First Time Home Buyer Brentwood, TN
06/30/11
First time home buyers in Brentwood, TN need somebody to guide them through the entire process of buying a home from start to finish. Not all real estate agents understand the unique needs of 1st time home buyers in Brentwood. Fortunately there is help from a local Brentwood Realtor, Scott Hines, who has written a book to help guide first time home buyers through the entire process.
There are several important things people should know when buying their first home in Brentwood including: do I need my own realtor, what will a real estate agent cost, how much money will I need, are there any down payment grant programs available, what are closing cost and how do I get the seller to pay my cost, is it the right time to buy, is it better to rent or own and finally should I get pre-qualified with a local lender?
Buying your first home in Brentwood should start with locating a top real estate agent specializing in the needs of first time home buyers. You should look for a Realtor who specializes as a “buyer’s agent”. A real estate buyer’s agent is legally responsible for securing the best price with the best terms and a strong purchase contract for the buyer. A “buyer’s agent” has an incentive to show the buyer only the properties that best meets their needs. A “buyer’s agent” is perfect for first time home buyers in Brentwood because they do all the work at no cost to the buyer. There is no buyer cost because the seller has already listed their home with a Realtor and agreed to pay that Realtor a commission. The “buyer’s agent” will spilt the existing seller commission with the other agent and the seller pays all of this commission.
When preparing to buy your first home in Brentwood, the typical buyer should plan on having about five thousand dollars to buy a home; however, there are some notable exceptions to this figure. FHA financing is the most prevalent type of first time home buyer loan. An FHA loan requires a 3.5 percent down payment. This down payment may be from any of the following sources: cash in the bank, a grant from the state of Tennessee, a gift from family, a withdrawl or loan from a 401k retirement account, or a loan from a non profit.
THDA (Tennessee Housing Development Agency) has awarded Scott Hines with Premier Buyers Agent, LLC the 2010 “Top Selling Realtor” award for the state of Tennessee at the annual Governors Housing Summit. Scott Hines received this recognition because he helped more first time home buyers purchase a home through the THDA down payment grant programs than any other realtor in the state of Tennessee. THDA offer down payment and closing cost assistance for first time home buyers through their “Great Start”, “Great Advantage” and “Great Rate” programs. These T.H.D.A. grant programs provide up to $10,000 in down payment and closing cost grants for Tennessee residents. The grants are awarded based on several criteria including: income, county, number of people in the household, debts, and credit score. To find out if you qualify for a first time home buyer grant call Scott Hines at (615) 268-2881. Scott Hines is a local Realtor and the owner / principal broker at Premier Buyers Agent LLC (www.premierbuyersagent.com/first-time-buyer-info/ ).
Closing cost are one big misunderstood factor that can keep a first time buyer from being able to buy a home. Most first time buyers don’t realize they must pay not only a down payment and a thousands of dollars in their own closing cost. These cost are negotiable and a good “buyers agent” can negotiate for the seller to pay all of your cost. These closing cost go to pay such fees as: bank underwriting fees, loan officer fees, appraisal fee, title search fees, title insurance fees, home owners insurance fees, recording fees, property taxes and much more. On a typical $100,000 purchase of a first home in Brentwood, these fees can be as much as $5,000 dollars or more.
There has never been a better time to buy a home in Brentwood, TN. for several reasons. Most importantly, we are in a buyer’s market. A buyer’s market is typically defined as a point in time when there is a greater than six month supply of homes available foe sale at any one time. Brentwood is currently a buyer’s market. Also, interest rates are at a historically 50 year low. This means that a 1st time home buyer can afford more house for a lower payment than at times when interest rates are higher. Finally, the state of Tennessee recognizes the importance of home ownership and is now offering down payment grants for these first time home buyers. You can actually own a home for less money that the cost of rent in most cases these days because rentals are in high demand and landlords are therefore charging higher rents.
The best place to start after selecting an experienced first time home buyer real estate agent is to search out and find a local Brentwood lender. Local lenders have an advantage because they understand what is going on in the local market. Additionally, a local lender will be familiar with the various down payment grants, down payment loans and 100% loans that are available.
To inquire about the first time home buyer process, find out if you qualify for a first time home buyer grant or loan, or receive a free copy of the “First Time Home Buyer Guide” call Scott Hines at (615) 268-2881 or visit www.premierbuyersagent.com/first-time-buyer-info/ . Scott Hines is a local Realtor and the owner / principal broker at Premier Buyers Agent LLC (www.PremierBuyersAgent.com).