Buying Your First Home in Thompson's Station, TN: Where Should You Start?

The mistake I work hardest to head off on a first purchase is shopping to the number a lender approved instead of the payment you can live with. Those two numbers are rarely the same, and the gap between them is where people end up house-poor.

So we start with the payment. Everything else in this post follows from it.

Why should you start with a monthly payment instead of a pre-approval amount?

Because a pre-approval tells you the most a lender will lend, and a payment tells you what you can carry every month. Your payment is principal and interest plus property taxes, homeowners insurance and HOA dues if the home has them.

Pick the payment you'd be comfortable making even in a tight month. Then work backward to a price. That price is your search ceiling, even if the pre-approval letter says more.

What should you ask a lender before you tour any homes?

Ask enough to know your payment, your cash to close and your loan options before you fall for a house. I'd bring these to the first call:

1. What would my full monthly payment be at a few different prices, with taxes and insurance included?
2. Which loan programs do I qualify for, and what are the down payment options on each?
3. How much cash do I need at closing, counting the down payment and closing costs?
4. What documents do you need from me, and how fast can you turn around a pre-approval letter?
5. When should I lock my rate?

I can connect you with lenders I trust, and you're free to talk to more than one.

Are FHA and THDA loans worth asking about in Thompson's Station?

Yes, both are worth asking about. An FHA loan is insured by the federal government and allows as little as 3.5 percent down for buyers who qualify. THDA, the Tennessee Housing Development Agency, is the state's housing finance agency and offers loan programs through participating lenders.

Each program has its own rules on credit, income and purchase price, and those rules change. A participating lender is the one to tell you what you qualify for today, so don't rule yourself in or out from a website.

Why does the exact address matter so much in Thompson's Station?

Because a ZIP code doesn't tell you which city a house is in, and the city, the county and the school zone all follow the address. Some 37179 addresses sit inside Spring Hill city limits rather than Thompson's Station, and Spring Hill itself crosses the Williamson and Maury county line.

That changes your property tax bill, which changes your payment. It also decides the school zone. Before you write an offer, I check the address against city limits, the county line and the school district's own zone lookup, so the payment we planned is the payment you get.

What happens after you find the house?

You make an offer, and then a few things happen in order. Here's the path in plain English:

1. Offer and negotiation. We agree on price, terms and a closing date.
2. Earnest money. You put down a deposit that shows the seller you're serious.
3. Inspection. A licensed inspector goes through the house, and we decide what to ask the seller to fix.
4. Appraisal. Your lender's appraiser confirms the house is worth what you're paying.
5. Final walkthrough and closing. You see the house one last time, sign, and get the keys.

I've walked more than 500 transactions to the closing table since I was licensed in 2013. There's no question on this list I haven't heard. Ask it anyway.

I can't count the number of texts and emails and call we exchanged throughout this, You made us feel like we were your only focus.

Christopher P.

Where do you start?

With the payment. Get that number first, and the rest of the search gets a lot calmer.

When you're ready to talk it through, text or call me at 615-392-1186.