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Exploring Cleveland, Tennessee with Pratt’s Trails at Freewill Preferred Lender

The Trails at Freewill in Cleveland, Tennessee officially opened this week with new construction single-level and two-level home plans! This community is just minutes from the interestate, off the corner of Candies Lane and Freewill Road. This community will be the first of its kind in Cleveland with a resort-style pool and pool house, as well as sidewalks and lighting throughout. We kicked off with nearly half of our first phase having site reservations, but there are plenty of opportunities to call this picturesque community home.

Just a short drive from both Chattanooga and Knoxville, Cleveland offers the big city conveniences with a small town feel. We caught up with our preferred lender, Bruce Seigel with Movement Mortgage, who also has a home in Cleveland, to learn more about getting qualified for this exciting new community and to hear more about what local adventures he recommends to customers interested in calling this location “home”.

 

The Trails at Freewill Community Logo

 

Chatting with Preferred Lender Bruce Seigel of Movement Mortgage

What are you looking forward to most about The Trails at Freewill in Cleveland? I’m excited to be a part of helping homebuyers finance a new home in a unique Cleveland subdivision that was specifically designed to facilitate Community

Why should prospective customers contact you sooner rather than later when considering a new construction home purchase? The more lead time we have the more we are able to optimize their financing package and lock in the best rate available prior to close (extended lock and lock and shop)

What are some great ways first-time home buyers can poise themselves to move forward on a new construction home at this community? Get your preapproval now!

What are some ways customers who are looking to downsize can prepare to move down to a lower maintenance, new construction home? Have a yard sale to declutter yourself from items that no longer bring you “bliss”

 

What are your favorite restaurants in the Cleveland area? Longhorn, Aubrey’s, Cheddars and Five Guys

What are your favorite outdoor adventures in the Cleveland area? The Greenway, Benton Falls/Chilhowee and Chesnut Mtn.

What do you love about the Cleveland location’s small town feel? There are plenty of big box stores for conveniences, but is small enough to be friendly

What do you like about Cleveland’s proximity to Chattanooga and Knoxville? Conveniently almost smack dab in the middle of two great cities

What else should prospective customers know about building or purchasing a new construction home with Pratt Home Builders? Simply put, Pratt is the #1 local builder for a reason and we are excited to show you why!

Exploring Cleveland, Tennessee with Pratt’s Trails at Freewill Preferred Lender2023-04-06T14:22:22+00:00

New Construction FAQs: “How do I finance my new construction home?”

One of the most common questions hopeful new home buyers often ask is: “Do I need a new construction loan?” You may be surprised to learn the answer is no. How is that possible when you’re buying a new home that’s under construction, or when building from the ground up? By the time you actually close on your home, the work will be complete.

While Market Homes and Pre-Sales have a few differences when it comes to selections and timeline to move in, the financing is the same for both – and standard lending products are welcome. Here’s a quick overview of the differences in what money you’ll need upfront to start your respective process, and of the types of financing we often see in New Home Construction.

Getting started: In some cases, the money needed upfront can be among the determining factors in deciding whether to buy a Market Home or build. Market homes are for sale at all stages of construction and require only a small earnest money deposit to proceed with a purchase agreement. In order to participate in our Pre-Sale process (choose the plan, site and finishes), buyers must provide a  little larger deposit.

*Please note, down payment is different than the deposit. The deposit is made payable to the builder and is ultimately applied toward the purchase price of the home ot towards the down payment at closing. The down payment is part of the lending process, and although also is applied toward the purchase price, this is the requirement to fund the loan and paid to the title company or bank. 

FHA

An FHA (Federal Housing Administration) loan is among the most popular financing choices, especially for first-time homebuyers, since the credit score and down payment needed to qualify are low. The FICO score must be 580 or higher, and the down payment can be as low as 3.5 percent of the sales price.

VA

The VA (Veterans’ Administration) is available to current and former military and National Guard members, and is one of the best if you qualify, and it’s among the most popular choice for Pratt Home Builders customers. There is no money down in many cases, no PMI, and the loans are assumable if you sell. VA loans in Hamilton and Bradley counties can currently be funded up to $453,100.

Conventional

The most common loan is the conventional loan, these can vary significantly to adjust to the buyer’s needs and can be the least restrictive in some regards. A conventional loan generally requires more money down and a higher credit score, but often offers lower interest rates. They typically require between three and20  percent down, and the down payment determines whether a PMI (private mortgage insurance) is required. A 20% down payment will eliminate the PMI.

THDA

The THDA (Tennessee Housing Development Authority) loan was created by the government to boost home ownership in certain areas, so it’s not a lending option in all Pratt communities, but is available in some. There are certain parameters for the home price and the buyer’s household income. In general, THDA loans are for first-time home buyers but there may be some exceptions so it’s always best to check with a lending professional.

PMI

PMI is an insurance policy that protects the holder against loss resulting from default on a mortgage loan. Insurance requirements are sufficient to guarantee that the lender gets some pre-defined percentage of the loan value back, either from foreclosure auction proceeds or from PMI.

 

To learn more about what new home financing option is ideal for you, contact Pratt Home Builder’s Preferred Lender, Blake McPherson.

https://prattliving.com/homebuyers-corner/financing-options/

 

New Construction FAQs: “How do I finance my new construction home?”2025-10-22T12:01:35+00:00

Your Home Warranty and Pratt’s Peace of Mind Plan

Pratt Home Builders is celebrating 20 years in business and is rapidly approaching over 1,400 homes built in the Greater Chattanooga area. Throughout the last year, the Pratt team has been diligently focused on standing behind the multiple warranties that come with every Pratt home by making the follow-up process even more effective. We have added a full-time home warranty department and customer care technicians. Robin Warren is spearheading our Customer Care department and is sharing insight about the details of the fifth piece of the Pratt Process: the Pratt Peace of Mind Plan.

 

BN: Robin, tell us a little bit about yourself and what you do in terms of Customer Care.

RW: I am a full time in-office assistant to all of our customers and to these gentlemen who make up our warranty team. I will be our customers’ first contact when reaching out about any warrantable concerns. I help coordinate service orders for our technicians and gather data to help improve our department.

 

BN: I know all of us on the Pratt team as well as our homeowners are so glad to have you all! Can you tell us more who else is involved in this rapidly growing department?

RW: Our team members include Josh Gunter, Chad Gadberry, Brandon Whitworth and we are looking forward to a new specialist joining our team later this month!

Josh is a Chattanooga native who joined the team in December 2017 as one of our customer care technicians. Soon, he is starting his transition into our construction side as a Pratt builder. We’re going to miss him on our team, but are extremely happy for him as he pursues his building career. When he’s not working, he enjoys all things outdoors like hiking and kayaking.

Chad Gadberry is another one of our customer care technicians who started working for Pratt earlier this year. Outside of work, Chad enjoys cooking for friends and family, working on his home and spending time with his wife and children. We are very grateful to have Chad on our team. He’s very efficient, thorough and all of our customers love him.

Brandon Whitworth is our director of customer care. He is approaching his one-year anniversary with Pratt Home Builders. He loves to spend time outside of work with his wife, Tina and their three children: Brandon, Bailey and Cooper. They enjoy horseback riding, kayaking and camping. I (Robin) really enjoy working with Brandon. He is always on top of issues, willing to help anyone with all tasks and is diligently working to improve our customer care department.

We are also very excited about a new employee coming soon to join our team later this summer!

 

 

BN: Can you tell us more about what’s included (warranty-wise) when a buyer purchases a Pratt Home?

RW: Pratt homeowners get several types of warranties with their new home. The Pratt Peace of Mind Plan outlines these in depth, and each owner gets a copy of this plan for their reference. Here is an excerpt from The Plan highlighting each warranty type.

 

– Materials and workmanship for 1 year

– Certain major home systems for 2 years

– Defined structural defects for 10 years

 

In general, the Plan is a commitment that materials and workmanship are warranted for

one year from the time of closing. The heating, air conditioning, electrical and plumbing

systems are warranted for 2 years from closing. Defects in materials and workmanship

in the structural elements of the home are warranted for ten years from closing. Some

appliances, equipment and other components included in the home are not warranted

by Pratt, but are covered by separate warranties provided by the manufacturer or

supplier. These warranties are assigned to the Homeowner by Pratt at the time of

closing. In the event that a timely claim is made under one of these warranties without

response, Pratt will assist the Homeowner in attempting to resolve the problem with

the manufacturer or supplier.

 

BN: What are the main differences in the various warranties, respectively?

RW: There are many different elements of a new construction home, but I believe most buyers will be pleasantly surprised by the items covered. Check out the time and terms on the warranty coverage I’ve listed below (from the Peace of Mind Plan).

One Year Coverage – Pratt warrants the construction of the home will conform to the

tolerances for materials and workmanship, as defined in the Performance Standards, for

a period of one year after the closing date.

Two Year Coverage – Pratt warrants the workability of the plumbing, electrical,

heating, ventilating, air conditioning and other mechanical systems, as defined in the

Performance Standards, for a period of two years after the closing date.

Ten Year Coverage – Pratt warrants the construction of the home will conform to the

tolerances set forth below in the Performance Standards for Structural Elements for a

period of ten years after the closing date, subject to the limitations set forth below.

Structural Elements are footings, bearing walls, beams, girders, trusses, rafters, bearing

columns, lintels, posts and floor systems. A Structural Element will not be deemed

defective, and no action will be required, unless there is actual physical damage that

diminishes the ability of the Structural Element to perform its load-bearing function such

that the home is unsafe.

 

BN: Why is this warranty unique?

RW: Our warranty program is growing rapidly and we are making daily progress to benefit our customers and this is one important attribute that sets us apart from our competitors. The warranty itself stays with the home, not the homeowners. So, essentially if you purchased a “used” Pratt home and it’s still within our one year, two year or 10 year warranty period, then the new homeowner still gets to reap the benefits of our warranty program.

 

BN: If a customer has any type of issue, what’s the best way to get in touch with the team and how soon can they expect to have the issue resolved?

RW: During office hours, a call can be made to myself at 423-267-9917 ext 312 or an e-mail made to me at RobinWarren@PrattLiving.com. If an emergency arises, homeowners can call our office line at 423-267-9917 and press 9 when prompted for an emergency call.

We will always have someone on stand by for emergency issues such as no heating/air or water leaks. While emergency warranty situations are rare, prompt response is essential when they occur. Trouble shooting tips are provided to you but if your efforts fail to correct the problem, you can call us at (423)267-9917 or call the necessary trade contractor or utility company directly.

Your Home Warranty and Pratt’s Peace of Mind Plan2025-07-31T17:28:05+00:00

Buying a Resale isn’t Your Only Option: 7 Reasons to Buy New

It’s no secret that the greater Chattanooga real estate market is booming. When starting the search for a new home, many buyers seek out a Realtor and begin the quest by perusing the MLS. The retail and resale market is very competitive, so often buyers end up in multiple offer situations, which can be stressful and disappointing since so much effort is required just to find a home you feel comfortable making an offer on. Often, by the time the process of multiple searches and offers is complete, many buyers could have built a new home with more of what they really want in a similar timeline. Here are a few reasons to consider buying a new construction home.

New and in style

Of course, the most obvious reason to build is that new construction is move-in-ready! Everything is exactly how you want it – no need for renovations or remodeling. Pratt’s in-house design team creates each market home and consults with buyers on to-be-built homes, so each new construction home boasts modern trends, inherently more energy efficient features like Hardie siding and better-insulated windows, plus stylish granite, hardwood, tile, and fixtures. Every new Pratt-built home also comes with a warranty so you can sleep easier knowing we’ve got you covered.

More options

With nearly 50 home plans, 19 communities, and multiple new communities opening every year! Our communities offer a variety of amenities and atmospheres! From resort-style pools to splash pads, catch and release fishing, ballparks, soccer fields, green spaces, clubhouses, cabanas and so much more, we have a community to match every lifestyle.

Less competition

Because we sell at every stage of construction, it’s fairly uncommon for homes to reach completion without being sold. This means many homes may not ever make it to the MLS and a Realtor representative may or may not know about available homes.

The same financing

There’s a common assumption that to build a new home means obtaining a new construction home loan. You’ll be pleasantly surprised to learn this is a myth!  You can actually use whatever lending product you would use on a resale home. We handle the construction, so by the time you purchase you’ll own a completed home. We accept cash, convention, FHA, VA, and THDA/USDA where it’s applicable. A deposit is required for a to-be-built (that means you choose the site and plan) and earnest money is required for our market homes (just like for regular transactions).

More ways to personalize

When you build your own home, you can invest where it matters most to you. Maybe that means more square footage, a special homesite, or certain structural changes or finishes. Most of our home plans come with over 20 options, so buyers who want to build can match their home to their lifestyle needs. Maybe that means choosing a screened porch, trey ceiling, or bonus room. There are not only structural options to choose from but also an incredible variety of interior and exterior finishes. Each Pratt home reflects the unique style of the owners.

Built-in equity

In this dynamic real estate market, time is money. When you go under contract, your home plan, site, location and modern finishes are locked in at current market rates, so if the market skyrockets during what is typically a six to eight month build time, that potentially means your home is worth more when you close than when you went under contract, so you could have equity on day one.

The best match

Our in-house real estate matchmaker can determine the best fit for each buyer’s timeline, price point, location and home plan goals. We encourage buyers or their buyer’s agent to get in touch with us directly by booking online or calling 423-757-7687 to learn what inventory is available.

Buying a Resale isn’t Your Only Option: 7 Reasons to Buy New2025-07-31T17:28:30+00:00
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