Memphis Tennessee Real Estate

Buyers Resources


Buying a home in the Memphis area?  Then it is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. Our services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, we also provide listings by email. We pride ourselves on repeat business and hope you'll come to understand why.

 

As Your Agent, We Will:

  • Assure that you see all the properties in the Memphis area that meet your criteria.
  • Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
  • Make sure you don't pay too much for your new home and help you avoid costly mistakes.
  • Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.

Before You Start Looking For Your New Home:

  • Check your credit rating. Straighten out any errors before its too late.
  • Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
  • Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
  • Determine what Memphis or Memphis area neighborhood best matches your needs.
  • Identify important features you need your new home to have.

Closing Costs to Expect:

  • Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
  • Third-party fees include charges for insurance, title search, and other inspections such as termites.
  • Government fees include deed recording and state & local mortgage taxes.
  • Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.

 

Why should you buy a home now? 

  • Interest rates are at historic lows – making home buying even more affordable for more individuals
  • Housing inventories are up, giving buyers abundant choices and expanded negotiation leverage
  • At the same time, Memphis is one of the most stable real estate markets in terms of home appreciation values – steady increases versus wide swings

 

 

 

Housing Stimulus Legislation - First-Time Buyer Tax Credit

FIRST-TIME HOMEBUYER TAX CREDIT

Modified in the American Recovery and Reinvestment Act

February 2009

 

FEATURE

REVISED  CREDIT –

EFFECTIVE FOR PURCHASES ON

OR AFTER JANUARY 1, 2009 AND

BEFORE DECEMBER 1, 2009

 

 

Amount of Credit

Maximum credit amount

to $8,000.

 

 

Eligible Property

Any single family residence (including condos, co-ops, townhouses) that will be used

as a principal residence.

 

 

Refundable

Yes.  Reduces (or can eliminate) income tax liability for the year of purchase.  Any unused amount of tax credit refunded to purchaser.

 

 

Income Limit

Yes.  Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps

 ($95,000 and $170,000).

 

 

First Time Homebuyer Only

Yes.  Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.

 

 

Revenue Bond Financing

Purchasers who utilize revenue bond financing can use credit.

 

 

Repayment

No repayment for purchases on or after

January 1, 2009 and before December 1, 2009.

 

 

Recapture

If home is sold within three years of purchase, entire amount of credit is recaptured on sale.  Applies only to homes purchased in 2009.

 

 

 

Call our office today at (901) 751-4357 to get information on current rates, credits and other programs.

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Jason Gaia