Murfreesboro, TN Home Prices ~ Part II

This is in response to part 2 of The Daily News Journal's special report on affordable housing in Rutherford County, and Murfreesboro, TN. The story in this part of the Affordable Housing story featured a local resident who made a modest living but wanted to purchase his own home. Fortuantely, through the help of his parents, who just so happen to be excellent Realtors, his dream of homeownership became a reality. His home purchase was made possible by his Realtor (parents) and loan officers working diligently to make all the pieces of the puzzle work. While he qualified for a home mortgage independently, they were able to secure financing through Murfreesboro's affordable housing assistance program. There are actually many programs available to first time homebuyers, police force, teachers, or families considered low-income wage earners that would like to purchase a home. Many of these programs provide down-payment assistance, or grant money to cover the buyer's closing costs or downpayment costs. For someone on a tight budget, especially someone trying to purchase their first home, having the closing costs, or downpayment gifted to them is a huge help! Low-income in the Murfreesboro area, according to HUD, is $34,500 for a single individual, and can go up to $65,100 for a family of eight. Candy Roberts, with the Middle TN Association of Realtors, stated "There is a path to buying a home, but that path has to intersect with the right program." I couldn't agree with this statement more and would even add they need to iontersect with the right people! Let's face it, helping families or individuals in this price range requires a lot of due diligence on the part of the Realtor, the loan officer, and the potential homebuyer. It is crucial that these people find a local Realtor that they can trust, and are confident are going to work hard to help them secure their dream. A good Realtor can also help you stay on path by recommending a reputable loan officer that knows all the ins and outs of the various type loan programs available to lower wage earners. As the homeowner featured in today's story said, "All that real estate stuff is Greek to me, so it helps to have good counseling." Homeownership can be attainable for individuals, even those who according to HUD standards, are considered "low-income!" From my experience, many families don't pursue homeownership because they mistakenly think it is out of reach for them. Instead, they get caught in the rent-trap and never seem to make the leap to owning their own home. If you are dreaming of owning a home but think it is just outside your reach, I would highly encourage you to at least talk with a professional about your homeownership options. Sit down and talk with a lender who specializes in working with the various gift programs for downpayment and closing cost asssitance. Just make sure that you are putting your trust in a qualified Realtor and mortgage lender who are both knowledgeable and willing to work hard to you!
Link: http://www.sherriwellborn.com/