Tennessee Bad Credit Mortgage Lenders

When people think of Tennessee, they often think of Memphis, or more specifically they think of its most famous son, Elvis. While Graceland itself may not be for sale, there are many houses in Tennessee that are. A prospective home buyer looking to buy a house in Tennessee would be looking to join the 1,619,882 people in Tennessee that already own their own home. With the total number of occupied homes in Tennessee being 2,314,688, that makes 70% of the homes owned rather than rented. Furthermore, 89% of all the homes in the state are currently owned or being rented and that number looks like it might climb even higher. Recently, the federal government has been looking at housing in America and found that Tennessee has been doing a good deal of work to make homes more affordable.

It is the case that in some communities and housing areas, excessive regulations are creating barriers that artificially raise up housing costs on working families. However, Housing and Urban Development Secretary, Alphonso Jackson recognized Memphis, Tennessee, for the recent work it has done for breaking down these barriers and creating a more inclusive environment for families that have to struggle to afford decent homes.

With more Americans becoming homeowners, the rising costs of housing are pricing out millions of families who want to find homes near to their jobs and within their budgets. In many cases, regulations that drive up the cost of housing are to blame.

The Department of Housing and Urban Development is taking a fresh look at these barriers to affordable housing with its America’s Affordable Communities Initiative. The initiative is designed to fight the outdated, excessive and duplicative regulations that significantly increase the cost and limit the supply of affordable housing and is motivating communities like Memphis to take a look at their housing regulations and determine which ones no longer serve a valid public purpose.

With the lessening of regulations and the subsequent drop in housing prices, it looks to be a good time to consider buying a home in Tennessee. The state has been working hard to make homes affordable to first time home buyers, and making sure they stay affordable for working families and individuals.