The Challenge of Rising Homeownership Costs
For many Tennessee buyers, the biggest hurdle to homeownership isn’t just the down payment—it’s the combination of high interest rates and upfront closing costs. Michael’s Homes understands this challenge and is stepping in to make new homeownership more attainable.
That’s why on existing move in inventory we’re offering closing costs paid plus an interest rate buydown—helping families step into a custom home with confidence.
What Does a Rate Buydown Mean for You?
Here’s a real-life scenario on a $700,000 home with taxes and insurance estimated at $6,000 annually ($500/month).
Without a Buydown (Rates at 6.3%)
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Loan Amount (assuming 20% down): $560,000
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Monthly Principal & Interest: ≈ $3,462
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Taxes & Insurance: $500
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Total Monthly Payment: ≈ $3,962
With Michael’s Homes Buydown to 5.3%
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Monthly Principal & Interest: ≈ $3,110
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Taxes & Insurance: $500
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Total Monthly Payment: ≈ $3,610
✅ Monthly Savings: about $352
✅ Annual Savings: over $4,200
Why Build With Michael’s Homes?
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Custom designs: Tailored to your lifestyle and needs.
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Closing costs paid: Reducing your upfront expenses.
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Rate buydown savings: Lowering your monthly payment immediately.
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Local expertise: Serving Tennessee families with craftsmanship and care. To see where we build —-> https://mymichaelshomestn.com/where-we-build/
- To see current inventory —–> https://mymichaelshomestn.com/available-homes/
Final Thought
At Michael’s Homes, we know the market can feel uncertain, but we believe in creating opportunities for families to thrive. Our rate buydown incentives and closing cost coverage on existing move-in ready inventory make it easier than ever to step into your dream home with lower monthly payments and minimal upfront costs.
