First Time Homebuyers in Memphis TN: The Time is NOW!   If you are looking to buy a home you are most certainly in the driver’s seat.

The interest rates are historically low, meaning your dollar can stretch further in this market than ever before. There is still ample inventory to choose from and sellers are more anxious than ever to pay closing costs, provide warranties, include appliances or other incentives that sweeten the deal in order to sell their homes. Forbes magazine projects the Memphis area in top 10 areas nationwide that are on the rise. This means the rock bottom prices are available today!

Can I get a Loan?

With much news recently about shady lending practices and banks being tight with their money, most buyers feel that it will be impossible to get funding. The good news is with decent credit (minimum 620 credit score) there are many programs out there that will help a first time homebuyer in Memphis TN area with your down payment and closing costs.

Here are a few examples of First Time Homebuyer Programs available in TN and MS:

THDA TN Housing Development Agency Programs (considers someone a first time buyer if they have not owned a home in 3 years.) The Great Advantage Program -- available with or without Stimulus Loan -- offers a slightly higher interest rate loan secured by a first mortgage offering downpayment and closing cost assistance of 2%. The Great Start Program offers a loan at a slightly higher interest rate, secured by a first mortgage, but offers assistance with down payment and closing costs of 4%. The Stimulus Second Mortgage Program -- available only in conjunction with Great Rate and Great Advantage -- offers assistance with down payment and closing costs of up to 3.5% of the property's purchase price. See more program info. at www.thda.org

USDA Rural Development Loan- 100% Loan is available in certain rural areas including areas of DeSoto & Fayette Counties. Income limits apply.

VA- Veterans are eligible for 100% Loan on homes up to $417,000 with no upper income limits. Non-veterans are eligible to get a 100% loan on a VA foreclosures.

HUD Homes- $100 down payment homes available on FHA financed homes.They can be combined with a program that allows you to finance the cost of repairs. HUD can pay the closing costs for you. So in some cases you may be able to buy a home for only $100! Look for houses at www.hudhomestore.com

MS Bond Program- Down payment assistance is 3% of loan amount for a home purchased in MS. Sales price of property being purchased or built must be at or below $198,000. There is even a grant program called Home Loan plus that provides $14,999 to eligable buyers!

This is a sampling of some of the help available for first time homebuyers in the Memphis TN area.

Bottom line- with your good credit and a steady income you can buy a home.

If you are a first time homebuyer in Memphis TN and have any questions please contact me today for a free consulation. I will help you find the right program for your situation and ultimately the right home for you.