SERIOUSLY. SHERRY Serious help for YOUR real estate needs My Speciality is YOU, my client. Please contact me today!
Sherry Wheeler, AHWD®, CSP®, ePRO® Welcome to Homes for sale in the KNOXVILLE area & beautiful East Tennessee
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Oak Ridge area Knox/Loudon counties lake front properties For all areas just click here: "Knoxville MLS Listings". This is the same MLS REALTORS use. Always current and up to date. When you find homes you want to see, need additional information or if you'd just like some help, email me at callSherry@att.net, call me at 1-888-434-5794 or 865-584-4000. If you aren't working with an agent I want to help you with all your real estate needs. Contact me today and please read what my Raving Fans have to say on the tab above.
Knoxville has a lot to offer. We have several distinct areas and envelope neighboring counties to provide just about any amenity you'd want. Whether you prefer a short drive to work, lakefront views, energy efficient living, mountain views, close to The University of Tennessee or commanding downtown lofts, you can find it here in a Knoxville area home.
Making the Most of Seller Contributions: Not Just for Closing Costs Anymore
Posted By susanne In Best Practices,Business Development,Real Estate,Real Estate Trends,Today's Marketplace
Many don’t realize seller contributions can be used in a variety of ways that can increase a buyer’s purchasing power or help them lower their monthly payments. In the following scenarios, if a buyer with a 760 FICO score and 5% downpayment had opted for a 30-year fixed rate conventional loan with mortgage insurance (MI) and used the seller contribution to either buy down the interest rate or pay the MI premium in cash as a one-time fee at closing, they would have gained more than $50,000 in purchasing power for the exact same monthly payment. Buying Down the Interest Rate In this example, the buyer opts to use the seller contribution to buy down the interest rate to 4.75% and gains $55,105 in purchasing power.
Paying the MI Premium in Cash
Talk to your loan officer to discuss the options best for your situation.
$100 DOWN BUYS A HUD OWNED FORECLOSUREHUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home. The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price. The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes inTennessee are currently eligible for the program.
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan. Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering. With an FHA 203k loan, “buyers can find a property that needs some TLC, fix it up however they want to, and finance the whole thing for $100,” Martin explained. In addition to $100 down instead of FHA’s typical 3.5 percent down payment, HUD says it will also cover up to 3 percent of the closing costs in most cases.
Community Information: http://www.discoverourtown.com/TN.html
To search foreclosed homes in Knoxville, use the following link:
HELPFUL NUMBERS Knox Area Chamber 865-637-4550 Oak Ridge Chamber 865-483-1321 KUB 865-524-2911 LCUB 865-986-6591 WKUD 865-690-2521 Hallsdale/Powell Utilities 865-922-7547 Thank you for visiting my website. Please contact me today for all your real estate needs.Sherry Wheeler, REALTOR® AT Home With Diversity®, e-PRO®, Certified Short-Sale Professional® I list my achievements to assure you I am a full time professional: 2011 Million Dollar Producer 2010 Million Dollar Producer 2010 August Bearden Top Sales 2010 January and February Top Listing Agent (Bearden) 2009 5th in Buyer Controlled Sales (Bearden) 2009 Knoxville Area Association of Realtors Four Star Professionalism Award 2009 February Bearden Top Sales 2009 Third Quarter Highest Listing Agent, Bearden Tn Lic# 380059IDX information is provided exclusively for consumers’ personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS. |
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