Rebecca Richards •
Rebecca Richards

How much down on that “Dirt”?

Florida Georgia Line Dirt Real Estate

In their latest hit, country duo Florida Georgia Line’s affection for the soil climaxes with the line “Makes you want to build a ten-percent down white picket fence house on this dirt”. These tattooed boys are singing a common refrain as a survey by the National Association of Realtors shows 85% of Americans view home ownership as an important element of their American Dream.

What Tyler and Brian might not realize is that “ten percent down” may be far more than what is required for their dreams to come true. Many current mortgage products allow buyers to move in with a much lower down payment. The popular FHA-insured loan products require as little as 3.5% down payment and most closing costs can be rolled in the loan. While I can’t speak to what is available in Florida or Georgia, in Tennessee first-time homebuyers can take advantage of the Great Choice TN program offering 0% second mortgages to assist with down payments for various loan products. Many people who can remember back as far as 2007 might say easy access to financing can lead to trouble.  That may be part of the reason the THDA offers home buyer education courses. Qualified borrowers can also take advantage of VA and USDA mortgage programs. Some of these programs will also let you take the song more literally and “build” your dream home on “this dirt” with a construction loan.

Thinking about buying? Whether you are a first-time buyer or not, you will want to talk one or more lenders. Knowing what type of loan you can get and your credit limit will make the search for a home that much easier. You won’t waste time looking at homes you can’t afford or that won’t qualify for the type of loan you wish to use. I always encourage my clients to start with the bank or credit union where they already have a relationship. Don’t hesitate to talk to several different lenders to find a loan product that will best suit your goals. I can also recommend some local mortgage companies to consider.

We encounter many people with bankruptcy or foreclosure on their records who assume they can’t get financing for a home.  Even if you have already been turned down for financing, contact me. I can refer you to mortgage specialists who can find financing for you or establish a timetable for you to become qualified. Contact me to get your search for your dream home started.  I will be able to help you match your dreams to your mortgage loan.

If you find yourself near the front row of a Florida Georgia Line show, be sure to sing along with “Dirt”. But feel free to throw in your personal down payment figure to really make the song your own.