

This morning, while reading Leneiva Head’s blog about THDA’s foreclosure prevention program, it hit me that I had forgotten to do something.

http://leneivahead.wordpress.com/2011/08/20/theres-a-way-to-keep-your-home-foreclosure-prevention-assistance/comment-page-1/#comment-61 

Yes, I had forgotten to post about some recent changes from the great folks at THDA, who are always on the forefront of ways to boost home ownership!

Everyone should know that down-payment funding for FHA loans is still available for eligible first-time buyers through THDA’s “Great Start” program.  To be eligible, your household income cannot exceed certain limitations and the price of the home you are purchasing must fall below a certain amount.

 On August 1st, the income limitations were raised!  These revised limitations bring the reality of home ownership within the reach of many more first-time buyers.

Lets look at the Greater Nashville area, including the adjoining counties of Rutherford, Williamson, Sumner, Cheatham, Wilson, and Robertson:   A first-time home buyer can purchase a home with ZERO out of pocket if the home price does not exceed $226,100.   A buyer’s household gross annual income cannot exceed $79.440 for 1-2 person households.  If the household contains 3 or more, annual gross income can be as high as $92,680.

For eligibility in nearby Maury County, the home purchase price cannot exceed $200,160, with gross income limited to $70,320 for 1-2 person and $82.040 for 3 or more person households.  Maury County is a designated “target” county and you do not have to be a first-time buyer to take advantage of THDA programs.

Like with any loan program,  there are additional credit score and debt ratio requirements for eligiblity.  Visit www.thda.org for all the details.

If you are looking to purchase a new home, and like the idea of keeping your down-payment, you will want to explore this program.  We have homes available right now in almost every community that can fit within the guidelines.  Visit us today and find out why Ole South is Tennessee’s # Home Builder!

www.OleSouth.com

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 “Occupancy After Closing Agreement”

Wait a minute!  When you purchase a NEW home, there is no need for an “Occupancy After Closing Agreement” …. right?

RIGHT!  When you purchase a NEW HOME from Ole South in the Greater Nashville area, to include Cane Ridge, Antioch, Smyrna, Murfreesboro, Spring Hill, and now Clarksville, you get your keys the minute you sign the closing documents!

You can move in immediately!

That’s right…you don’t have to wait for anyone to move out!  You don’t have to worry about swapping keys.  You don’t have to worry about the home being damaged during the “moving-out” process, and you don’t have to worry about everything staying that is supposed to stay.

When purchasing a pre-owned home, these are all points to consider.  With today’s volatile economy, anything can happen and delay a closing.  Most sellers are hesitant to move all of their stuff prior to closing without a substantial deposit.  They don’t want to be left on the street if the closing is delayed, or in some cases declined at the last minute.

And buyer’s of pre-owned home need to be concerned as well.  What if the sellers do not move out timely?  What if they take things with them that are part of the deal?  Even worse, what if something happens to the property and the seller’s contents?  Who really is responsible?  All of those concerns should be properly addressed at the time of contract.

Just think back to May of 2010.  Pretend you had just closed on your home purchase and gave the sellers a week to move out before assuming posession.  Then comes the great flood.  Your home has two feet of water in it and all of the seller’s stuff is ruined.  Even though you own it, you are technically not yet the owner-occupant.  You have insurance on your contents, but its not your stuff floating around.  Even if the sellers had not cancelled their policy, would their insurance company still pay the claim with a wagging tail knowing their policy holder did not own the property?  Lots and lots of complications.  Situations like this, although rare, do happen.

You, the buyer, might also have everything loaded and on the way only to find out there is a complication in the title work and your loan cannot close on time.  Can you say “MOTEL?”

When you purchase a new home from Ole South, you can cast all concerns to the side!  Our purchasing process is simple, seamless, and reliable.  We simply do not miss closing dates, unless you venture outside of our process with unknown lenders.

Through Ole South Financial, you will receive the very best financing program available and all of your closing costs are paid!  No surprises.  No hidden fees.

And yes, ZERO DOWN financing is still available for first time buyers.

 And the best part….. when you finish signing the closing documents, you get YOUR keys to YOUR NEW HOME and can move whenever you feel like it!

Doesn’t it make sense to look at new homes first?  Our model homes are open daily and anytime by appointment.

 

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.