Are you coming to Murfreesboro to enroll at MTSU? Are you planning to rent a house or apartment?
DON'T...until you have read this page!
Did you know that, if you are a single person making as high as $36,550 a year...or a family of two making $41,750...you can get a $10,000 interest-free grant from the City of Murfreesboro to use toward a down payment and closing costs? This money never has to be paid back until you move on to another home.
Consider the two scenarios:
Paul moves Murfreesboro to attend graduate school. He and a friend of his find a two bedroom apartment for $800 a month and share the rent. At the end of two years, after having finished graduate school, Paul will have spent almost $10,000 for rent.
At the same time, Christina moves to Murfreesboro, also to attend graduate school. She finds a two bedroom townhouse for sale priced at $100,000. She uses the $10,000 grant from the City of Murfreesboro's Affordable Housing Assistance Program for her down payment. Her mortgage payment, including taxes and insurance, is $600 per month. She rents the second bedroom to her friend for $400 per month, leaving $200 of the mortgage for her to cover. Two years later, after having finished graduate school, Christina owns a home with equity. She now has the option of selling her home or keeping it.
(The above figures are based on a hypothetical scenario. For specific information about interest rates and payments, consult a mortgage professional.)
Coffee County Realty & Auction, 532 Hillsboro Blvd, Manchester, TN 37355. (931) 728-2800