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PHB Home Stories: Meet First-time homebuyer Allison White

We spoke with first-time home buyer Allison White about her what it’s like to be building and making selections for her first new construction home in the (booming) Chattanooga market.

 

Pratt Home Builders: Why did you feel now is the right time to buy a new construction home?

Allison: A lot of it has to do with the timing of being ready to move in.  For me, I was living alone in an apartment when the pandemic hit.  I moved in with my parents “temporarily” since I’m a pretty social person.  Living in isolation was not good for me.  Then the tornado over Easter hit my apartment as well, so I fully moved in.  With Covid still a threat, I don’t want to move back out too soon and find myself isolated like I was at the start of the pandemic, just in a bigger space!  The timeline of building fits when I am hopeful to be able to get back out in the world more comfortably.

 

PHB: Did you look at both new homes and resales? Why did you land decide on new construction instead of a resale?

Allison: I did look at what I’ve been jokingly calling “used” homes before opting on new construction.  Because of the timeline issue I mentioned before and the record low inventory in resales, I was having trouble finding what I was looking for.  Every house I saw that came close was missing at least one item on my “must have” list.  With new construction, I am able to get all my “must haves” within my budget, so it just makes the most sense for what I’m looking for and my timeline.

 

PHB: With the low inventory and competition among resales, would you expect to see new construction homes become the “new normal” in real estate”

Allison: Based on what I saw on the market, it wouldn’t surprise me.  If new construction can guarantee what you want in a home, and the price is right, I would think that would be the better option.  Unless you need a home quickly, why not build what you want?

 

PHB: Does the long warranty make you feel additional ease as a first-time buyer?

Allison: Absolutely!  It’s nice to know that I won’t have to worry about things breaking for a long time.  I’m not the most handy with home repairs, so not having to think about hiring someone to fix things is great for my piece of mind and my budget!

 

PHB: I know you mentioned you are having some special features added to your home – can you talk about those?

Allison: The features I’ve upgraded are just the things that I really want in my home such as a screened porch, a tub in the master bath, and a wall oven in the kitchen to name a few.

 

PHB: What are you most excited about when it comes to your home plan and finishes?

Allison: I’m super excited to put my touch on everything and truly make it mine.  I’m looking forward to going through the process of designing the finishes and getting to pick everything out.  As for the home plan, I love the layout and the way the home flows.  I think it will be everything I’ve been looking for in a home.  I can already imagine living in the space and using each area throughout the day.

 

PHB: Why did you choose the community/location that you landed on and what are you most looking forward to about being in the area?

Allison: I grew up just outside of Red Bank, so I was hoping to move back to the north side of town.  I was looking at homes in the Red Bank, Northshore, and Hixson areas of Chattanooga.  The location of this neighborhood is fantastic as it is close to all the places I spend regular time during the week (church, work, recreation).  I also love how close it is to the Greenway Farms area so it will be easy to go to the park frequently.  The community feels like it is in the middle of the country, but I can get to city amenities within 5 minutes.

 

PHB: What are you most looking forward to about your design process?

Allison: This is a hard question because the answer is “all of it!”.  I’ve never built a home before, but I think it will be an interesting and fun process to go through, especially since I’m not doing it on my own.  I think the design meetings will be enjoyable as I look at all the different options.  I intend to drive by the lot at least weekly to watch the progress of my home being built.

 

PHB: How do you feel about being able to have you own place to call “home” given the current unprecedented situation we are living in?

Allison: I’ve lived alone before, but always in a rented apartment.  I’m thrilled to finally be on the path to owning my home.  I love the idea that I can do anything with the space since it’s mine, even as simply as changing a wall color.  I’m also looking forward to not hearing my neighbors through the walls or ceiling!  I grew up in a neighborhood with great neighbors who cared about the community we lived in.  I’m looking forward to building that with my future neighbors as well.  I think people just care more when there is ownership.

 

PHB: How would you describe your process so far?

Allison: So far, the whole process has been pleasant and pretty easy.  A lot of that has to do with the people I’ve been working with who really know their stuff and are able to guide me through.  I’m not very far in yet, but I feel confident that it will continue to be a lovely experience based on what I’ve seen.  I have always heard horror stories about people building houses, but that has not been my experience at all!

 

PHB: Is there anything else you’d like to add?

Allison: I can’t wait to take each next step and watch the whole process take place!

 

Ready to build your new home? We can help! Visit https://prattliving.com/find-your-home/ to get started.

PHB Home Stories: Meet First-time homebuyer Allison White2025-11-25T13:28:57+00:00

Money Matters: Why It’s Important to be Pre-qualified Before Starting Your Home Search

*This blog is part of a series about financing as it pertains to purchasing new construction homes. Check back monthly to learn great tips for improving credit, choosing financing options, and to meet our preferred lenders as they explore these topics.

 

Have you ever watched an episode of one those HGTV shows where the agent takes his or her hopeful buyers on a tour of a stunning home where the location is perfect, the floor plan is exactly what they had in mind, and every single detail seems too good to be true?  Then, the agent reveals the asking price, which is twice what they can afford. It’s a cruel real estate reality check, but makes a good point. Getting pre-qualified prior to beginning a home search, especially in today’s rapidly-changing market, is vital.

 

Fortunately, a great residential lender can help make your home-buying dreams achievable. As the adage goes, “Start where you are, use what you have, do what you can.” Beginning the process of obtaining a pre-qualification letter will help set realistic expectations for your home-buying goals, not only in terms of price, but down payment, interest rate, and timeline. Even if you aren’t able to get pre-qualified immediately, most lenders will act as a financial coach, and provide tips on how to improve your credit and make your home buying dreams a reality.

 

Check out this interview with Smart Bank Vice President and Residential Lender, Karen Flores, to learn more about pre-qualification.

 

Brittany, Pratt Home Builders: Why is it important to get pre-qualified before you begin your home search?

Karen Flores, Smart Bank: Many borrowers have little or no idea of how the mortgage process works.  Getting a pre-qualification review of their credit profile lets borrowers know if now is the right time for them to look for a home or if there are items they need to address, such as erroneous items on their credit report.  Pre-qualifications also give them information about how much of a house they can or want to afford based on their current salaries and their available down payment funds.  There is no sense in looking at a home that is beyond the income limit or that requires more money than what is currently available.

 

Brittany, Pratt Home Builders: With the Chattanooga market and the intense competition, especially in obtaining a new home, why would you encourage customers to talk to a lender first?

Karen Flores, Smart Bank: We are all aware that today’s market is seller driven–low inventories mean buyers have to act quickly when acceptable homes become available. Even if the borrower has not identified a specific property, having a pre-qualification letter will allow them to act more quickly in submitting an offer. If the initial offer is presented with a pre-qualification letter, the seller has more assurance that they are signing a valid contract, and that the buyers’ credit has been reviewed and is acceptable. Knowing the level of affordability also tells the buyer whether or not they can increase the price if the seller gets a higher offer.

 

Brittany, Pratt Home Builders: What insights can a lending professional offer?

Karen Flores, Smart Bank: Many times buyers come into my office thinking they want one loan program when there are many times better options available to them.  A lender’s job is to provide information to help the borrower decide the loan program that is best for them.

 

Brittany, Pratt Home Builders: Many people speculate on what they think they can afford based on coworkers or other people? Why is it not just about your salary?

Karen Flores, Smart Bank: Loan rates can differ depending on the program.  Government loan rates are many times a little lower than conforming rates, but can have higher fees.  A borrower’s credit score also plays a heavy part in determining the mortgage interest rate.  The higher the score, usually the lower the interest rate.  But the amount of down payment can also affect the rate as well as what action has taken place in the stock market the day the rate is locked in.  Borrowers will talk amongst themselves about loan rates, but will not necessarily tell each other the whole story.

 

Brittany, Pratt Home Builders: What other factors can influence pre-qualification?

Karen Flores, Smart Bank: Applicants sometimes do not understand their income source or their true debt obligations per underwriting guidelines.  Many self-employed borrowers only remember their gross earnings and not the net income after their accountant made allowable deductions.  Also, the Ability to Repay rule requires that lenders count all possible responsibilities in a borrower’s debt load when making a credit decision.  If a borrower owns real estate property with another person, we must usually count the taxes and insurance due in their debt ratio, even if the other person pays these annual amounts.   When meeting with a lender, it is best to have as much information and documentation as possible for a valid pre-qualification.

 

*Please note: Karen says she refers to this letter as a “pre-qualification” letter.  A pre-approval letter is a stronger assurance that the lender will provide financing for the loan request.  Until a complete credit package and appraisal package is presented, lenders will usually not provide pre-approval letters.  A pre-qualification letter usually just provides assurance that the borrower’s credit has been reviewed and is satisfactory.

 

Do you have other questions for Karen? Get in touch with her at 423-385-3069 or at
karen.flores@smartbank.com

Money Matters: Why It’s Important to be Pre-qualified Before Starting Your Home Search2026-02-04T18:52:15+00:00
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