THDA Loans (Tennessee Housing Development Association)

Home » What Is A Thda Loan » THDA Loans (Tennessee Housing Development Association)

Maybe your like

THDA Loans (Tennessee Housing Development Association)

27 Mar THDA Loans (Tennessee Housing Development Association)

Posted at 06:38h in Type Of Loans by mortgagelady

The THDA Loan program was designed to help first-time homebuyers overcome these common obstacles:

  • Not enough savings for a down payment
  • Uncertain how the home-buying process works
  • Worried you won’t qualify for a home loan
  • Concerned about high-risk, “gimmick” mortgages

Most THDA Loans are insured by FHA or USDA-RD, which means you can borrow up 96.5% of the total price of the home you’re buying.

This means you need a minimum of3.5% for a down payment—and financial assistance is available to every approved homebuyer! You can use your financial assistance for any loan-related costs, including down payment and closing costs.As a state agency, THDA designed the Loan program so that lenders are able to say “yes” to more first-time homebuyers. Responsible lending is our top priority. We only offer 30-year, fixed interest rate home loans.If you qualify for a THDA Home Loan, you can apply for financial assistance with your down payment and/or closing costs.

Financial assistance comes in the form of a second mortgage loan on your home. There is no interest on this second loan, and you don’t have to make any monthly payments on it either. You only have to pay it back when you sell, move out of, or refinance your home. And in certain circumstances, this second loan can be forgiven, meaning you don’t have to pay it back at all.

***Clickable Text addition below**

Additional Reading https://drive.google.com/file/d/0B3EyTinY-z3lcjg5QTRmSXl3Wk54WXlQclhmbVZQdkJ3cFJr/view?usp=sharing

 

Tag » What Is A Thda Loan