Frequently Asked Questions
We often get questions from curious potential home buyers and sellers about how the whole process works. In response we’ve formulated some of our most common questions into this FAQ tool to help you in your research. Though buying a home may at first be daughnting, we are here to help you through the hurdles. (Follow the links in blue to more information)
Here at Nashville Real Estate Rockstars we like to get you into your new home in the time you require, however as a general rule it is better to have more time than less. Having more time gives you advantage as you dont have to make a decision on a property if it does not meet all your needs. Take a look at some of the details here and down load our Savvy Buyers Time Line pdf.
What steps to I need to take to being ready to buy a home?
1. Strengthen your credit score. Free Credit Score Calculator
2. Figure out what you can afford. Mortgage Calculator
3. Be able to save for down payment, closing costs. Budget Worksheet
4. Build a healthy savings account. Tips on Saving
5. Get preapproved for a mortgage. 5 Things You Need To Be Pre-Approved
If you have young ones or hope to start a family once you’ve settled into your new neighborhood, it is important to keep in mind which school districts are performing best. Please review this resource to scout out the best of what Nashville Public Schools have to offer.
Affordability is a subjective area of the home search, every buyer has a different budget and a different scale to work from. At the time of writing the northern parts of Nashville are currently the lower priced properties with Madison and Donelson coming close behind. Take a look around town by cruising through our neighborhood map tool to get a perspective and download our latest market report on the same page.
Nashville is expanding very quickly. Such rapid, urban growth can influence crime. One of the best ways to stay informed with safety and crime reports is to download Nashville’s Metro Police Department’s Crime Activity Map to your phone or computer. Its really cool in a bizaar type of way.
Traditionally the southern side of Nashville has been seen as the safest, over recent years however the once sketchier parts have seen urban renewal and hence a drop in the crime rate.
Perhaps you are an investor interested in purchasing rental property or are a business owner looking to set-up shop inside or near your home. Different regions of Nashville have varied zoning laws. We recommend that you check out Nashville’s Zoning Codes and Regulations before you commit to a particular neighborhood.
The best way is to actually go into the office and ask all your questions directly to the friendly staff at codes. Codes Administration
800 Second Avenue South, Nashville, TN 37210 weekdays 7:30am to 4pm
The United State’s Federal Housing Administration is the largest insurer of mortgage loans in the world. The administrations purpose is to insure mortgage lenders (banks and brokers), not home buyers. This insurance allows FHA-approved lenders to have safeguards against defaulting mortgages and offers increased security to the housing market.
When lenders are insured on their investments, they are more likely to extend loans to homebuyers. Therefore, Buyers must meet FHA loan requirements for their lenders to extend them insured loans.
Many individuals and families go through periods of financial hardship. If you act early you can take steps to improve your financial situation so that you are better equipped to be pre-approved for your new home loan
Credit Scores and how they affect approval for loans fluctuates within current economic climates. To stay current on market norms you can use this site to see if your credit score falls within shifting rating frameworks. The good news is that it may be lower than you think.