http://activerain.com/blogs/chaynes en-us http://activerain.com/blogsview/1148121/best-deal-in-nashville-tn- <p>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. <br />Thanks, <br />Chris <br />615-945-3994</p> <p><img src="http://images.craigslist.org/3nb3m73p6ZZZZZZZZZ972ea1b231a21471e1a.jpg" alt="image 1250937946-0" /><img src="http://images.craigslist.org/3kd3m63oeZZZZZZZZZ972c2f2a474f3c61568.jpg" alt="image 1250937946-1" /><img src="http://images.craigslist.org/3nc3pd3l2ZZZZZZZZZ9728571c39b5e8f147a.jpg" alt="image 1250937946-2" /><img src="http://images.craigslist.org/3nb3ob3l6ZZZZZZZZZ9725adb7356687a1f65.jpg" height="282" alt="image 1250937946-3" width="370" /></p> CHRIS HAYNES (Peoples Home Equity Inc.) Fri, 10 Jul 2009 15:01:36 -0500 http://activerain.com/blogsview/1148121/best-deal-in-nashville-tn- http://activerain.com/blogsview/751485/fannie-mae-and-freddie-mac <p>I have had a few thoughts about the recent collapse of the mortgage giants and would like to know others thoughts on the matter.&nbsp; Fannie Mae and Freddie Mac were both taken over by the government in September of this year.&nbsp; This was mostly because of lax underwriting guidelines, and the declining home prices in the US.&nbsp; Since then the real estate market has continued to deteriorate, and congress has passed a $700 billion bailout of the banks.&nbsp; Both of the mortgage giants have continued to tighten lending guidelines and ratchet up rates.&nbsp; 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.&nbsp; 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.&nbsp; It seems to me that investors are one of the groups of people who could actually turn this market around.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; Financing is what drives the housing market.&nbsp; 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.&nbsp; Now that WE all own Fannie and Freddie, I think it is time for them to work for us.&nbsp; I'm not saying that they should go back to lax underwriting guidelines, but there should be a happy medium.&nbsp; They need to stop dinging the rate for first time home buyers with really good credit, but just under the top tier.&nbsp; 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.&nbsp; That means that it is much less affordable for that person with the lower score to be able to&nbsp;make the payments on the same home.&nbsp; I'm not saying there should be no difference in the two rates, but they should not be that far apart in my opinion.&nbsp; 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.</p> <p>Thanks,</p> <p>Chris</p> <p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Tue, 21 Oct 2008 17:10:32 -0500 http://activerain.com/blogsview/751485/fannie-mae-and-freddie-mac http://activerain.com/blogsview/749327/-185000-great-deal-on-a-4-bedroom-2-bath-home-in-nashville-awesome-location- <p>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. <br />Thanks, <br />Chris <br />615-945-3994</p> <p><img src="http://activerain.com/image_store/uploads/8/2/7/9/6/ar122453023469728.jpg" height="293" alt="" width="389" /></p> <p><img src="http://activerain.com/image_store/uploads/1/2/7/3/4/ar122453031343721.jpg" height="289" alt="" width="384" /></p> CHRIS HAYNES (Peoples Home Equity Inc.) Mon, 20 Oct 2008 14:22:00 -0500 http://activerain.com/blogsview/749327/-185000-great-deal-on-a-4-bedroom-2-bath-home-in-nashville-awesome-location- http://activerain.com/blogsview/731934/credit-rating-more-important-than-ever- <p>With lenders tightening the reigns on credit these days, it has never been more important to have a good credit rating.&nbsp; Here are a few useful tips that can help you obtain and then maintain the highest credit rating.</p> <p><strong>What goes into your credit score?</strong>&nbsp;</p> <ul type="disc"> <li>Payment History (35% of the rating)</li> <li>Length of Credit History (15% of the rating)</li> <li>New Credit (10% of the rating)</li> <li>Types of Credit Used (10% of the rating)</li> <li>Debt (30% of the rating) (try to keep all balances below 50% of high credit limit)&nbsp;</li> </ul> <p><strong>Pay all bills on time</strong>.&nbsp; This is probably the most important factor in the Credit Score Calculation.&nbsp; 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.&nbsp;</p> <p><strong>Think twice before closing accounts</strong>.&nbsp; Lenders are looking for consumers with long credit histories that have been managed well.&nbsp; But because of the increase in identity theft, you don't want too many open accounts that you don't use.&nbsp; Be judicious about the accounts you have.&nbsp; Leaving revolving accounts open and keeping them active will increase your scores over the long run.</p> <p><strong>Minimize credit-card application</strong>.&nbsp; On average, a consumer has a total of 11 credit obligations, of which seven are credit cards and four are loans.&nbsp; Each time you apply for credit, a lender requests to view your report.&nbsp; This inquiry is noted and can reduce your overall score; so don't apply for unnecessary credit.&nbsp; 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.&nbsp; However, if you have little or no positive credit, a new credit card or two can be very beneficial to your scores.</p> <p><strong>Keep balances low</strong>.&nbsp; Your Credit Score evaluates your total balances in relation to your available credit.&nbsp; This is known as credit utilization.&nbsp; Credit cards that are "maxed out" can lower your score.&nbsp; Try to spend only 40-50% of your credit limit.&nbsp; If you have a $10,000 limit on one card, keep the balance near $4,000 to $5,000, or lower.&nbsp;</p> <p>If you have any additional questions please let me know.</p> <p>Thanks,</p> <p>Chris Haynes</p> <p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> <p>615-945-3994</p> CHRIS HAYNES (Peoples Home Equity Inc.) Thu, 09 Oct 2008 14:38:23 -0500 http://activerain.com/blogsview/731934/credit-rating-more-important-than-ever- http://activerain.com/blogsview/729772/where-is-the-bottom-of-this-market- <p>Every time&nbsp;you open the paper or turn on the computer it seems like there is only bad news on the economy.&nbsp; The stock market is down over 35% over the past year, and home prices have also declined.&nbsp;&nbsp;&nbsp; In a recent survey it was reported that over 60% of Americans think a depression is likely.&nbsp; 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.&nbsp; A recession, yes.&nbsp; It is my opinion that most people have panicked and the selling on Wall Street is over heated.&nbsp; 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.&nbsp; It is going to take some time for the markets to work themselves back into a normal condition.&nbsp; 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.&nbsp; 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.&nbsp; 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!&nbsp; Please let me know if your thoughts on the stock market as well as the housing market.</p> <p>Thanks,</p> <p>Chris</p> <p>615-945-3994</p> <p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 08 Oct 2008 12:22:17 -0500 http://activerain.com/blogsview/729772/where-is-the-bottom-of-this-market- http://activerain.com/blogsview/716563/the-bailout-plan-what-do-you-think- <p>I am writing this to see what other folks in our industry think of the bailout.&nbsp; 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.&nbsp; The biggest misconception I hear is that the government is giving 700 billion dollars to the banks.&nbsp; This is simply not the case.&nbsp; 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.&nbsp; This will give the financial system much needed liquidity that will allow for the normal operations of our economy to continue.&nbsp; The buying of these assets is more of an investment than a gift.&nbsp; These mortgage backed securities have been traded down to a point that they are vastly under valued.&nbsp; 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.&nbsp; 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.&nbsp; That is why the "investment" will never cost taxpayers anywhere near the $700 billion many people think it will.&nbsp; I think the bailout is needed and needed quickly to restore confidence in our economy.&nbsp; Please let me know if you agree or disagree and what you think of the bailout.</p> <p>Thank you.</p> <p>Chris Haynes</p> <p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> <p>&nbsp;</p> CHRIS HAYNES (Peoples Home Equity Inc.) Tue, 30 Sep 2008 15:49:52 -0500 http://activerain.com/blogsview/716563/the-bailout-plan-what-do-you-think- http://activerain.com/blogsview/406778/now-is-the-best-time-to-buy-in-4-years- <p>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.&nbsp; This is because of falling prices in overvalued markets, and also a larger inventory of homes on the market, fueled by foreclosures.&nbsp; This is certainly good news, that homes are once again becoming affordable to the average person.&nbsp; </p><p>Thanks,</p><p>Chris Haynes</p><p><a href="http://www.besttnloans.com/">http://www.besttnloans.com/</a></p><p>http://money.cnn.com/2008/03/04/real_estate/markets_less_overvalued/index.htm?postversion=2008030412</p> CHRIS HAYNES (Peoples Home Equity Inc.) Tue, 04 Mar 2008 12:03:27 -0600 http://activerain.com/blogsview/406778/now-is-the-best-time-to-buy-in-4-years- http://activerain.com/blogsview/398360/investing-in-nashville-tennessee-is-getting-more-popular- <p>I have noticed that more and more people are investing in real&nbsp;estate here in Nashville and middle Tennessee.&nbsp; I work with several investors and I have seen some really good deals come across my desk in the past few months.&nbsp; With more homes going into foreclosure, now is a great time to find bargains.&nbsp; I specialize in working with investors, and have developed quite a bit of knowledge on how to get investment loans closed quickly.&nbsp; 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.&nbsp; 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.&nbsp; I have a separate post that goes into more detail on the rehab loan product.&nbsp; Please let me know if I can help anyone who is looking to invest in homes.&nbsp; It can be a great investment and now is the time to buy.</p><p>Thanks,</p><p>Chris Haynes </p><p>615-945-3994</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p><p>&nbsp;</p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 27 Feb 2008 16:20:28 -0600 http://activerain.com/blogsview/398360/investing-in-nashville-tennessee-is-getting-more-popular- http://activerain.com/blogsview/390498/anyone-want-to-go-fishing- <p>Does anyone want to go fishing with me on Percy Priest or Old Hickory Lake here in Nashville TN??&nbsp; I always take any of my clients who like to fish on a free guided trip.&nbsp; To be honest, I&#39;m not much of a guide, I just love to fish!!&nbsp; I will try and add some of my catches to this post later!</p><p>Thanks,</p><p>Chris </p><p>615945-3994</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Fri, 22 Feb 2008 11:37:04 -0600 http://activerain.com/blogsview/390498/anyone-want-to-go-fishing- http://activerain.com/blogsview/387387/is-the-market-turning-the-corner- <p>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.&nbsp; I hope this is true.&nbsp;&nbsp;Does anyone else on Active Rain have the same opinion, or do you think there are still more troubles to come??</p><p>Thanks,</p><p>Chris Haynes</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 20 Feb 2008 11:29:37 -0600 http://activerain.com/blogsview/387387/is-the-market-turning-the-corner- http://activerain.com/blogsview/384284/president-s-day <p>It sure is quiet around the office today.&nbsp; Oh yeah, all the banks are closed because of President&#39;s Day.&nbsp; This is a great time to catch up on past due tasks and paperwork.&nbsp; I hope everyone is enjoying the Holiday!</p><p>Thanks,</p><p>Chris </p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Mon, 18 Feb 2008 11:59:31 -0600 http://activerain.com/blogsview/384284/president-s-day http://activerain.com/blogsview/379908/happy-valentines-day- Happy Valentines Day to all!! CHRIS HAYNES (Peoples Home Equity Inc.) Thu, 14 Feb 2008 16:40:46 -0600 http://activerain.com/blogsview/379908/happy-valentines-day- http://activerain.com/blogsview/378138/snow-in-tennessee- <p>I got out to go to work this morning and saw that we had snow on the ground for the first time (at my house at least) this winter.&nbsp; It had accumulated about an inch or so.&nbsp; I love the snow and if it weren&#39;t for having to drive to work on the slick roads, I would love to have them more often in the winter months.&nbsp;&nbsp;Needless to say the commute to the office was a little slower that normal.&nbsp; Today is a good day to catch up with the active rain community as most real estate clients will probably not want to drive all over town in the snow to view homes.&nbsp; I hope everyone is enjoying the beautiful scenes, and staying safe on the roadways.</p><p>Thanks,</p><p>Chris Haynes </p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 13 Feb 2008 12:36:37 -0600 http://activerain.com/blogsview/378138/snow-in-tennessee- http://activerain.com/blogsview/376913/harwood-floor-nightmare- <p>My wife and I recently decided to install new hardwoods in our home.&nbsp; After months of deliberating and shopping for the right deal, we finally had what we wanted.&nbsp; We met with our installer and told him we would take up the old flooring in our home to save on the costs.&nbsp; So we got up this past Saturday and started working on the 360 square foot area of our home that already had hardwoods.&nbsp; Here is where the&nbsp;crazy&nbsp;part began.&nbsp; The hardwoods had been glued down to the plywood sub-flooring beneath, making it almost impossible to rip up.&nbsp; After about 5 hours of back breaking work, we decided to call our installer.&nbsp; He said we could just leave the floors down and that they would take up both the hardwood and the sub-floor, and replace the sub-floors.&nbsp; When they arrived today to do the job, they saw that the sub-floors had been screwed in to the studs, so they still had to rip up the hardwoods,&nbsp; This is going to take them all day because of the glue that was used causes the floors to splinter and break when you pull them up.&nbsp; The new hardwoods were suppose to be completely installed by tomorrow evening, but because of the setbacks it will be next week before they can come back out and finish the job.&nbsp; This is just a heads up for anyone who may be thinking of having their hardwoods glued down to a sub-floor--I wouldn&#39;t do it.&nbsp; Once they are glued they are meant to be there for life.&nbsp; if you are thinking of replacing any hardwoods that have been glued down, just be warned that it is no fun to try and take up.</p><p>Thanks,</p><p>Chris Haynes</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Tue, 12 Feb 2008 16:17:56 -0600 http://activerain.com/blogsview/376913/harwood-floor-nightmare- http://activerain.com/blogsview/369987/real-estate-lawyers <p>I just had a deal go bad because of a&nbsp;lawyer.&nbsp;&nbsp;This is not to say that all lawyers are like this, but this is what happend in this particular case.&nbsp; A client&nbsp;was trying to purchase a home as an investment, and everything appeared to be moving along just fine, until the seller asked to have a lawyer look at the contract.&nbsp; The original contract had been written up on the standard TN real estate contract, and nothing was out of the ordinary.&nbsp; There was an inspection contingeny, as well as appraisal and financing contengincies.&nbsp; By the time the lawyers had rewritten everything, it had been completely changed and was put into an entire new contract.&nbsp; The problem was that they had changed everything to benefit the seller.&nbsp; They wrote that the buyer was completely obligated to go through with the purchase with no contingecies and without a professionsal inspection of the home&#39;s condition.&nbsp; They also stipulated that the seller could get out of the contract for any reason and only have to return the buyers earnest money.&nbsp; It sure sounded a little one sided to me.&nbsp; After trying to negotiate on some of the conditions, the sellers wouldn&#39;t change anything.&nbsp; Obviously, that killled the whole deal.&nbsp; What would have been a quick and easy transaction was turned into a long drawn out process that lead no where.&nbsp; Hopefully this will help some folks out there who are considering having an attorney rewrite a whole contract that is unfair to one of the parties.</p><p>Thanks,<br />Chris Haynes</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Thu, 07 Feb 2008 12:05:41 -0600 http://activerain.com/blogsview/369987/real-estate-lawyers http://activerain.com/blogsview/368483/reverse-mortgages <p>Here is some useful information about Reverse mortgages.&nbsp; </p><p>Reverse mortgages have become more popular in recent years as a tool people can use to help supplement their incomes.&nbsp; Reverse mortgages are very flexible. You can use the loan proceeds for virtually any purpose.&nbsp; To qualify for a reverse mortgage you must be at least 61.5 years old and have substantial equity in your home.&nbsp; Once you are qualified, you can&nbsp;choose&nbsp;from 3 options.&nbsp; 1.&nbsp; A lump sum payment&nbsp; 2. An equity credit line, or 3.&nbsp; Monthly payments to you over the rest of your lifetime.&nbsp; Please contact me today if you would like to know more about reverse mortgages.</p><p>Thanks,</p><p>Chris Haynes</p><p>615-945-3994</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 06 Feb 2008 13:15:31 -0600 http://activerain.com/blogsview/368483/reverse-mortgages http://activerain.com/blogsview/366787/credit-scoring-tips <p>Here are a few quick scoring tips that may help in getting the most out of your credit scores.</p><p><strong>What goes into your credit score?:</strong></p><p>Payment History (35% of the rating)</p><p>Length of Credit History (15% of the rating)</p><p>New Credit (10% of the rating)</p><p>Types of Credit Used (10% of the rating)</p><p>Debt (30% of the rating) (try to keep all balances below 50% of high credit limit)</p><p>&nbsp;</p><p><strong>Pay all bills on time</strong>.&nbsp; This is probably the most important factor in the Credit Score Calculation.&nbsp; 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.&nbsp; </p><p><strong>Think twice before closing accounts</strong>.&nbsp; Lenders are looking for consumers with long credit histories that have been managed well.&nbsp; But because of the increase in identity theft, you don&#39;t want too many open accounts that you don&#39;t use.&nbsp; Be judicious about the accounts you have.&nbsp; Leaving revolving accounts open and keeping them active will increase your scores over the long run.</p><p><strong>Minimize credit-card application</strong>.&nbsp; On average, a consumer has a total of 11 credit obligations, of which seven are credit cards and four are loans.&nbsp; Each time you apply for credit, a lender requests to view your report.&nbsp; This inquiry is noted and can reduce your overall score, so don&#39;t apply for unnecessary credit.&nbsp; If you&#39;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.&nbsp; However, if you have little or no positive credit, a new credit card or two can be very beneficial to your scores.</p><p><strong>Keep balances low</strong>.&nbsp; Your Credit Score evaluates your total balances in relation to your available credit.&nbsp; This is known as credit utilization.&nbsp; Credit cards that are &quot;maxed out&quot; can lower your score.&nbsp; Try to spend only 40-50% of your credit limit.&nbsp; If you have a $10,000 limit on one card, keep the balance near $4,000 to $5,000, or lower.</p><p>I hope this is helps someone trying to improve thier credit!</p><p>Thanks,</p><p>Chris Haynes</p><p>615-945-3994</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Tue, 05 Feb 2008 11:27:49 -0600 http://activerain.com/blogsview/366787/credit-scoring-tips http://activerain.com/blogsview/365287/rehab-loans-for-investors- <p>I just wanted to write about some loans that I specialize in that can be a great asset to both&nbsp;Real Estate agents and investors.&nbsp; They are known as Rehab Loans, and they provide financing not only for the purchase of the home, but also for the repairs that may be needed.&nbsp; </p><p>Here is how they work.&nbsp; First the property must have some good equity in it.&nbsp; The bank will lend up to 80% of the after repaired value (ARV) on the home.&nbsp; So an appraisal is done based on the home being updated and in good condition.&nbsp; As an example, if the purchase price is $60,000, and $20,000 were needed for repairs, and home is going to be worth $100,000 after the repairs are completed, then the bank would lend up to $80,000.&nbsp; This would give an investor $20,000 to complete the repairs.</p><p>The qualification criteria is a little more strict than standard loans, because of the fact that the bank is lending more than the current value of the home.&nbsp; The investor must have excellent credit and must also have a good amount of liquid assets.&nbsp; The investor must also be a local resident of Nashville or the state of Tennessee.&nbsp; Banks do not want an investor from out of state trying to coordinate the rehab work.&nbsp; It also helps if the investor can show a history of doing rehab work on homes.&nbsp; </p><p>Once the rehab work is completed, the home can be sold for a profit or kept as a rental property.&nbsp; Please let me know if you have any questions about this program!</p><p>Thanks,</p><p>Chris Haynes</p><p>615-945-3994</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p><p>&nbsp;</p> CHRIS HAYNES (Peoples Home Equity Inc.) Mon, 04 Feb 2008 11:39:42 -0600 http://activerain.com/blogsview/365287/rehab-loans-for-investors- http://activerain.com/blogsview/361958/spring-is-almost-here- <p>Its that time of year again, when buyers are out and shopping!&nbsp; Each spring the warmer weather tends to heat up the Real Estate market, and this one appears to be no different.&nbsp; With rates low and the market being in the buyers favor, it may be very busy over the next few months.&nbsp;&nbsp;Get ready and make it a great start to the year!</p><p>Thanks,</p><p>Chris</p><p><a href="http://www.besttnloans.com/">http://www.besttnloans.com/</a>&nbsp; </p> CHRIS HAYNES (Peoples Home Equity Inc.) Fri, 01 Feb 2008 13:53:12 -0600 http://activerain.com/blogsview/361958/spring-is-almost-here- http://activerain.com/blogsview/359142/fed-cuts-rates-again-prime-is-now-at-6- <p>The fed just cut the key interest rates again, now making prime 6%.&nbsp; This was expected by all on wall street and should come as no surprise.&nbsp; That makes a 2.25% fall in rates over the past few months, making everything from consumer loans and credit cards to Home Equity Lines of Credit a little cheaper for everyone.&nbsp; This should help the ecomomy, but it will take some time to see the full effects of these cuts.</p><p>Thanks,</p><p>Chris</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 30 Jan 2008 13:50:00 -0600 http://activerain.com/blogsview/359142/fed-cuts-rates-again-prime-is-now-at-6- http://activerain.com/blogsview/358893/fed-meets-today-1-2-rate-cut-expected- <p>The Federal Reserve meets today and will decide on what to do about the key short term interest rates.&nbsp; The stock market is expecting at least a .5% cut in the rate, which would put PRIME at 6%.&nbsp; This rate only directly affects 2nd mortgages, and doesn&#39;t directly affect the long term interest rates.&nbsp; However, depending on the language the FED uses, the long term WILL react and make a move in one direction or the other.&nbsp; On the other hand, some people believe that the FED may not cut by .5%, because of the risk of stagflation, which is an economic period of both slow growth and inflationary pressures.&nbsp; This makes the FED&#39;s job very difficult because those are the two main areas they want to protect.&nbsp; They want solid growth with controlled inflation, both of which are in danger of moving in the wrong direction.&nbsp; Many think it is time to stop cutting rates and to wait and let the previous rate cuts take affect.&nbsp; It generally takes at least 6 months to see the affects of rate changes by the FED.&nbsp; One of the worst things that can happen is to over cut the rates, and create inflationary pressures which will cause the FED to re-raise the rates in the near future.&nbsp; It may be better to just take out lumps and ride out a short recession than to try to avoid it and create economic trouble down the road.&nbsp; I hope this helps!</p><p>Thanks,</p><p>Chris</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 30 Jan 2008 11:16:22 -0600 http://activerain.com/blogsview/358893/fed-meets-today-1-2-rate-cut-expected- http://activerain.com/blogsview/356040/more-bad-news-in-the-media- <p>It seems like every time&nbsp;I turn on the TV, open the paper, or get on-line, I am being bombarded with bad news about the Real Estate and Mortgage industries.&nbsp; Last night on 60 minutes there was a 20 minute segment on the mortgage and real estate markets and how bad it is.&nbsp; The thing is they were showing statistics in Stockton CA, where prices had doubled and tripled in a short time.&nbsp; That is where the problem lies, in areas that are no longer affordable to the first time buyer.&nbsp; Thankfully my market (Nashville and Middle Tennessee) as well as most of the country is NOT Stockton CA.&nbsp; Of course it is bad for the people who bought homes there and have seen values plummet and are unable to sell or refinance, but that is not the norm across the country.&nbsp; We need to make sure that we realize that Real Estate markets are local and what happens in the next city may not have an&nbsp;impact on me, much less what is happening 2000 miles away.&nbsp; It is going to get worse in the bad markets before it gets better, so prepare for the barrage of negative media, and try to stay focused on the positive!!</p><p>Thanks,</p><p>Chris Haynes</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Mon, 28 Jan 2008 12:02:53 -0600 http://activerain.com/blogsview/356040/more-bad-news-in-the-media- http://activerain.com/blogsview/352334/fannie-mae-to-raise-loan-limits- <p>Within the stimulus package proposed in Washington, there is a provision that would allow for the conforming loan limits to be raised from their current limit of 417,000 up to as much as 625,000.&nbsp; This proposal&nbsp;states that the raise in limit would only last for 12 months, mainly to help borrowers in high cost regions like California be able to refinance and stay out of foreclosure.&nbsp; This could be great news for the people who live in these regions.&nbsp; It will likely have little impact on the local market in Nashville Tennesee where I live.&nbsp; </p><p>Thanks,</p><p>Chris Haynes</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Fri, 25 Jan 2008 11:07:50 -0600 http://activerain.com/blogsview/352334/fannie-mae-to-raise-loan-limits- http://activerain.com/blogsview/350988/rates-are-at-4-year-lows- <p>According to Freddie Mac, the 30 year fixed rate mortgage is currently at 4 year lows!&nbsp; This should certainly help those buyers who are &quot;on the fence.&quot;&nbsp; It is also a great time to refinance out of those ARM&#39;s or just lock in a super low rate.&nbsp; Please let me know if I can help anyone out there.&nbsp; We are located in the heart of Tennessee and service Nashville and the surrounding areas, as well as 15 other states.</p><p>Thanks,</p><p>Chris Haynes</p><p>615-945-3994</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Thu, 24 Jan 2008 11:23:30 -0600 http://activerain.com/blogsview/350988/rates-are-at-4-year-lows- http://activerain.com/blogsview/349705/now-is-the-time-to-buy- <p>Whether looking for a bargain in the housing market or a good buying point to enter the stock market, right now is an excellent opportunity to buy both!!&nbsp; The economy is cyclical and expands for a few years, and then has a contraction period.&nbsp; But it has always bounced back after any downturn.&nbsp; So what is the golden rule of buying stocks (or homes)??&nbsp; Buy LOW and sell HIGH.&nbsp; Right now you can buy low.&nbsp; It may take a few months of turbulence in the markets, but by this time next year people will probably be wishing they had taken this opportunity to invest some extra money into the stock market.&nbsp; Homes on the other hand, are a little slower about price corrections and changes, so it could take a little longer to see a your investment pay off.&nbsp; But rest assured if you get a good deal on a home today, it WILL be worth much more 10 years from now!!&nbsp; If you are focusing on the long term then its a great time to get a great deal!!</p><p>Thanks,</p><p>Chris Haynes</p><p><a href="http://www.besttnloans.com">www.besttnloans.com</a></p> CHRIS HAYNES (Peoples Home Equity Inc.) Wed, 23 Jan 2008 12:49:36 -0600 http://activerain.com/blogsview/349705/now-is-the-time-to-buy-