| Questions
Frequently Asked |
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Served
in the US Military? You may still be able
to take advantage of Federal Home Buyer Tax Credits!
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, 2011 and take ownership
prior to June 30, 2011 to be eligible. This
extension is available to certain Veterans and Active-Duty
Military. A tax credit of $6,500 is also
available for those eligible military personnel
that have owned a principal residence for five
of the past eight years.
Click
here for full details!
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,
although there is a "funding fee" added to your
loan amount. This "funding fee" may be reduced,
or waived altogether, in cases of disability.
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. By using Ole South
Financial, our SunTrust Mortgage Joint Venture,
you will receive the very best options in financing
and all of your closing costs are paid!
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.
Join
Ole South on FACEBOOK!
CLICK
HERE to learn more about Ole South Properties.
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