Five Hundred Dollars Deposit
We are excited to announce that if you are an owner occupant FHA, VA or T.H.D.A buyer, that Harpeth Development and Franklin Synergy Bank are now allowing only a $500 (Five Hundred dollar) deposit to secure a unit at Solo East Nashville.
The balance for the required 3.5% FHA down payment will still be required at closing. (There are 100% financing options for qualified buyers available through VA and THDA)
This means that when you have chosen your unit, and have been approved for a mortgage, you will only need to provide a check for $500.
Money Required at Closing
When the unit is ready to be occupied, when you close on the unit, you will be required to bring the rest of the FHA 3.5% down payment. The 3.5% is based on the contracted sales price.
For example if you secure a unit priced at $149,500 after being approved for a FHA mortgage, then you would pay $500 for the deposit only. (This does not include the washer and dryer purchase which is separate)
At closing you would then have to bring the rest of the FHA 3.5% down payment of $5,232.50 less the $500 which would be $4,732.50. This does not include all closing costs.
Mortgage Options and Closing Costs
For a full explanation for the different mortgage options for owner occupants talk to Stephen Lewis at Franklin Synergy Bank
Franklin Synergy Mortgage
134 Pewitt Dr Ste 100, Brentwood TN 37027
Online Pre-Qualification Application Link:
Click here: Franklin Synergy Secure Loan Application
A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government mortgage.