A piece of Madisonville's history is officially up for grabs, and it comes with decades of local charm and endless possibilities for its next owner. Located on Covington Street, the building once known as "Sid" Fuhrmann Theatre is listed for sale at $475,000. Built in 1940, the former movie house has seen generations of entertainment, evolution, and entrepreneurship. From silver-screen Westerns to vintage pinball machines, the space has woven itself into the fabric of the Madisonville community.

The theater originally served as a gathering place for families and moviegoers during Hollywood's golden age. According to local accounts, it hosted screenings of classic Westerns like Stagecoach Kid and even featured a live appearance by singing cowboy Tex Ritter. For years, it was a place where children spent their Saturday afternoons, where first dates took place, and where the community came together for simple, joyful entertainment.

In 1976, the space transitioned into a new era when it became home to Lakeside Electronic & Amusement Co., a family-run business that sold and repaired coin-operated machines. Pinball machines, slot machines, jukeboxes, and gumball dispensers lined the inside, capturing a different kind of nostalgia. Operated by the same family for nearly five decades, the shop eventually closed in December 2024 after the owners retired, leaving behind a space brimming with history and character.

Today, the building retains much of its original charm, including the distinctive movie theater entrance doors that have welcomed guests for generations. Now zoned for neighborhood commercial use, the property is ripe with potential for its next chapter. It could be transformed into a cozy home full of vintage flair or reinvented as a local business like a coffee shop, bakery, antique store, art studio, or even a restaurant. The zoning flexibility allows for both residential and commercial possibilities, appealing to entrepreneurs and creative visionaries alike.

Katie Bergeron, the lead agent with Team Navigators, and Marlene Campos-Cannon of Keller Williams, who has family ties to the former business, are jointly managing the listing. Bergeron described the building as "a super cool space with tons of history that's actually available to everybody." She believes its unique story and structure offer something rare in the market — a chance to preserve a bit of the past while shaping something new.

The property is currently listed on Facebook Marketplace, and the interest is already picking up. With its location in the heart of Madisonville, just minutes from the riverfront and other downtown amenities, the former theater is more than just a building. It's a blank canvas with character, ready to be reimagined by someone with vision.

For more information or to schedule a viewing, potential buyers can contact the listing agents directly. Serious inquiries are encouraged to move quickly, as opportunities like this don't come around often.

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After years of rising rates and limited affordability, mortgage interest rates are finally heading in a different direction. According to new data from Freddie Mac, the average rate on a 30-year mortgage has dropped to 6.67 percent, marking five straight weeks of decline and a drop of more than 20 basis points since late May. The trend is more than a blip, and it has many homebuyers wondering if now is the time to act.

While the Federal Reserve is not expected to cut interest rates during its July meeting, many economists believe a rate reduction is likely at the Fed's next meeting in September. Market forecasts currently place the odds of a rate cut at around 70 percent. Historically, mortgage rates have responded positively to changes in the Fed's benchmark rate, and lenders may even move ahead of the central bank by lowering their offers in anticipation. That means the recent dip in rates may be just the beginning, making now a smart time for buyers to prepare.

If you're considering buying a home in the near future, this shift could work in your favor — but only if you're ready. The first step is to check your credit report. Since the rates you're offered are influenced heavily by your credit score, knowing where you stand is essential. Pull your credit report and review it carefully for errors or areas that could be improved. Small changes now could increase your score and result in a lower mortgage rate later.

Next, start researching local real estate agents. Having a knowledgeable and experienced agent can make a major difference, especially as lower rates may drive more competition into the market. Look for someone who knows your desired neighborhood and price range well. Ask friends or family for recommendations, read reviews, and take your time finding someone who feels like the right fit.

Finally, get pre-approved for a mortgage. Even if you're not quite ready to buy, a pre-approval will give you a clearer sense of your borrowing power and help you act quickly when the right property comes along. It also shows sellers you're serious — something that can give you an edge in a competitive market. Many lenders offer pre-approvals online at no cost, so it's worth taking this step even as you're still exploring your options.

While no one can predict exactly what mortgage rates will do next, the recent trend points to a window of opportunity. By preparing now — strengthening your credit, finding the right agent, and securing pre-approval — you'll be in a strong position to take advantage of better rates and increased affordability in the coming months.

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When most people think about buying a home, they focus on getting approved for a mortgage and calculating monthly payments. A personal loan isn't typically the first tool that comes to mind. After all, most personal loans are capped at around $100,000 to $200,000—far below the cost of a home. But while a personal loan can't replace a mortgage, it can still play a meaningful role in the homebuying process. Financial experts suggest that with careful planning, personal loans can help fill in the gaps and even save money in the long run.

One of the most overlooked benefits of a personal loan is its ability to help improve your credit profile before applying for a mortgage. According to Robert Gabriel, CEO of Vosita, using a personal loan to consolidate high-interest debt can reduce your debt-to-income ratio and improve credit utilization. That, in turn, can boost your credit score. And the higher your credit score, the better your chances of securing a lower mortgage rate.

Personal loans can also come in handy when it's time to make a down payment. Sergio Aguinaga, founder of Michigan Houses For Cash, noted that buyers with reliable income but limited savings can use a personal loan to bridge the gap. Gabriel added that using a loan to reach a 20 percent down payment could help buyers avoid private mortgage insurance, which can add hundreds of dollars per month to a mortgage payment.

Another common obstacle for first-time buyers is closing costs, which typically range from 2 to 5 percent of the home's purchase price. That could mean an additional $6,000 to $15,000 on a $300,000 home. Gabriel said a personal loan can help cover those fees without dipping into an emergency fund. Aguinaga also pointed out that for buyers purchasing older or fixer-upper homes, a personal loan can help make immediate repairs—sometimes even making the difference in passing a home inspection.

Beyond essentials, personal loans can also be used to make cost-effective upgrades that add value to the property. Eli Pasternak of Liberty House Buying Group recommends borrowing for cosmetic improvements like painting and updating fixtures. He noted that spending $8,000 on updates could boost a home's value by as much as $20,000, making it a strategic move for buyers looking to build equity quickly.

Of course, personal loans add another monthly payment, so buyers should be careful to make sure it fits within their budget. But for the right person with a solid financial plan, a personal loan can be more than a quick fix—it can be a flexible tool that helps make homeownership possible.

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What Really Happens When You Close on a Home

Closing on a home is often thought of as the final handshake in a long process, but it's far more than that. It's a structured series of legal and financial steps that turn your offer on a house into ownership. For buyers, it's the day they get the keys and take official possession. For sellers, it's when they hand over the property and collect the proceeds. It sounds simple enough, but getting there involves a lot of paperwork, coordination, and preparation.

The entire closing process can take several weeks from the time your purchase offer is accepted. During that time, inspections are completed, financing is finalized, and documents are collected and reviewed. You'll work closely with your lender, real estate agent, possibly a real estate attorney, and a closing agent. Some tasks, like securing homeowners insurance or completing a homebuyer education course, are your responsibility. Others, like scheduling an appraisal or drafting loan disclosures, happen behind the scenes. Staying organized and responsive during this time helps ensure a smooth transition to closing day.

One of the most important steps before closing is the home inspection. This helps identify any hidden issues with the property, giving you a chance to negotiate repairs or back out if necessary. You'll also need to buy a homeowners insurance policy, prepare a down payment and closing funds, and gather financial documents your lender may request. Closing costs are often overlooked but can be significant, so it's wise to compare lenders and negotiate where possible. You'll receive a Closing Disclosure at least three days before closing that outlines exactly what you'll owe.

Just before the big day, a final walk-through allows you to ensure the property is in the condition agreed upon. If repairs were promised, now's the time to confirm they've been completed. On closing day itself, expect to sign many documents related to the loan, title, taxes, and property transfer. You'll also pay any outstanding costs, often via wire transfer or certified check, and show proper identification. If everything is in order, you'll get the keys—unless other arrangements were made for the seller to stay temporarily.

Closing timelines can vary depending on financing and regional practices. The national average is about 30 to 45 days, though all-cash deals may close faster. Preapproval can speed things up because much of the paperwork is already in place. Though the final stretch can feel overwhelming, having a clear roadmap and a trusted team makes it manageable. When the documents are signed and the keys are in your hand, the planning, waiting, and effort pay off with a home that's finally yours.

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Buying a home is one of the biggest financial decisions you'll ever make and it comes with a learning curve. One important but often overlooked part of the process is homeowners insurance. Whether you're taking out a mortgage or paying in cash, protecting your property with the right insurance coverage is essential.

But how much coverage do you need? When should you buy it? What does it actually cover and not cover?

Here's a practical guide to help you shop smart for homeowners insurance, avoid common pitfalls, and walk into your closing with confidence.

Start Shopping Early—Don't Wait Until Closing Week You don't need to wait until you have the keys to secure insurance. In fact, if you're using a mortgage, your lender will require proof of coverage (usually a policy binder) several days before your closing.

Ideally, start shopping about 30 days in advance. This gives you time to compare quotes, understand your options, and give your insurance company time to underwrite your home. Josh Lipstone, vice president at Lipstone Insurance Group, advises homebuyers to be proactive. Waiting too long could delay your closing, and last-minute scrambling may lead to settling for a subpar policy—or paying more than you should.

You Don't Have to Match Market Value One of the most common misconceptions among buyers is thinking their insurance coverage needs to match the price they paid for the home. It doesn't.

Insurers focus on the rebuild cost—what it would take to reconstruct your home today using similar materials and labor. That number is usually lower than the market value, because it doesn't include the land or fluctuating real estate prices.

That said, some unique homes with rare woodwork or vintage craftsmanship may require more coverage than their sales price. Let your insurer guide you here, especially if the home has special features.

Opt for a replacement cost policy, which ensures that your insurance will cover the full cost to rebuild—even if prices have risen. Also look for a policy with an inflation guard, which adjusts coverage limits as construction costs increase over time.

Know What's Not Covered While homeowners insurance provides broad protection, there are key gaps that catch many first-timers off guard.

For example, if a pipe bursts in your home, the resulting water damage is likely covered. But if water enters from the outside—say, from a backed-up sprinkler or heavy rain—your standard policy won't help. Similarly, mold, pest infestations, and leaks caused by poor maintenance are typically excluded.

You may be able to add specific protections for a relatively low cost:

Sewer backup coverage: About $40 to $100 per year.

Flood insurance: Around $700 annually on average, but lower in low-risk zones.

Be sure to discuss add-ons or separate policies with your insurance agent if your home is in a flood-prone area or has older systems.

File Claims Sparingly—And Strategically New homeowners might be tempted to file a claim for every mishap. But insurance companies keep track, and too many small claims in a short span can raise your premiums—or worse, lead to non-renewal.

Instead, treat insurance like a financial safety net for major problems, not minor inconveniences. Choose a deductible you can afford—ideally $2,500 or more—and reserve your claims for events that truly exceed that cost.

As Bill Gatewood from Burns & Wilcox explains, "Homeowners insurance is to cover large catastrophic losses. People shouldn't think of it as a maintenance policy."

Compare Quotes and Insurers Before you commit to a policy, shop around. Get at least three quotes from reputable companies and compare what's included—not just the premiums. Check out customer satisfaction ratings, especially for how insurers handle claims. Consumer Reports and J.D. Power provide helpful rankings each year.

Also, make sure your agent or insurer understands any unusual aspects of your home—whether it's historic details, custom features, or a high-value location. The more accurately they assess your home, the better protected you'll be.

Buying homeowners insurance may not be the most glamorous part of homeownership, but it's one of the most important. By planning ahead, understanding what your policy does and doesn't cover, and choosing a deductible that fits your financial strategy, you can avoid surprises and ensure that your new home is protected from day one.

Remember: it's not just about closing the deal. It's about protecting the place you now call home.

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Building or Renovating with an FHA Construction Loan

Building your dream home or transforming a fixer-upper is an exciting journey — but it comes with financial complexities. For homebuyers who might not qualify for conventional construction loans or who want to take advantage of more flexible credit requirements, FHA construction loans can offer an appealing path forward.

Backed by the Federal Housing Administration (FHA), these loans are designed for individuals looking to either build a new home from the ground up or rehabilitate an existing property. Whether you're constructing a home on raw land or turning a neglected house into something beautiful, here's everything you need to know about FHA construction loans in 2025.

What Is an FHA Construction Loan? An FHA construction loan is a government-insured form of financing that provides the funds needed to pay for a home's construction or major renovation. The loan covers costs such as the land, labor, materials, permits, and fees. Depending on the type, this loan may convert into a permanent mortgage once the work is complete — meaning you only go through one closing and save on fees.

These loans stand out because they offer low down payment options — as little as 3.5% for borrowers with credit scores of 580 or higher — and are generally more accessible for buyers with moderate incomes or less-than-perfect credit.

How Do FHA Construction Loans Work? Unlike a standard mortgage, a construction loan is short-term. Funds are disbursed in stages as the construction progresses and inspections are passed. These "draws" go directly to the builder or contractor rather than the borrower.

Once construction is complete, the loan typically converts into a permanent FHA mortgage (in the case of construction-to-permanent loans), or the borrower can apply for a new mortgage to pay off the construction loan.

Types of FHA Construction Loans 1. FHA Construction-to-Permanent Loan (Single-Close Loan): This one-time close loan covers both the cost of building the home and your permanent mortgage. You'll finance land, construction, and then roll the balance into a standard FHA loan without needing a second closing.

2. FHA 203(k) Rehabilitation Loan: This option is ideal for purchasing a home that needs significant renovations. The 203(k) loan includes both the purchase price and the cost of repairs or remodeling in one package. There are two types:

Standard 203(k): For major renovations over $75,000.

Limited 203(k): For minor improvements under $75,000.

FHA Construction Loan Requirements To qualify, borrowers must meet both standard FHA loan requirements and additional construction-specific guidelines:

• Credit Score: 580+ for 3.5% down, 500–579 with at least 10% down.
• Debt-to-Income Ratio (DTI): Generally 43% or lower, though exceptions may be made.
• Down Payment: Minimum 3.5% for most borrowers.
• Loan Limits: Must fall within FHA limits based on location and loan type.
• Occupancy: Property must be a primary residence.
• Mortgage Insurance: Both upfront and annual premiums are required.
• Project Documentation: Includes detailed construction plans, cost breakdowns, and contractor credentials.
• 203(k) Consultant: Required for standard 203(k) loans to estimate renovation costs and oversee progress.

How to Apply for an FHA Construction Loan 1. Prepare Financially Strengthen your credit score if possible, save for a higher down payment to reduce your loan costs, and budget for potential construction overruns.

2. Choose Your Team Find a reputable contractor and a real estate agent who can help you identify the right property or lot. For renovation projects, also secure a HUD-approved 203(k) consultant.

3. Get Preapproved Connect with FHA-approved lenders — not all offer construction loans, so be sure to ask upfront. Shop around, compare rates and terms, and aim to get preapproved by at least three lenders.

4. Submit Your Plans You'll need to provide construction specs, contractor details, and a budget before your loan can be processed and approved.

5. Close and Start Building Once approved, your lender will schedule draw inspections and release funds as the project progresses. After completion, your loan transitions to a regular FHA mortgage (if applicable).

Alternatives to FHA Construction Loans While FHA construction loans work well for many, they're not the only option:

• Conventional Construction Loans: Require higher credit and down payments but don't come with lifelong mortgage insurance.
• VA Construction Loans: For eligible veterans, offering 0% down and no PMI.
• USDA Construction Loans: For low-to-moderate income borrowers building in rural areas.
• HomeStyle Renovation Loans: A conventional alternative to 203(k) loans, financing up to 75% of the post-renovation value.
• HELOC or Home Equity Loan: If you already own a property with equity, these options can finance improvements without a full refinance.
• Cash-Out Refinance: Replace your current mortgage with a new, larger one and use the difference for renovations.

Is an FHA Construction Loan Right for You? If you're dreaming of building your ideal home but worry that conventional loans are out of reach, an FHA construction loan may be the right fit. With low down payment requirements and flexible credit standards, these loans make it possible for more Americans to create or transform their forever home.

Just be sure to work with experienced professionals and lenders who understand the nuances of construction lending — and go into the process with a realistic timeline, solid financial cushion, and plenty of patience. After all, building or restoring a home may not be simple — but with the right financing, it's within reach.

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