by Julia Odom, the Chattanooga Real Estate Bloggess
FHA is a fabulous program for many, many, many homebuyers. Modest down payments, standard (low!) interest rates no matter what the borrowers’ credit scores, the ability to roll the up front mortgage insurance premium (UFMIP) into the loan… <insert screeching sound> Yeah, that up front mortgage insurance is really no fun. It’s just a fee… Read More
I read the news yesterday that the average interest rate on a 30 year fixed mortgage fell to a new record low of 4.36%. And that you can now get a a 15 year fixed rate mortgage for somewhere in the neighborhood of 3.86%. That was the last straw. I’m packing up my crystal ball,… Read More
![Storrmy Hollow edited [800x600]](http://www.juliaodom.com/wp-content/uploads/2010/07/Storrmy-Hollow-edited-800x600-150x150.jpg "Storrmy Hollow edited [800x600]")
UPDATE: This one’s gone now but check out the other HUD homes for sale in Chattanooga, most of which will have similar financing available. Have you always wanted to own your own home but didn’t think you could afford the down payment? Then you’ll love living in and owning this gorgeous East Brainerd home. Featuring… Read More
Does anyone remember the old Denny’s commercials where they played up the fact that you must be crazy to sell a whole breakfast for two bucks? Well I’m here to tell you that THDA is out of its mind these days. There are some new and improved rates that they’ve started offering first time buyers… Read More
In Part I we went over pros & cons for 15 year mortgages, in Part II we looked at some alternatives that will shave some time off your repayment period but won’t reduce it by half. This time I’ll show you two methods, including my favorite way, to cut your mortgage in half. It’s a… Read More
The majority of buyers never see the tail end of a mortgage. Most end up selling or refinancing (or both!) way before 30 years ever rolls around. A select few, the creme of the financial responsibility crop, want to pay off their mortgage and live without that particular millstone around their necks (make no mistake… Read More
In Part I, I talked about what it takes to get a THDA loan, which is one of only a few options for low- or no-down payment mortgages. Another of these scarce-as-hen’s-teeth programs is known as USDA or Rural Development. There are two types of programs, direct lending & guaranteed lending. Property Limitations If you’re… Read More
Where, oh where, has 100% financing gone? Used to be, you could walk into any old bank, get an 80/20 loan and never have to pull a dollar out of your pocket to buy a house (or not many dollars anyway). Those days are dead and gone but that doesn’t mean that 100% financing is… Read More
Many new home buyers are cash poor which limits them to a precious few options when it comes to financing. FHA with its (slightly) lower down payment is truly the go-to loan product right now, in many cases even for those with cash to spare . If you can scare up a few more dollars… Read More
New FHA rules being implemented soon mean that FHA buyers need to act now or be prepared for more out of pocket dollars!
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