Richard's Real Estate Thoughts

Mortgage and Lending
Mortgages, Mortgage, Home loans, home finance, home refinance, home purchase, credit, credit scoring, credit repair, conventional, FHA, VA, Rural Development, investment, First Time Home Buyer, investment, FHA 203k, renovation loans, Chattanooga, Knoxville, Cleveland, Nashville, Memphis, North Georgia, Hamilton, Bradley, Sequatchie, Catoosa, Walker, Davidson, Tennessee, Georgia, Ooltewah, Soddy Daisy, Signal Mountain, MLO NMLS 184479, TN Lic 40161, Georgia Mortgage Licensee
Some purchases can be held up by a fairly minor expensive repair.  The buyer is OK with purchasing the home with the repair not completed, but the lender requires that the repair be done prior to closing the purchase. The seller might be a bank, selling a foreclosed home, "As Is." The buyer canno...
For many buyers the biggest hurdle  to purchasing a home is the down payment. USDA financing offers a great option for financing with no downpaymet for homes in qualified areas. For veterans, VA financing is generally a great financing option.   For other qualified buyers gift funds may be the be...
Buyers can find great home buys in our market today, especially with the still high foreclosure home inventory. Some of these homes have some minor repairs that must be dones prior to closing on the purchase. A great option for these homes if the repairs are minor but required by the lender or th...
The FHA 203k program is an excellent way to finance renovations, especially for a new home buyer. Often the 203k program is considered as a good program for needed repairs, but it can just as easily be used for upgrades and improvements. The streamlined 203k program can be fairly easy to close, d...
USDA Rural Development Guaranteed Home Loan is one of the most popular home loans in today's market. The main reason for its popularity is that the loan program does not require a down payment and the seller can pay most or all of the closing costs. The second reason for the program's popularity ...
Foreclosured homes have become a major segment of the home sales market. For many home buyers, purchasing a foreclosure property means buying a Great Deal. As with any home, buyers should be informed about the price, the neighborhood, and the condition of any property they are considering to buy....
The recent changes to FHA mortgage insurance have continued the recent trends of increasing costs for home buyers using FHA financings. Over the last few years monthly FHA mortgage insurance has been raised an annual premium of .55% to this new 1.35%. police is   This is a small increase above th...
Buying a first home remains the goal for most people and families. It has become more difficult for some over recent years, but for those who can qualify, it has never been more affordable. Rates continue to be low Home prices remain low, even with recent increases Low down payment options are av...
Home buyers may have the perception that mortgage lenders have increased their documentation requirements. That perception has been encouraged by some sloppy media reporting, but for most buyers mortgage lenders have not increased documentation requirements. The low and no doc loans are no longer...
One of the first questions that many home buyers, especially first time home buyers, often ask is "What type of home loan is right for me?".  There are many options (Conventional, FHA, VA, USDA, Jumbo, Homepath, 203k, 1st and 2nd mortgage combination) and those options can often be confusing for ...

Richard Smith

FHA VA Rural Development in TN GA
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