This is a completely updated 4 Bedroom home in a very desirable location. This home features brand new hardwood flooring in the living room area and dining room and new carpet throughout all the bedrooms. The oversized kitchen has been completely updated with brand new cherry cabinets and stainless steel appliances. The interior of the home has also been repainted with neutral colors. This is a 3 level home, with the master suite and master bath upstairs and a 2 car garage and the 4th Bedroom / bonus room in the finished basement. It also has a nice loft area that overlooks the living and dining rooms. The floor plan is VERY open and inviting. There is also a deck off the kitchen with nice views of the back yard. The home is located just 12 minutes from downtown Nashville and only 5 minutes to the airport. It is also less than a mile to Percy Priest Lake. With approximately 2400 square feet of living space, I have priced this home to sell quickly. Special financing is available. Please call for details!! THIS IS A MUST SEE!!! Please call me for the fastest response! More pics available on request. Thanks, Chris 615-945-3994
I have had a few thoughts about the recent collapse of the mortgage giants and would like to know others thoughts on the matter. Fannie Mae and Freddie Mac were both taken over by the government in September of this year. This was mostly because of lax underwriting guidelines, and the declining home prices in the US. Since then the real estate market has continued to deteriorate, and congress has passed a $700 billion bailout of the banks. Both of the mortgage giants have continued to tighten lending guidelines and ratchet up rates. In order to get the very best rate a buyer in today's market getting a Fannie Mae backed loan needs to have a 720+ credit score and 20% to put down. They have all but eliminated investors from their loan portfolios, making them put a minimum of 20% down and raising the rates on these loans to the mid 7's on a 30 year fixed loan, and limiting the number of properties that can be financed to 4 - where it use to be 10. It seems to me that investors are one of the groups of people who could actually turn this market around. But by limiting each investor to only 4 homes, and making loans less affordable, Fannie Mae and Freddie Mac are slowing down the recovery and eventual rebound of the housing market. I know they have tightened the guidelines on the loan segments that were under performing, but they are now owned by the government and should serve the peoples best interest. Investors could scoop up to 6 extra homes apiece off of the slow market and have them fixed and and rented out or sold at market prices, thus reducing inventory and cleaning out some of the homes in less than perfect condition. Financing is what drives the housing market. It is what drove prices too high when it was too easy, and the lack of financing options is part of what is fueling the decline. Now that WE all own Fannie and Freddie, I think it is time for them to work for us. I'm not saying that they should go back to lax underwriting guidelines, but there should be a happy medium. They need to stop dinging the rate for first time home buyers with really good credit, but just under the top tier. A person with a 625 credit score will pay up to 1.25% higher rate than someone with a 720 score on a 90% Purchase Loan. That means that it is much less affordable for that person with the lower score to be able to make the payments on the same home. I'm not saying there should be no difference in the two rates, but they should not be that far apart in my opinion. Please let me know your thoughts and opinions on Fannie and Freddie and if they are doing the right thing by restricting lending to the point they have.
This home is a 4 Bedroom, 2 bath with 2633 square feet of living space and a 2 car garage. It features 3 stories with the 4th bedroom and 2 car garage on the lower floor. It has a very open floor plan and a massive kitchen with lots of countertop space and cabinets. This home sold for $200,000 in 2007, and is currently being renovated. It is a great deal for the price of $185,000. The home is currently for sale by owner, but once it is listed on the market the price will have to go up for Realtor commissions. The renovation includes brand new kitchen cabinets, stainless steel applainces, hardwood floors on the main level and new carpet in all 4 bedrooms. New paint throughout the home as well as updated light fixtures and ceiling fans. With all these updates the home is well below market value. The home is perfectly located just 3 minutes from Percy Priest Lake, 5 minutes from the airport and 15 minutes from downtown Nashville. Special financing is available - please call for details. Seller will pay ALL closing costs for buyer - please call for details. Buyers agents welcome. More photos to come of the interior as the work is completed. All work should be done by 10/25/08. Please let me know if you have any questions. Thanks, Chris 615-945-3994
With lenders tightening the reigns on credit these days, it has never been more important to have a good credit rating. Here are a few useful tips that can help you obtain and then maintain the highest credit rating.
What goes into your credit score?
Payment History (35% of the rating)
Length of Credit History (15% of the rating)
New Credit (10% of the rating)
Types of Credit Used (10% of the rating)
Debt (30% of the rating) (try to keep all balances below 50% of high credit limit)
Pay all bills on time. This is probably the most important factor in the Credit Score Calculation. If you are as little as 30 days past due, your score can drop by as much as 100 points, depending on how long the account has been open and how long ago the late payment took place.
Think twice before closing accounts. Lenders are looking for consumers with long credit histories that have been managed well. But because of the increase in identity theft, you don't want too many open accounts that you don't use. Be judicious about the accounts you have. Leaving revolving accounts open and keeping them active will increase your scores over the long run.
Minimize credit-card application. On average, a consumer has a total of 11 credit obligations, of which seven are credit cards and four are loans. Each time you apply for credit, a lender requests to view your report. This inquiry is noted and can reduce your overall score; so don't apply for unnecessary credit. If you're in the market for a big-ticket item that requires a loan (like a mortgage), try to limit your credit applications for a few months prior to your purchase. However, if you have little or no positive credit, a new credit card or two can be very beneficial to your scores.
Keep balances low. Your Credit Score evaluates your total balances in relation to your available credit. This is known as credit utilization. Credit cards that are "maxed out" can lower your score. Try to spend only 40-50% of your credit limit. If you have a $10,000 limit on one card, keep the balance near $4,000 to $5,000, or lower.
If you have any additional questions please let me know.
Every time you open the paper or turn on the computer it seems like there is only bad news on the economy. The stock market is down over 35% over the past year, and home prices have also declined. In a recent survey it was reported that over 60% of Americans think a depression is likely. While the economy is facing some very tough times, and the financial and real estate sectors are not functioning properly, the economy as a whole is not like to fall into a depression. A recession, yes. It is my opinion that most people have panicked and the selling on Wall Street is over heated. The FED has taken drastic measures to reduce the fallout of the credit crunch and has acted quickly enough to keep the market from further meltdown. It is going to take some time for the markets to work themselves back into a normal condition. I think it is vitally important for people in the Real Estate and Mortgage profession to continue their hard work and help clients see the long term on their finances and how owning a home can and will have a very positive impact on their overall financial well being. Home prices are as affordable as they have been in over 5 years, so now is time to buy and hold, for the long term. Years into the future I think we will look back on this much as we have many other times of financial hardship, and wish we had the forethought to BUY LOW, so later we can SELL HIGH! Please let me know if your thoughts on the stock market as well as the housing market.
I am writing this to see what other folks in our industry think of the bailout. Most people are against it, but I feel that most people do not truly understand the magnitude of our countries financial situation, nor do they understand how the bailout will actually work. The biggest misconception I hear is that the government is giving 700 billion dollars to the banks. This is simply not the case. The plan (which as of this writing is still yet to pass Congress) is meant to buy the troubled mortgage backed assets from the banks. This will give the financial system much needed liquidity that will allow for the normal operations of our economy to continue. The buying of these assets is more of an investment than a gift. These mortgage backed securities have been traded down to a point that they are vastly under valued. While it is not likely, the taxpayers could actually make money from the bailout, if these assets rise in value over the next few years. The majority of homeowners are going to continue making their payments, but now they would be making the payments to Uncle Sam instead of a bank. That is why the "investment" will never cost taxpayers anywhere near the $700 billion many people think it will. I think the bailout is needed and needed quickly to restore confidence in our economy. Please let me know if you agree or disagree and what you think of the bailout.
I just read an article on-line that said that homes are now at the most affordable rate in that they have been at in the last 4 years. This is because of falling prices in overvalued markets, and also a larger inventory of homes on the market, fueled by foreclosures. This is certainly good news, that homes are once again becoming affordable to the average person.
I have noticed that more and more people are investing in real estate here in Nashville and middle Tennessee. I work with several investors and I have seen some really good deals come across my desk in the past few months. With more homes going into foreclosure, now is a great time to find bargains. I specialize in working with investors, and have developed quite a bit of knowledge on how to get investment loans closed quickly. I can offer rehabilitation (REHAB) loans that even let the buyer finance the cost of the home as well as the costs to repair the home, all in one loan. If an investor would like to just buy a home on a conventional loan, then we can go up to 90% of the purchase price and get a great low fixed rate. I have a separate post that goes into more detail on the rehab loan product. Please let me know if I can help anyone who is looking to invest in homes. It can be a great investment and now is the time to buy.
Does anyone want to go fishing with me on Percy Priest or Old Hickory Lake here in Nashville TN?? I always take any of my clients who like to fish on a free guided trip. To be honest, I'm not much of a guide, I just love to fish!! I will try and add some of my catches to this post later!
I spoke to a representative from a major lender yesterday, and he said that his company is seeing the market at its bottom, and expects it to be turning the corner in the very near future. I hope this is true. Does anyone else on Active Rain have the same opinion, or do you think there are still more troubles to come??
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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