First time on market and in move in condition! Nicely renovated home on double lot. 2 bed 1 bath with formal dining room. Updated electrical panel, plumbing and lighting fixtures. New H&A, fresh paint, refinished hardwoods, new cabinets and counter tops. Fireplace in living room is non functional. Park your car in the 2 car carport and store your lawn equipment in the storage building. Call today for your viewing.

Paul Atkinson has put together a great list of Twitter feeds for homeowner DIY ideas.

Some DIY because they’re control freaks, others do it because they’re on a budget. Whatever your reason, fixing or building something yourself has a rewarding feeling that doesn’t come with writing a check. That said, there’s a right and wrong way to go about a DIY and these Twitter feeds will lead you to the right blogs, websites and companies to make any DIY job easier for homeowners.

Check out the complete list here.

The Federal Housing Administration, or FHA, insures loans through its diverse programs for borrowers seeking to purchase a new home, renovate a fixer-upper, refinance their current mortgage, or make their current home more green. The flexibility offered by the program combined with its low interest rates and low cash investment makes FHA loan programs one of the easiest for borrowers to be approved for.

These have long been a favorite of first-time buyers and those with low- to middle-incomes.

Is FHA still beneficial if I’m purchasing a more expensive home?

The FHA uses a system of loan limits that vary by county. The average loan limit is $271,050 for a single-family home and $521,250 for a four-family home. But for more high-end real estate markets, such as those found around major cities, the loan limit can reach as high as $729,750 for a single-family home to $1,403,400 for a four-family home. Even for borrowers wishing to purchase a more expensive home, a FHA loan is still one of the most rewarding loan programs available. With a FHA loan, eligible borrowers will find benefits they would rarely receive with a conventional loan such as:

-Competitive interest rates

-A down payment of only 3.5%

-Regulated closing costs

-Lenient debt to income ratios

What are basic Tennessee FHA loan requirements?

Many borrowers find FHA loans are easier to obtain than conventional loans. They also come with competitive rates. While the FHA insures a portion of each loan, it doesn’t actually issue them. Borrowers will have to meet the conditions and requirements of their lender as well as those set forth by the FHA. In general, the program expects:

-2 years of steady employment without income decreasing

-a minimum credit score of 620

-a clean credit report two years after a foreclosure or after filing for bankruptcy

What other options do I have for financing?

When a borrower wishes to purchase a home for greater than the FHA loan limit in their area, they  have the option to use the FHA loan in conjunction with other financing options.

Contributed by:  Michael Blumreich

I hope everyone has a great holiday weekend. 

If you are looking for a place to go see fireworks there are plenty around the area:

Affordable condo great for first time buyers and students!  Fresh paint, tile and you pick your new carpet!

Great new listing in Red Bank.  Excellent condition and ready for new owners!

Arched doorways, hardwood floors, updated wiring, architectural shingles, fenced level yard and more!

Frank and Suzette Gantz moved to Chattanooga a few months ago and are now getting a chance to really explore and see what Chattanooga has to offer.  He’s put together a list of 10 things to do in Chattanooga and I think it’s a pretty good start.  Take a look at his list and tell me what you like to do in and around Chattanooga.

1. Visit the Ruby Falls
2. Visit the Incline
3. Have a meal at The Original Blue Orleans Creole Restaurant
4. Visit the Tennessee Valley Railroad Museum
5. Sug’s BBQ
6. Visit the Tennessee Aquarium
7. Take in a Lookouts game
8. Go to a Chattanooga Football Club game
9. Chattanooga Beast Feast BBQ Festival-May 29th and 30th at First TN Pavilion-Paul will be happy to see this made the list!
10. Visit the Hunter Museum of American Art

Check out the most expensive homes currently listed in the US as compiled by Forbes.  Any takers?

$150 million

The Manor

Holmby Hills, Calif.

The home that Candy Spelling, widow of television giant Aaron, put on the market in 2008, out-prices every other property in the U.S. The 56,500 square-foot English-style mansion has a bowling alley, wine cellar, rooms for gift-wrapping and silver and china display, a library, gym and media room. Its 4.6 acres includes pools, a spa, landscaped gardens, a waterfall and parking for over 100 cars.

$125 million

Fleur de Lys

Beverly Hills, Calif.

This 35,000-square-foot home, listed in 2007, is said to be modeled after Versailles, and the mansion makes no attempt at understatement. Its 12 bedrooms, 15 bathrooms, 50-seat screening room, Italian marble and gold-embossed leather walls ooze wealth. Owner Suzanne Saperstein hasn’t compromised on the price in three years. After all, it’s a relative bargain compared to the manor, just a few blocks away.

$100 million

Tranquility Estate

Lake Tahoe, Nev.

Tommy Hilfiger cofounder Joel Horowitz’s 210-acre spread features the third-highest price tag in America. The 20,000-square-foot main house has extras like a cigar lounge, art studio and sports gym, while its grounds feature a golf course, boathouse and views of Lake Tahoe. A staircase in the home replicates the stairs of the S.S. Titanic. The home has been on the market for almost four years.

$80 million

Kaiser Estate

Honolulu, Hawaii

Separately, the three coastal parcels that comprise the former estate of industrialist Henry J. Kaiser wouldn’t make this year’s list, but together, the 5.5-acre property becomes one of the country’s most expensive. The island getaway offers coastal views and a sleek mid-century style 15,000-square-foot home, extensively landscaped tropical grounds and a 12,000-square-foot boathouse and marina. Tech tycoon Fred Chan and his wife, Annie, put the home on the market in January 2009.

$75 million

Humming Bird Nest Ranch

Simi Valley, Calif.

Though it’s named after the tiniest of birds, this property spans 123 acres. In addition to a 17,000-square-foot Spanish-Revival-style main house, six guest homes and 10 townhouses grace the estate, as does a fully equipped equestrian center and parking for 200 vehicles. If driving doesn’t suit you, there’s also a helicopter pad.

$75 million

Former Julius Forstmann House

New York, N.Y.

Historic, spacious and well-located Upper East Side townhouses don’t come on the market very often. When they do, they typically command attention with a jaw-dropping price tag, and this 21,000-square-foot limestone mansion on 71st Street, off Fifth Avenue is no exception. It has been on the market since 2008. Built in 1922 for Forstmann, a wealthy German merchant, the landmarked building offers five stories packed with original details like a sweeping marble staircase, marble fireplace and hand-carved moldings.

$75 million

Porcupine Creek

Rancho Mirage, Calif.

Golf enthusiasts with deep pockets might swing by Porcupine Creek, a residence that features a 19-hole course that won acclaim from Golf Digest magazine and was put on the market early this year. Its 249 acres outside of Palm Springs are also home to a 25,000-square-foot main house, a spa, gym, pool and grotto. Edra Blixseth, who got the property in a divorce settlement with her husband, Tim Blixeth, is selling the home out of bankruptcy.

Reminder: Members of the military and certain federal employees serving outside the US have an extra year to qualify for the first time homebuyer credit.

Additionally, there are new benefits for members of the military and certain other federal employees:
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010

There is only one week to go to take advantage of the home buyers tax credit. First time home buyers can get up to $8000 and repeat buyers can get up to $6500. Don’t miss out. You need to be under contract by 4-30 and close by 6-30. There are some great deals available right now and the extra cash is the cherry on top! Call me today