Many people feel that home ownership is out of their reach for many reasons and thus continue to rent property well into their lives. The American dream of home ownership is more available to the average person than they may realize and can be a great place to start building wealth at an early age. Continuing to spend countless hard earned dollars on rent seems silly when that money could literally be building in your most functional investment . . . where you live. Surprisingly, home ownership can oftentimes be less expensive than rent as well, even with escrowed property taxes and homeowner’s insurance built into the payment. Shocked?

The Tennessee Housing Development Agency has several great programs available to first-time home buyers with low to moderate incomes that minimize the investment required by the buyer, as well as lessen the interest rate on the home loan. These programs have eligibility requirements involving income and housing cost limits, and these limits vary per county and per family size.

The THDA loan for first-time home buyers (defined as a buyer who has not owned a home in the last 3 years) is a phenomenal way for people to begin building on their money. When armed with the right information, the right goal, the right real estate professionals, and the right financing, home buyers stand to make a significant gain on their investment in Rutherford County, even in a changing market.

The starter home and condo market in Rutherford and surrounding counties continues to thrive in large part due to the programs afforded to consumers such as THDA, as well as the general affordability of such homes. Even for students, the purchase of a home in the starter price point or the condo market is a smart investment. During college, roommates can assist in the payment, and after college the property could be sold at a gain or rented if it is financed under a program that does not limit rental. Uncertainty of your geographic future in college early, or even late, in life should not be a factor in your consideration of becoming a first-time home owner. Properties are bought and sold daily, and we are in one of the healthiest markets in the nation even now!

For more information on the programs THDA offers, visit thda.org. For more on the comparisons of Rent Vs. Own numbers, please don’t hesitate to call me!