HUD $100 Down Homes

HUD is offering their foreclosed homes for $100 down until October 2012:

 

• Here is the deal
• It is only for HUD foreclosed properties
• You must use a HUD registered real estate broker or agent (If you need a referral we can help)
• You must qualify for and use FHA financing 
• You must be an “owner occupant”
• The $100 down payment program must be on the executed contract (specifically requested)
• HUD will pay up to 3% for closing costs
• 203K loans are eligible
• The homes are sold in “as is” condition

Please contact us if you have more questions George or Stephanie at 777-4663 (HOME) or email at George.Margrave@migonline.com or Stephanie.Holland@migonline.com .

 

The Local Real Estate Market

The media focuses on the national picture. But let’s stop and consider the local picture. The median price (not the average) for existing single family homes has dropped from $196,600 in 2008 to $173,100 in 2010. At the same time the interest rate has dropped from 6.15% to the present low 4's.

If we look at appreciation in Tennessee we see that the 5 year rate is positive at 2.79% and the ten year rate a great 28.06%. So from where I sit it is an unbelievably great time to buy a home in Tennessee. If you already own one, maybe it is time to sell it and move up. Or if not that, maybe to refinance and get a 15 year rate in the low 3's. No you didn’t hear wrong. Give me a call at 777-HOME (4663) or email me at George.Margrave@migonline.com .

Rents Expected to Climb in 2011

At long last someone other than your Realtor or Mortgage loan officer is recommending that you should buy rather than rent. According to an author at CNN Money if you can’t afford to buy a home, you may also have a problem renting. A record number of renters are spending more than half their income on housing according to a report released by the Harvard Joint Center for Housing Studies. And more middle-class folks are feeling the pinch.


Rents are expected to climb more than 7% this year where as housing has become very affordable to purchase. Part of the problem is that there is a flood of new renters who have had their homes foreclosed or lost in natural disasters.

If you think you can’t buy, you might be surprised. It is my job to figure out the answer to that puzzle for you.

I can be reached at 615-777-4663 or via email at George.Margrave@migonline.com