Chad McDowell FHA and VA Mortgage Loans Tennessee

Find HUD Listings in Tennessee!

Find HUD listings in Tennessee. In today’s market you can find amazing deals HUD owned property in Tennessee. Check out this free website to view HUD listings in your county.

Aside from the potential to find reduced prices on homes in your area, there are also outstanding financing options available for HUD homes as well. There are previous foreclosed properties available for only a $100 down payment. You also have the opportunity to roll the cost of repairs or upgrades into your new loan.

There are a lot of exciting home ownership opportunities with HUD owned property. For more information about financing options available on HUD homes, call today.

Find HUD Listings in Tennessee!

Home For Sale! Baird Corners in Murfreesboro, TN!

Home For Sale in Murfreesboro, TN. This lovely 3bed/2bath is for sale in the Baird Corners Sub-Division in Murfreesboro, TN. The home over 1200 square feet. It is less than two years old and has been meticulously cared for.

This home is priced to sell at $127,900. It is eligible for USDA/RD, FHA and VA financing!

For more about the home you can contact Reliant Realty Agent Sukeeta Duncan.

Click the link for a virtual tour of 513 Upper Glade Court, Murfreesboro, TN 37130

If you have questions regarding financing and loan programs available please call today.

Home For Sale! Baird Corners in Murfreesboro, TN!

Tennessee Home Buyers Don’t Know Mortgage Basics

A survey performed by Zillow.com showed that home buyers are unaware and uniformed of even the most basic information when it comes to buying a home. Prospective buyers were asked true/false questions about interest rates, payments, FHA programs, and the pre-qualifying process.

The results showed that a high percentage of potential buyers believed that FHA loans were strictly for 1^st Time home buyers. Others believed that discount points were standard and should be used in all mortgage transactions. I previously addressed this point in "Mortgage Rates. When Should You Pay Discount Points?!"

All in all, the survey shows that despite all of the news of interest rates, foreclosures, and the housing markets, most people do not understand the buying process, do not have an idea what current rates are, or what effects the rate they may qualify for.

Home buyers can save a lot of money by being informed and choosing the right option that best fits their future plans and goals.

If you are considering buying a home at all in the near future, I encourage you to call so we can discuss these mortgage basics. You will go into the process armed with the knowledge needed to ensure a much smoother home buying experience.

I believe it was Reagan that said the 9 most dangerous words in the English language are “I’m from the Government and I’m here to help”. Well, they’re at it again. Earlier this month there was an increase to FHA mortgage insurance premiums. Then followed by the new Fed laws on bank compensation which had the very foreseeable effect of higher interest rates. Now…QRM, or Qualified Residential Mortgage.

For those of you unaware of what QRM is, the proposed rule would require that the lender hold a percentage stake in any loan that is not considered a QRM. To be a QRM loan you are required to have a 20% down payment, a lower debt ratio than current guidelines, and tighter restrictions on past credit history.

Increasing lender risk will discourage lending(again), make it harder to qualify(again), likely result in increased interest rates(again), and most experts believe the biggest impact will be felt by low to moderate income borrowers which seem to be who most of this legislation is aimed at protecting(once again…again). Thank youFrank-Dodd Act, it keeps getting better all the time.

Look, the sky isn’t falling and I don’t mean to take the turn to Negative Town. This only effects certain loans, FHA is exempt. FHA has seen its market share decrease significantly since 2009, this should bring it up. But I don’t think increasing market share because you’ve eliminated other options is a healthy way to go about it.

Home prices are the most affordable they have been in 40 years and folks still aren’t buying. One of the biggest reasons is because they can’t. Making it harder to qualify or restricting the availability of home loans isn’t going to help the problem. NAR has already come out against this and raised their own concerns. I can only assume, although amazingly I haven’t heard much, that lenders will be fighting this as well.

If you have questions or concerns about how this new legislation could affect your ability to buy or refinance a home in the near future, call me today. I will be happy to discuss your options with you further.

Now I will step off my soap box and wish everyone a great day!

Zero Down Home Loans in Nashville, TN are still available.

People ask me all the time if they can buy a house for no money down and the answer is a definitive “yes”. It’s still out there, it’s just not as “out there” as it once was. As I’ve written in previous articles, Sub-Prime loans have gone the way of the dinosaur and are extinct at this point. However, Sub-Prime mortgages weren’t the only answer to zero down home loans.

USDA offers Rural Development loans. Don’t let the “Rural” throw you, you don’t need to buy a 100 acre cattle ranch in BFE, TN to be eligible. In fact USDA would prefer you didn’t. Its intention is to build up rural areas by offering the incentive of zero down loans at low interest rates.

THDA used in conjunction with an FHA/VA/ or Rural Development loan is a grant program to moderate income households to assist in down payment money. It is not restricted by area like Rural Development, however there are income limits based on where you are buying.

VA loans are zero down loans offered to our current and former service men and women. Eligible service includes Veterans, Active Duty personnel, Reservist/National Guard, and some surviving spouses.

HUD $100 Down Program. Ok, Ok, I know I said Zero Down Payment but it’s pretty close! The HUD100 loan is $100 Down Payment loan on HUD eligible properties. This loan isn’t restricted by area and/or income, but by availability. As I wrote a few weeks ago, repossessions have affected all walks of life in the current recession. Foreclosed properties that had a prior government insured loans, such as FHA or VA, are being placed on the market for a $100 down payment for people that qualify for financing.

So there it is. There are still options for zero down(or REALLY close to it)home loans in Tennessee. To find out more about qualifying for zero down payment loan, call me and I will be happy to discuss your options in greater detail.

Zero Down Payment Home Loans in Nashville, TN is still available.