The Ole South Blog

The Ole South Blog: Even More Great News for First Time Buyers!

Categories: Interest Rates and Financial Information, Nashville New Homes, New Homes for the First-Time Buyer, New Homes For Veterans, Time to Buy | Posted: July 17, 2012

If you are still renting, the great folks at THDA just made owning a new home even more affordable.   A quick refresher:  If you have not owned a principal residence in the past three years, you can be considered a “first-time buyer.”  The State of Tennessee loves “first time buyers’ so much that they will grant the necessary FHA required downpayment to you under THDA’s Great Start downpayment program.

If you are looking to purchase in Maury County, the first time buyer requirement is waived!  We’ve got great neighborhoods there to choose from in Spring Hill….Meadowbrook, Cobblestone, and coming soon Royalton Woods.

That’s right…. THDA will give you 4% to use toward your downpayment or closing cost.  This FHA loan has a fixed interest rate of 4.2% for 30-years.  (Don’t forget, Ole South will pay your closing costs when using First Community Mortgage for your financing needs.)

If you don’t need 4%, but could use some extra help with your downpayment, consider THDA’s Great Advantage Program, where you will receive a grant of 2% of the sales price to use for down-payment or closing costs.

And if you have already saved enough for your 3.5% FHA downpayment, but have other issues relating to debt ratio, consider the THDA Great Rate Program, currently at 3.6% fixed interest rate.

And it gets even better if you are a veteran, or active duty military!  Take any of the above programs and deduct 1/2% from the published rate!  That program is called “Homeownership for the Brave.”

For more information on these, and other great loan programs, please contact Chris Meagher (chris.meagher@fcmhomeloans.com) or David Prince david.prince@fcmhomeloans.com) at First Community Mortgage.   You can call Chris direct at 615.504.5976 or David at 615.351.7908.

New home inventory in Middle Tennessee is declining rapidly, but we at Ole South continue to build more…and we’ve probably got a new home that will meet your every need somewhere in Middle Tennessee.  Visit our website, www.OleSouth.com, for the location nearest you!

See, you still can buy a new home with little to no cash out of pocket.  Instead of buying a home for your landlord, buy one for yourself instead!

 

 

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