Help For First-Time Home Buyers From Crye-Leike, REALTORS on Channel 3 Eyewitness News WRCB-TV Chattanooga, TN

Help For First-Time Home Buyers From Crye-Leike, REALTORS on Channel 3 Eyewitness News WRCB-TV Chattanooga, TN
Pam Jackson, Crye-Leike, REALTORS; Colman Hochman, Hochman & Associates Inc. and Vickie Phillips, American Acceptance Mortgage present Home Buyer Open House

Reported by: Greg Glover

 

http://www.wrcbtv.com/Global/story.asp?S=10253160

 

Posted: April 26, 2009 09:53 PM

 

Updated: April 27, 2009 04:03 AM

 

CHATTANOOGA, Tenn. (WRCB-TV) – Some experts offered a free class for the soon-to-be rookie homeowner over the weekend. Why? “Spring fever starts and people decide they want a yard to plant their own flowers and trees,” said Pam Jackson. She is a veteran broker for Crye Leike Realty. “I’ve been doing this since 1997,” she added. “I already know the lingo. But, I didn’t want to do that. I want people to know what they’re hearing.”

 

 

For the first-timer, it can get a bit complicated, especially with all the changes, incentives and assistance available. The Tennessee Housing Development Agency has begun a program which allows those who have not owned before to access up to $8,000 in federal stimulus funds immediately. “If we ask the seller to pay the closing costs for you,” Jackson explained, “you use this THDA as your mortgage for your down payment and the THDA mortgage, you can get in for very little out of pocket, right now. So, it’s a good time to buy. There’s a lot of houses on the market.”

 

But, you may want to think twice about foreclosures.  “You can get some good buys in foreclosures,” Jackson said, “but usually there’s a lot wrong with the house.  Not always.  There are some people that love their house up `til the end and can afford it, but a lot of times you can’t afford your home payments, you can’t afford the maintenance and upkeep.”

 

About 5,000 in the southeast Tennessee-northwest Georgia market. And many are taking advantage. “There’s a lot of interest in the tax credit,” said Richard Smith of American Acceptance Mortgage. “There’s a lot of interest in the low interest rates. There’s a lot of interest in the the market, values staying low, so there are plenty of houses that are priced right.”

 

So, a broker, a lender, a builder and an insurance man answered questions and offered their expertise for free this weekend. With all the new incentives, houses are starting to sell, they say. “And as the market starts improving, home prices are gonna go back up,” Smith said. “So, if you’re interested in thinking about buying, there’s no reason not to do it today.”