Welcome to Ole South Properties | Homeowner Resources

We Have Answers.

How can I take advantage of the new $8,000 Tax Credit for First Time Buyers?

        CLICK HERE for complete information.  You may also be considered a "first-time buyer" if you have not owned a principal residence in the previous three years!   You must purchase prior to April 30, 2010 and take ownership prior to June 30, 2010 to be eligible.

What about the new $6,500 credit for those that have owned a home before?

        If you have owned a home and used it for your principal residence for FIVE of the previous EIGHT years, you are eligible for a $6,500 tax credit if you contract to purchase a home before April 30, 2010 and take ownership/posession prior to June 30, 2010 to be eligible.

What is the minimum deposit I will need to purchase?

        We require a minimum $500 deposit with your purchase contract. This amount is refundable in the event your loan cannot be processed for any reason. An additional deposit may be required for certain upgrades to be included in the home. All deposits are credited to the buyer at closing.

What is the minimum required down-payment amount?

        There are two basic types of home mortgages, FHA and Conventional. An FHA loan usually requires the least amount of down payment, which is currently 3.5% of the purchase price.

        If you are a first-time buyer, the State of Tennessee offers loan programs that reduce, or even eliminate, the amount of down-payment required to close. In some area counties, the first-time buyer requirement is waived, making these programs available for all buyers!  Certain income restrictions limitations apply.

        If you are a veteran or active-duty military, your VA Loan Eligibility allows you to purchase a home without making a down payment.

        You can also reduce the amount of down-payment funds needed by participating in our "Work Equity" program, where the value of certain tasks performed can be applied toward the required 3.5%down-payment for FHA loans.

Just what are Closing Costs?

        Great question! Closing costs are typically referred to as the total amount of funds required at closing for processing your loan, paying all applicable taxes and fees, and funding your escrow account for future tax and insurance payments. This amount typically ranges from 3% - 4% of the sale price of the home and depends on the actual closing month and date.

Do I pay for Closing Costs?

        Closing Costs are added to the transaction at closing and are typically paid by the Buyer, the Seller, or combination thereof. When you use Ole South Financial LLC, our SunTrust Mortgage Joint Venture, to finance your new home purchase, you will receive $5,000 credit toward these closing costs! This $5,000 credit cannot be used toward any required buyer down-payment.

How soon can I move-in?

        That is your decision! We have a variety of move-in ready homes available, or you may choose to build a certain floor plan on a site that you select. Should you choose to build, your new home will be ready for you in 4 months in most cases. Consult our on-site representatives for details.

What is the first step I need to take?

        Our Model Homes are open daily - Monday - Saturday, 10:00 am until 6:00 pm and Sundays, 1:00 pm until 5:00 pm. We are also open anytime by appointment! Please contact any of our on-site representatives to arange a time convenient for your visit. Why just dream about a new home when you can wake up in one? Visit us today and discover just how easy owning a new Ole South home can be!

Contact us today! sales@olesouth.com.

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