The Money-Saving Secrets of the Home Purchase

If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:

Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.

Get pre-approved for a mortgage to do your research first.​ Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.

Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.

The Stats: What You Need to Know Before You Buy a Home

​Homeownership is common. In fact, statistics from 2022 show that the homeownership rate was a staggeringly high 65.8%, which means the majority of people have gotten out of the rent cycle and into their own home.

You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.

The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.

Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

I've been working with Kevin and his team for my entire real estate career. I can say with certainty that they are the best lender out there. Time and time again they have proven that they are just different from everyone else out there.

I've bought several homes myself through them as well and I couldn't be happier with my experience. Not only are they the best lender around, they are a fantastic group of people that I'm happy to know. Give them a call, you won't be sorry

- Brad Fuqua

I have had nothing but great experiences with the Kevin Blair team! They are always on top of the loan process and always take the time to make sure that everyone understands the process from beginning to end. Kevin and his team always get my clients to the closing table and that makes EVERYONE happy!

- Alison Williams

The Kevin Blair team with Element Funding is by far the best lender in the Chattanooga area! This was our second home purchase, but first using the KB team, and I can tell you we will only use them in the future. I will continue to rave and recommend them to our family and friends. The KB team takes time to explain every step, answer all your questions, all while making you feel like your loan is the only loan they are processing. I never had to follow up on the progress of our loan as they send out daily updates. I cannot thank Kevin, Beth, and Chad enough for taking care of us during this process! They are truly amazing!

- Brandi Purkey

Excellent front of house to the back! This team is great at what they do, connected, and caring! They draw a crowd in all the right ways. Clients love their precision in preapproval processes and their daily status reports to all parties. Kevin Blair knows more about the heart of his industry than anyone else in the business.

- Ashley Young

As a 17 year local real estate agent to the Chattanooga area, I can definitely recognize if a lender truly has what it takes for me to refer them my trusted clients. The Kevin Blair team is exactly that! Trusted, efficient, knowledgeable with a wonderful faith based core, it is a pleasure and an honor to tell the world about them!

- Trey Corum

Absolutely fantastic mortgage company! I never hesitate to recommend Kevin and his team. They always go above and beyond to make sure everyone is taken care of.

- Dustin Mccall

The whole team is friendly, helpful, and full of energy. I am a real estate agent and would absolutely recommend them to my clients. They’re honest and genuinely care about getting their clients the best deal possible.

- Dylan Treloar

The Kevin Blair team at Element Funding are truly amazing! This was not our first rodeo, but it was by far the best! Every member of the team went out of their way just for us, it seemed. It's possible they respond to everyone like that, but it felt personal and sincere. Every one of them took the time to explain things and answer questions. We received step by step instructions and daily updates, texts and calls when they had questions. We even received some delicious goodies in the mail to thank us for our business! (Apologies if other clients didn't get the same... :) If you are reading these reviews and haven't selected a lending company, do yourself a favor and get in touch with the great team at Element. Unless of course you prefer falling headlong into the cold, impersonal abyss of one of the banking giants and taking a chance on your dream of successfully surviving the mortgage process falling in there with you.

- Susan Lynch

Kevin Blair team was amazing to work with through the buying process. Very professional and timely. Highly recommend them to anyone looking for solid lending.

- David Hanson

Kevin Blair and his whole team are WONDERFUL to work with! From beginning to end, they make the whole process seamless and stress free. Best lender in the area, highly recommend!

- Amanda Saenz

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

START HERE.Find out what you qualify for in 1 minute. Discover what you can do with an FHA Purchase or Renovation loan!

What You Need To Know About A Home Purchase

Why should I buy a home rather than rent?

Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.

How do I start the home buying process?

One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!

What kinds of financial commitments do I have to make?

There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.

Why is now a good time to buy a home?

While it’s true that rates are up from last year’s historic lows, there are still many reasons why now could be a great time to buy. For one, falling home prices mean that you can get more house for your money. In addition, there is less competition from other buyers, so you may have an easier time negotiating a lower price. Don’t let rising rates scare you off – there are still plenty of reasons to buy the home you’ve always wanted!

What is the next step?

Click through our buttons above to find out whether you qualify for great terms on a new home purchase!

START HERE.Find out what you qualify for in 1 minute. See if you’re eligible for your first home loan in 60 seconds or less!