1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county though.

4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.

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Article printed from RISMedia:

See more about purchasing  homes in Goodlettsville and Hendersonville, Tennessee at http://kimblanton.com

 Here is a Best Kept Secret -

 A tranquil and inviting lake in Madison, Tennessee.

 Madison, located in north Nashville, is close to downtown, shopping and restaurants and is adjacent to Goodlettsville, Tennessee and Hendersonville, Tennessee.

The Harbor Village neighborhood will make you feel right at home.  The community has one of the few pools in the area, tennis courts and a clubhouse.

This luxurious townhome has  many features and special amenities including a fully furnished and equipped media room for your enjoyment and a hot tub with a view of the lake.  This home is very spacious with over 2300 square feet of living space.  You will be pleasantly surprised at all that you will find here. 

For more information and a virtual tour please visit 631GlennCircle.com

For your own personal showing, please contact kim@kimblanton.com or your own Realtor®, to view this masterpiece! 

Remember, if you are looking for a townhome in the Nashville or Goodlettsville, Tennessee areas, be sure to see this home.

For more information on buying and selling homes in Nashville, Tennessee

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The top 9 most common reverse mortgage myths include:

Myth: If I take out a reverse mortgage the lender will own my home.
Fact: False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.

Myth: My children will be responsible for the repayment of the loan.
Fact: False. Reverse mortgages are non-recourse loans. That means, if the property is sold to pay-off the loan when the homeowner passes away or decides to leave the home for other reasons, there will be no mortgage debt for the family and heirs to repay. The maximum amount owed is the current market value of the house. If the homeowner’s heirs want to keep the home, they would pay the balance in-full to the reverse mortgage lender.

Myth: I can’t get a reverse mortgage if I have an existing mortgage.
Fact: False. With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most seniors take out a reverse mortgage.

Myth: Only low-income seniors get reverse mortgages.
Fact: False. Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without monthly mortgage payments, many homeowners find they can maintain their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need are taking out these loans so that they have a financial cushion for future expenses.

Myth: If I outlive my life expectancy, the lender will evict me.
Fact: False. Reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.

Myth: There are no objective advisors available to seniors trying to decide if a reverse mortgage suits their needs.
Fact: False. Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.

Myth: There are restrictions on how reverse mortgage proceeds may be used.
Fact: False. There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.

Myth: Reverse mortgage lenders take advantage of seniors.
Fact: False. Seniors who have been victims of reverse mortgage lending schemes are extreme exceptions and typically victims of unsavory lenders. As a consumer, you should only work with lenders who are Better Business Bureau and National Reverse Mortgage Lenders Association (NRMLA) members and adhere to those organizations’ strict Code of Ethics and Standards for Trust.

Myth: I’ve heard I won’t qualify for a reverse mortgage because of my limited income.
Fact: Unlike a traditional mortgage where mortgage payments must be made each month, a reverse mortgage pays you. Because of this, many seniors who do not qualify for traditional financing are eligible for a reverse mortgage.
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Article printed from RISMedia: http://rismedia.com

The 295,348 permanent modifications amount to about a quarter of the 1.2 million trial modifications started under the program, which began last year.

During the trial, banks and mortgage servicers reduced a homeowner’s monthly payment for 90 days, with a median reduction of about $500. If the homeowner made the payments and submitted additional paperwork, the servicer made the modification permanent and became eligible for cash incentives from the government.

Servicers have canceled a total of 277,640 trial modifications through April, according to the Treasury Department. That was up sharply from the 155,173 modifications that had been canceled through March. In addition, 3,744 people have had their permanent modifications canceled.

The increased cancellations largely were caused by many servicers granting temporary modifications without verifying the homeowners’ income. Starting June 1, 2010, the program will require all modifications be made based on verified income statements, Treasury officials said.

The $75 billion program has been criticized for moving too slowly to modify loans to create lower payments for 3-4 million people by the end of 2012. In December, the Obama administration began pushing mortgage services to move more quickly to convert eligible trial modifications to permanent ones.

Since then, the number of permanent modifications has nearly tripled. Large servicers such as Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc., which had been lagging behind smaller firms, have improved their performance.

Those large companies account for more than half of the active trial and permanent modifications. Still, they have turned only about 25% of their temporary modifications into permanent ones, compared with 50% or higher for some other lenders, such as GMAC and U.S. Bancorp.

Many homeowners and housing advocates have complained about bureaucratic runarounds by mortgage servicers in trying to get their mortgages modified. Treasury officials said they planned to collect new data about the performance of companies and release it beginning in July.

“The number of homeowners receiving significant relief through a mortgage modification continues to rise,” said Phyllis Caldwell, head of the Treasury’s Homeownership Preservation Office. “Our focus now is on improving the homeowner experience and holding servicers accountable for their performance.”

The new data will focus on the eight largest mortgage servicers. It will include the average time from the start of a trial modification to a permanent modification, how long it takes servicers to answer phone calls from homeowners and the time it takes them to respond to homeowner problems that come from housing counselors, attorneys and other third parties.

(c) 2010, Los Angeles Times.

Distributed by McClatchy-Tribune Information Services.

Moving from one house to another is seldom easy and fun for adults and it can be especially troubling for the teenagers. To make the move easier on your teenagers, parents need to deal with their children’s concerns and needs thoughtfully, much of that distress and discomfort can be avoided.

Remember that it may be the only home they have ever really known. This is their house, the place they feel safe and comfortable and thoroughly at home. A house is much more than a roof and walls to a teenager. It is the center of his or her world. A move threatens to take that sphere away and leave something totally strange in its place. The familiar friends, schools, shops and theaters, the streets, trees and parks - all will no longer exist for them.

Keep in mind that the new house will not be beautiful the night after the moving van leaves, or for months after. The furniture won’t fit the rooms. The curtains won’t be up, and every spot on the floor will be covered with half-unpacked cartons. Your teenager won’t know anyone at school and, if you move during the summer, they may have little opportunity to meet anyone their age. You may be faced with many more problems in your new community that they will, but remember that you can handle them more easily than they can.

Some relationships will be extremely difficult to break and these will demand careful, thoughtful, personalized planning by both parents. How, for instance, do you move a 17-year-old 1,000 miles from her steady boyfriend? Expect that your teenager may be even more distressed after the move than they were before it.

Remember that the newness will wear off. New friends will become old friends and best friends. This new house may become the family homestead your grandchildren will visit every holiday season. There will be discomforts, but in the long run, everything will work out fine.

To make the move easier on your teenagers, they will need your help, and you should plan to give them the support they need.

For more information on buying and selling homes in the northern Middle Tennessee area including Goodlettsville and Hendersonville

 Feeling like there is no other option but foreclosure can be an overwhelming experience. Know that you are not alone.    Thousands of homeowners in the United States are facing the same challenges as you every single day. Now more than ever before there are solutions.

If you are a distressed homeonwer in the Nashville, Tennessee area, you have come to the right place to find your solution. Cities include Madison, Joelton, Inglewood, Old Hickory, Goodlettsville and other surrounding areas.

 With many homeowners facing difficult decisions, it is imperative to have the proper guidance from a qualified Realtor, who specializes in Foreclosure solutions and short sales. A real estate expert is essential to a sucessful short sale and avoiding foreclosure.

When looking for a short sale expert, short sale agent, foreclosure agent or experienced short sale Realtor, in and around Nashville, Tennessee, Kim Blanton with Crye-Leike Realtors can assist you.

If you would like more information, or have confidential questions, please contact Kim Blanton at your earliest convenience to discuss your options.

You will be provided with information about how to avoid foreclosure, explain the effects it can have on you and your family, and offer other options that may be available to you. 

Please know that all communication will be strictly confidential.

Get legal or financial advice, and additional information on Avoiding Foreclosure in Nashville, Tennessee

Mistake #1  Using a Real Estate Agent Instead of a Realtor®

When you’re looking for help buying or selling property in and around the Nashville and Middle Tennessee area, it’s important to remember that the terms “real estate agent” and “Realtor®” are not synonymous. Realtors can provide an extra level of service, and to be a Realtor you must be a member of the National Association of Realtors (NAR).
The National Association of Realtors also has earned a strong reputation for actively championing private property rights and working to make home ownership affordable and accessible. The NAR members adhere to a strict code of ethics founded on the principle of providing fair and honest service to all consumers. Realtor® business practices are monitored at local board levels. Arbitration and disciplinary systems are in place to address complaints from the public or board members. This local oversight keeps Realtors directly accountable to the individual consumers they serve and therefore the consumer is more likely to find better service and accountability by using a Realtor®.

Mistake #2  Complacent Marketing When Selling a Home

When selling your home there are no guarantees that the ultimate buyer of your home will have simply walked through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer in the shortest period of time. Ask your Realtor to list for you all of the ways he/she intends to market your home and on what time-line. Also, be sure to ask about the home being advertised on the Internet.

Mistake #3   Taking for Granted the “Curb Appeal” of Your Home

When you’re preparing your house for sale, remember the importance of first impressions. A buyer’s first impression can make or break whether they even want to go inside for a look. It is estimated that more than half of all houses are sold before the buyers even get out of their cars. With that in mind, be sure to stand outside of your home and take a realistic “fresh look” and then ask yourself what can be done to make the “curb appeal” improve. Also ask your Realtor’s opinion as to how to improve the curb appeal. It could make a huge difference in your final sales price.

Mistake #4   Forgetting About Health and Safety issues

Be upfront and disclose to your Realtor any problems with the property. The problems are going to be discovered anyway. A decade ago, health and safety issues were rarely a part of the typical real estate transaction. Today, however, it’s common for inspections relating to health, safety, and even environmental concerns to be a part of most sales contracts. Moreover, in many states, including Tennessee, the seller must disclosure to the buyer any knowledge of existing property problems. In many cases, these issues have been or can be factored into the home’s listing price.

Mistake #5   Forgetting What You Would Want to See if You Were the Buyer

Remember that although people can be different in personality, they tend to be the same when it comes to expectations at someone else’s expense. In other words, a prospective buyer would probably like to see a perfect home from top to bottom, inside and out, when it comes to your home. Try to do as many of the following items as possible to improve the likelihood of your home sale in an expedient way.

Mistake #6   Thinking You Need to be Home to Explain Things to a Prospective Buyer

You will be better served if you allow the Realtor to do their job without you there. Most potential buyers usually feel more comfortable if they can speak freely to the real estate professional without the owners being present. If people unaccompanied by an agent request to see your property, you should refer them to your Realtor for an appointment.

Mistake #7   Not Knowing How to Price Your Home to Sell

Perhaps the most challenging aspect of selling a home is listing it at the correct price. It’s one of several areas where the assistance of a skilled real estate agent can more than pay for itself. Listing the home too high can be as bad as too low. If the listing price is too high, you’ll miss out on a percentage of buyers looking in the price range where your home should be. This is the flaw in thinking that you’ll always have the opportunity to accept a lower offer. Chances are the offers won’t even come in, because the buyers who would be most interested in your home have been scared off by the price and aren’t even taking the time to look. By the time the price is corrected, you’ve already lost exposure to a large group of potential buyers. The listing price becomes even trickier to set when prices are quickly rising or falling. It’s critical to be aware of where and how fast the market is moving - both when setting the price and when negotiating an offer. Again, an experienced, well-trained agent is always in touch with market trends - often even to a greater extent than appraisers, who typically focus on what a property is worth if sold as-is, right now.

Mistake #8  Not Planning Your Move Early Enough

Many sellers simply don’t plan their move early enough and then feel totally overwhelmed at the time of moving out of the house. If you are able to move at any time of the year, don’t wait until summer, the peak-moving season. Consider also that the first and last few days of the month are extra busy. If you plan to sell your house, get it on the market as soon as possible. Keep a record of all expenses related to the move, some of which may be tax deductible.

Mistake #9  Using a “Convenient” Realtor Rather Than Using an Experienced Realtor

When working with a real estate agent, it’s critical that you have full confidence in that agent’s experience and education. A skilled, knowledgeable agent should be able to explain to you exactly why your home needs to be priced at a certain level - compared to recent listings and sales of homes similar to yours. Experienced agents also know exactly what the current pool of buyers are looking for in relation to particular styles and price ranges of properties. A skilled agent can recommend changes that will enhance the salability of your home, thus increasing the price - and/or decreasing the length of time before a sale. Ask about their designations, list to sales ratios, average days on market, sales position among other Realtors, etc.

For more information on buying and selling homes in the northern Middle Tennessee area including Goodlettsville and Hendersonville

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White House, TN (x:xx duration)

You will be pleasantly surprised by all the features and great value in this White House, Tennessee home. Hampton Village will always welcome you home.

You will find hardwood floors, new fixtures, appliances, designer paint, solid surface counter tops and more. This is a wonderful opportunity to own your first home.

As a first time home buyer, you may be eligible for the $8000 federal tax credit that will be available until April 30, 2010. As long as you are under contract by that date and closed by June 30, 2010, you may qualify for the tax credit.

There is no need to wait, contact kim@kimblanton.com or your own Realtor®, to view this masterpiece!  Remember, if you are buying a home for the first time in White House, Tennessee, be sure to see this home.

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When making a decision to sell your home, you may want to interview several agents to determine who would be best qualified to handle the sale of your most important asset.  This should be a business decision and should not be based on friendship or family concerns.  You want the most qualified agent to work on your behalf.  

To help you decide, you may want to ask these questions.

 1. Do you personally answer all phone calls on the property?

2. Can we cancel the listing if we’re not happy?

3.  Are you a Realtor® and what designations do you have?

4.  Do you have a personal internet web site and what percentage of business comes from that site?

5.  What systems do you have in place that will keep you in constant contact with me during the listing and the transaction?

6.  What type of internet marketing do you have and where will my home be seen?

8.  What is your average days on market?

9.  Can you give me a list of your clients who have closed and can I call them?

10. Why should I list with you rather than any other agent?

For more information on buying and selling homes in the northern Middle Tennessee area including Goodlettsville and Hendersonville

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