Friday, March 10, 2017

Tennessee Offers New Financial Aid for Homeowners

                               Tennessee Offers New Financial Aid for Homeowners

In some areas of Tennessee, the effects of the recession continue to linger into 2017. In particular, residents in 55 zip codes across the state live in “hardest hit” areas. In early February, the Tennessee Housing Development Agency (THDA) announced a new down payment assistance program for people purchasing homes in the participating areas.

About the HHF-DPA Program

The Hardest Hit Fund Down Payment Assistance (HHF-DPA) program allows home buyers in each of the 55 zip codes across 30 Tennessee counties who qualify for a Great Choice Home loan to apply for financial aid. If eligible, the program will provide $15,000 for the home buyer to use toward the home’s down payment and closing expenses.

Considered a second mortgage, the state will provide the second loan with no interest and no monthly payments. The loan features a 10-year term. If you move, sell, or refinance within five years of purchase, you must repay the full $15,000. At six years, you must repay $12,000 of the loan, and the amount incrementally decreases each year thereafter. If you stay in your home for the full 10 years after purchase, the state will forgive the entire amount.

According to news reports, the program could provide assistance to approximately 4,000 prospective homebuyers in the state. The Tennessee Housing Development Agency’s executive director’s long-term goal for the program is to facilitate home ownership and stabilize property values in the hardest hit areas for the future.


Qualifying for the HHF-DPA Program

Not everyone will qualify for this unique grant program. If you are considering purchasing a home for the first time or buying a new home, you must meet the following conditions to receive the no-interest, no-monthly payments second mortgage loan:

·       You must qualify for a Great Choice Home Loan first. You must demonstrate a credit score of at least 640, meet income limits based on your household size and county, and purchase a home that does not cost more than the maximum limits covered by the program.


·       You must live in one of the 55 zip codes outlined in the program. The program extends to western, middle, and eastern portions of the state.


·       You must complete pre-purchase and post-purchase educational classes. The program offers online and in-person classes to help home buyers meet this standard.


·       You cannot build your home. New construction projects are excluded from the program. Only existing homes qualify.

Additional terms and conditions may apply. Those who are interested in learning more about the program, available listings, and eligibility requirements can reach out to a program-approved real estate agent or lender for additional support. For certain Tennessee residents, purchasing a new home just got a little easier.



Thursday, March 9, 2017

  Should You Buy or Rent Your Next Property? 

Housing markets across the nation are picking up, and there are many more buyers on the market now than there were in years past. When you’re preparing to search for your next place to live, one of the biggest decisions to make is whether you should buy or rent. This debate is one of the biggest dilemmas people face when moving to a new location. Here are a few things to keep in mind:

How Are Your Finances?

Buying a home is expensive, and it can include more costs than you might initially think. If you want to buy, make sure you understand and can cover all the expenses, including the down payment and closing costs.

There are many great programs avail for first- time buyers with as little as one percent down. There are even some government state programs that offer down payment assistance! There are also some banks will also want anywhere from 1 to at least 20 percent of the purchase price as your down payment. If this is too much for your wallet to handle, renting may be the better option. It will all depend on a few factors.

What Is Your Employment Situation?

You should have a stable job if you intend to purchase a home. Lenders care about current income as well as the reliability of that income in the future. If you’re in danger of a layoff, or you might be looking for a new job soon, this may not be the time to buy a home. Focus on saving money and securing your next position so that when the time comes, you’ll be ready.

What Is Your Long-Term Plan?

Since buying a house is so expensive, you’ll want to live there for a while or rent the space to someone else. Either way, you’ll need to know exactly what you plan to do. If your plan is only set for the next few years, you’ll want to consider renting. However, if you’re ready to put down roots and start a family or begin a career in real estate management, buying a home is probably best for you.

Are You Prepared for the Responsibility?

There are plenty of financial benefits of owning a home. For example, a homeowner can build equity into his or her home. There are also financial responsibilities to consider, including taxes, maintenance, insurance costs, and liability if you decide to lease your property to someone else.

You shouldn’t make the decision to rent or buy lightly. If you are ready to buy, make sure the location makes financial sense. Many other variables go with homeownership and many of them cost money. Discuss your plans and options with your family and a financial advisor to make sure you are taking the right steps.

Whatever your plan may be, feel free to give us a call to discuss your options! We are able, ready and willing to help you!

What is the REALTOR® Good Works Foundation?

                                  REALTOR® Good Works Foundation

Evaco is a proud sponsor of the next YPN mixer at Arrington Vineyards in Franklin, TN. All funds obtained will go to the Good Works Foundation.

The REALTOR® Good Works Foundation (RGWF) is the philanthropic arm of WCAR. This organization raises thousands of dollars annually to support local non-profits, provide scholarships to graduating seniors and promote fine arts education in Williamson County Schools. Fundraisers throughout the year, including silent auctions and a golf tournament, provide the main sources of funding for the RGWF.

For more information, feel free to reach our office.

Tuesday, March 7, 2017

Five Reasons You Should Stage a Home

                                             Five Reasons You Should Stage a Home

When you put your home on the market, you want it to sell quickly and for the best price possible. This can be difficult to do, especially given the tough housing market in many parts of the United States. One affordable option that can help you sell your house is to stage your home. Staging makes a home look more polished and can increase resale value. Here are five key points to remember when you think about staging your home to sell it:

1.     Staging Secures the Highest Price from Buyers

The point of staging a home is to present it to buyers in the best possible light. As they say, you don’t get a second chance to make a first impression. Impressing buyers right away will increase demand for your home and will in turn lead to you getting the best offers possible.

2. Staging Gives You a Head Start on Packing

When you’re planning to move, you have to pack all your personal belongings eventually, so why not get a head start? When staging a home, the goal is to remove all clutter and provide a clean, simple look. Efficiently staging your home will help make sure that all your personal belongings are safe and ready to move immediately once your home sells.

3. Staging Makes Your Home Seem Bigger

The larger you can make your home feel, the better. Buyers will think they are getting a lot more space for their money. Homes with more clutter or an abundance of furniture tend to feel cramped, while those with minimalist styles feel open. The more space your home appears to have, the more buyers it will attract.

4. Staging Helps Buyers Imagine Themselves Living in Your Home

When buyers are shopping for a new home, they want to imagine themselves living in it. This can be difficult for them if there are photos of other people’s families or personal belongings all over the house. Removing these items helps buyers feel more at home.

5. Staging Helps You Beat the Competition

If there are more houses than buyers in your market, it’s critical to think and plan competitively. Staging your home before you list it can help you do that. Staging your home and providing an optimal display of your property before you try to sell it will give your house the appearance of better value and help you sell faster than your neighbors.