Financing the Encore Condos for Self-Employed Buyers

the Encore condos in downtown Nashville, TN

For self-employed borrowers, SunTrust has an option that will help meet the need to obtain financing without having to go full documentation in The Encore. I would like to introduce the No Income Verification option. Below are some of the benefits and features of this product:

– Eliminates verification of income
– Shorter processing time

This product is targeted to SELF-EMPLOYED BORROWERS ONLY. The definition of a self-employed borrower is someone who receives 50% of his or her income from commission. Certain restrictions apply to this product. For a primary residence or second home, a minimum of a 720 credit score is required with a 10% down payment. For investment properties, a minimum of 20% down is required with the same 720 credit score requirement.

The immediate downside is that the risk is much higher for the Bank versus a full-documentation loan. The rate goes up with the risk; therefore the rate will be higher. The upside is that we have negotiated a 3% closing cost credit for our clients who close at the new earlier closing date. Buyers can use that 3% for closing costs, origination fees, discount points, etc… My suggestion is for self employed buyers to buy the rate down a couple of points with the money that the developer is giving them to end up with a conventional interest rate. EITHER WAY IT GOES, YOU WIN…

This is a huge opportunity to act quickly on this offer that the developer is offering. If you have any questions or concerns, please don’t hesitate to give me a call.

Travis Smith, USMC
Mortgage Loan Consultant

SunTrust Mortgage
615.309.4899 office
615.498.3970 cell

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The Encore in downtown Nashville, TN

Encore Closing and Leasing FAQs

I spoke with Ashley Dugger at the sales center today to ask her a few questions regarding Encore closings, leasing, etc and here are the answers:

Q: Will the developer allow us to move our closing date back to our original contracted closing date?
A: If the buyer is having trouble obtaining financing they need to fax or mail a signed letter explaining the trouble they are experiencing and the developer will work with each buyer on a case by case basis.

Q: Will the developer allow a buyer who cannot qualify for financing out of the contract?
A: No, there is no case in which financing lets you out of your contract. You will need to make application with a developer approved lender (SunTrust) and if you do not qualify they will send that information to the developer. If you do not qualify you will need to look for co-signers or replacement buyers (I am looking for replacement buyers as we speak).

Q: If I exhaust all of my available financing options is there a case where I get to walk away from my deposit and condo?
A: No, we have a responsibility to our investors and creditors to close all of the condos that have been contracted in order to pay back our construction costs.

Q: Can we obtain leasing status when we close?
A: No, you must obtain leasing status prior to going to the closing table (different from Viridian). Those who do close without leasing status will have to wait 6 months before applying for leasing status.

Q: Are there any exceptions to this leasing status rule?
A: A buyer can apply for a hardship exception that would allow for instant leasing status in few cases.

Q: How do I obtain leasing status?
A: You contact Stephanie or Ashley at Encore and arrange to deposit an additional 5% to obtain leasing status. As of today there are only 32 permits left out of 70.

Contact Information

Ashley Dugger can be reached at the sales center Mon-Sat 615-324-3838 or via email:

Click here to see more pictures of the finished Encore Condos

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Condo Financing for The Encore Building in Nashville

Dear Mr. Grant Hammond,

We here at SunTrust Mortgage sincerely appreciate the opportunity to work with your “Preferred clients” with the financing of the Encore condominiums in Downtown Nashville. As a token of our appreciation, we will go above and beyond the rest of the financing options by offering an exclusive arrangement for your clients. SunTrust will offer:

* Up to $4,500 for closing costs
* No application fee ($200.00 savings)
* No appraisal fee ($350.00 savings)

We want to stand out from the crowd by offering competitive mortgage rates, better customer service, and delivering quality products and services to our clients.

Please feel free to give me or my assistant a call with any questions or concerns.


Travis Smith, USMC
Mortgage Loan Consultant
SunTrust Mortgage Inc.,

1600 Westgate Circle Suite 150
Brentwood, TN 37027
615.309.4899 office
615.498.3970 mobile
615.309.4900 fax


Kimberly Nelson, LPA
Loan Production Assistant to Travis O. Smith
615.309.4882 office
615.309.4900 fax

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The Costs of Closing Real Estate in Tennessee

A comprehensive study of closing costs nationwide, sponsored by Bankrate, shows Tennessee’s average costs are below average. Tennessee currently ranks 42nd in the nation …and, in this study, the lower our ranking the better!

Average closing costs for a home involving a $180,000 loan for Tennessee totaled $2,459. The national average is $2,748.

The biggest differences between state and national average costs were in the following categories:

Mortgage broker, origination or lender fees
– Tennessee: $688
– U.S.: $853
Attorney, closing or settlement fee
– Tennessee: $363
– U.S.: $426
Title insurance
– Tennessee: $690
– U.S.: $756
Title work – Title search, plat drawing, name search, endorsements
– Tennessee: $141
– U.S.: $167

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How Much Does It Really Cost to Buy a Home?

Well, that depends on a number of factors, including the cost of the house and the type of home loan you get. In general, you need to come up with enough money to cover three costs: the deposit you make on the home when you submit your offer – known as earnest money; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and the closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home in Middle Tennessee, your real estate agent (hopefully us) will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. As a general rule of thumb, count on between 1 and 2 percent of the home’s total value for a serious offer.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That’s why many first-time homebuyers turn to HUD’s FHA for help. FHA loans usually require only 3% down – and sometimes less. In fact, I have seen some loans that require $0 down, but be careful, your interest rate usually gets bumped up significantly for these types of loans and you’ll end up paying more in the end.

Closing costs – which you will pay at the closing table – average between 3% and 4% of the price of your home. These standard costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you a good faith estimate of these closing costs, so you won’t be caught by surprise!

Still have some questions? One of Nashville’s top Realtors will be more than willing to answer any of your questions. Contact the Remarkable Homes Team anytime!

Remember, if you are considering buying or selling Nashville real estate or just have real estate related question, trust the Remarkable Homes Team and our 17 years of real estate excellence!

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