Chattanooga Real Estate Blog

The Federal Housing Administration has become a primary means of financing for U.S. home buyers due in part to the low costs involved.  Those costs are headed up which is going to limit the number of buyers yet again.

The maximum loan FHA can insure is scheduled to decrease in October.  On April 18 the mortgage insurance premium on FHA loans will increase a quarter of a percent.  The minimum down payment which has already increased from 3% to 3.5% is expected by many to go up to 5%.  These changes may put home ownership out of reach for many first time home buyers which represent 75-80% of all FHA loans.

If you are thinking of buying you should get things going before these changes go into affect.

Great starter or investment home in Red Bank just minutes to downtown Chattanooga.
2 bed 1 bath with huge kitchen. All appliances will be staying. Approximately half the yard is fenced and you’ll find a great covered deck off the kitchen.

Priced to sell quickly at $54,900. Homes in this price range and in this shape aren’t lasting long so call today to schedule your viewing!

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

According to a report by the Internal Revenue Service, “Tennessee has the 13th highest rate, in the nation, of residents taking advantage of the first-time homebuyer credit”  See the full story on the Nashville Business Journal

I know I talk about it a lot but time is running out.  If this credit isn’t extended it will disappear the end of November.  If you are a first time home buyer there are some great deals to be had!

The $8000 first time home buyers tax credit is set to expire soon.  If you haven’t closed on your purchase by November 30th you may loose out.  It takes longer to get to closing now and with this deadline looming more and more people are going to be in the system thus making the contract to closing time even longer.  So even if you are currently under contract you may not make the Nov 30th closing deadline.

If we all contact Congress to extend and expand this program so that more buyers can purchase the small uptick seen in the economy will continue and grow.  The above link is a very short video put together by the National Association of Realtors with real agents expressing the need for an extension and expansion of the program.  Take a look at it then contact your representatives and urge them to extend this program in the interest of the entire country.