As a small business owner, it is very important to me to support other small businesses and self-employed friends. I know the power of referrals and have been fortunate to rely only on them to grow my real estate business. So, I would like to pass it on and showcase a small business each month I have personally patronized that I love. My hope is that it may help grow their business and turn you on to someone you may not have previously known about.

This month that business is Josh Hailey. Josh is a terrific photographer and did our family photos this year for Christmas cards. He has a keen eye and does a wonderful job at capturing sweet moments and shots. Just an all-around good guy who is talented and reasonably priced. Check him out at http://mellowtown.com.

The electric bill for December is estimated at $82,000!

FILE - This June 18, 2008 file photo shows Ikea signage at New York City's first Ikea store, in Brooklyn.

(Photo: Mark Lennihan, AP)

Swedish furniture giant Ikea will open a store in Memphis, its first in the Mid-South, the company confirmed late Monday night in a press release.

"IKEA, the world's leading home furnishing's retailer, will announce plans Tuesday morning for a proposed Memphis store," the press release stated. "The proposed IKEA Memphis would be the first IKEA store in either Tennessee, Arkansas or Mississippi, and would increase the Swedish retailer's presence in the Southeastern U.S."

The press release said that details of the plan, including exact location, size of the store, opening date and number of potential employees, will be announced at the 11 a.m. press conference Tuesday. Company representatives, plus Memphis Mayor A C Wharton and County Mayor Mark Luttrell, are scheduled to attend.

The late-night announcement confirmed a day of speculation about an Ikea project that surfaced Monday after Wharton's office scheduled a press conference for Tuesday in City Hall.

Read more about IKEA coming to Memphis on the Commercial Appeal's site.

The 3% down payment mortgage makes a comeback

By Les Christie   @CNNMoney December 9, 2014: 9:29 AM ET

NEW YORK (CNNMoney)

In an effort to open up lending to more low-income and first time home buyers, Fannie Mae and Freddie Mac announced Monday that they will start backing mortgages with down payments of as little as 3% of the home's price.

But borrowers will still need to meet strict criteria first, the two government-backed mortgage giants said.

The new loans will only be doled out to those who buy private mortgage insurance, have a credit score of at least 620 and offer complete documentation of their income, assets and job status. And, to further mitigate risk, the agencies will require borrowers to receive home ownership counseling.

Both programs are for fixed-rate loans given to first time homebuyers and those seeking to refinance. Fannie will start backing the loans as soon as December 13, while Freddie will start offering them March 23.

The move should expand access to credit for first-time homebuyers, typically younger buyers who have not have had enough time to save a big lump sum.

Fannie and Freddie already back mortgages with as low as 5% down. And the Federal Housing Administration insures 3.5% loans.

Still, according to Mark Palim, who directs economic and strategic research at Fannie Mae, it's a welcome expansion of credit.

"It's not a radical departure from what we're doing now, but anything at the margins helps," he said.

The 3% loans from Fannie and Freddie should also offer some advantages over the 3.5% down loans offered by FHA, according to Palim.

For example, the FHA loans require borrowers to pay for private mortgage insurance premiums for the entire term of the mortgage -- typically 30 years. That means adding an extra 1.35 percentage points to monthly mortgage rates. A loan carrying a 4% rate, for example, becomes a 5.35% mortgage.

In dollars, that's about an extra $80 a month for every $100,000 borrowed or $960 a year. That adds up to nearly $30,000 over the life of the loan.

Under Fannie and Freddie's programs, borrowers are permitted to cancel their private mortgage insurance premiums once the mortgage balance drops below 80% of the home's value -- either because they've made enough payments or the home's value has risen.

If home prices increase 5% a year for three or four years, for example, these borrowers may be able to cancel their insurance and save them tens of thousands of dollars over the next 26 or 27 years.

"A room cozy enough for the most discerning monkey."

5820 Fredericksburg Dr. Nashville, TN
$590,000

* 3,503 sq ft, 3 bedroom, 3 bath
* Spacious rooms, two fireplaces, possible 4th bedroom, ready for new owner's vision
* Loads of personality and not just another cookie-cutter home
* Lower level finished with fireplace, wetbar and full bath
* Pristine hardwood floors and custom blinds
* Private 2.5 acre wooded lot
* Attic with staircase - perfect for expansion
* Zoned for sought-after Percy Priest Elementary

Offered by Post & Company Real Estate
Mik... e Post, Broker
http://www.postandcompany.com