Many Knoxville Home Buyers first start their home buying search by looking at homes first and then start working on the financing aspects of purchasing a home. The Knoxville TN real estate market is picking up and in several areas and price ranges have actually entered into a Sellers Market.
If you are serious about buying a home in Knoxville TN, Maryville, Alcoa, Oak Ridge, or surrounding areas you should start by getting your financing in order first.
There are several reasons for this:
- You may waste your time looking in the wrong price range- there is nothing more disheartening than getting your heart set on a $250,000 home only to find out that you can only afford or qualify for $150,000 or that your dream home does not qualify for the type of loan that you need.
- Not all homes qualify for all types of loans.
- If you don't have a lot of money to put down you may be well suited for a FHA loan. FHA has specific regulations- for example many flipped house may not qualify (unless the current owner has owned it for 90 days).
- If you are interested in living in a rural area some areas in Knoxville will qualify for a 100% USDA loan (if this is the loan for you your search needs to be very specific as only a few areas qualify).
- If you find a Knoxville foreclosure or a Knoxville short sale they REQUIRE a pre-approval letter, no exception.
If you are a 1st Time Home Buyer in Knoxville it is even more imperative that you get pre-approved as the $8000 tax credit is quickly coming to an end- you must be closed on your home by November 30, 2009.
Many mortgage lenders are requesting 30-45 days to close (to allow cushioning for potential delays) meaning that in order to be safe you should plan on being under contract by October 15th to make sure you don't miss out.
If you are looking to buy a home in the Greater Knoxville TN area instantly search all homes for sale at www.MyKnoxvilleHomeSearch.com. If you are looking for a luxury home in Knoxville TN visit http://knoxvilleluxuryhomesellers.com.
Knoxville Home Buying Series:
How to Buy a Home in Knoxville TN- Step 1- Secure Your Financing
How to Buy a Home in Knoxville TN-Step 2- Determining the Best Knoxville Neighborhood For You
Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.MyKnoxvilleHomeSearch.com
Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com
Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com
Instantly Search For All Knoxville, TN Homes , Condos , and land For Sale!!
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