Tennessee First Time Homebuyer
Hi, I’m Lori Clark, the Branch Manger and a Sr. Loan Officer with Guaranty Trust Co. Since this is my first blog post, I think a good place to start is to address first time homebuyers. I get calls every day from buyers with questions about the mortgage process or even looking for a local realtor. Don’t feel overwhelmed by all of the scary stories others may have shared about their mortgage process- your loan options are unique to you! I can assure you that when you work with someone that is knowledgeable about the programs that are available to first time homebuyers you will have a smooth closing!
Here’s a Q & A to help educate you on available loan programs for first time homebuyers in Tennessee:
Q. What is the first time homebuyer program in Tennessee?
A. THDA (Tennessee Housing Development Agency) is the state agency who is responsible for administering funds to first time homebuyers. THDA is not a direct lender. You must apply with a THDA approved lender
and qualify for either a FHA, VA, Conventional or Rural Development mortgage loan.
Q. Who can qualify for the first time homebuyer program?
A. A first time homebuyer is considered anyone who has not owned a home as their principal residence in the last three years, has satisfactory credit and meets certain income limits.
Q. What if I need help with down payment or closing costs?
A. Every loan program has different criteria for required down payment. THDA does offer the following programs to assist buyers:
• The Great Advantage Program – offers a slightly higher interest rate and assistance of 2%
of the loan amount to be applied toward down payment and/or closing costs.
• The Great Start Program – offers a slightly higher interest and assistance of 4% of the loan
amount to be applied toward down payment and/or closing costs
Just a note: THDA does require First Time Homebuyer Education when using any of the down payment assistance programs. If you would like to find a certified homebuyer trainer near you, click here.
You will find that every state will have its own first time homebuyer programs. With a little research, you can be on your way to closing on your own home soon!
I hope you found my post to be helpful. Leave a comment and tell me the most intimidating thing about buying your first home. I’d love to hear from you.
Comments - 3
Thanks Jenny for the comment, yes I hear that from first time homebuyers a lot. One of the most important things that I do for my buyers is to go to their closing. I’m there just to answer any questions they might have. Thanks again for reading the post and I look forward to connecting with you again soon.
By Lori Clark on 21 June 2011
guarantytrust.com seems to get a good ammount of visitors. How do you get traffic to it? It offers a nice unique spin on things. I guess having something real or substantial to talk about is the most important thing.
By refrigerator repair CA on 16 May 2012
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I think the most intimidating thing for me and my husband was the price negotiation process with the builder, and making sure we understood everything we were signing at closing was nerve racking too
By Jenny Williams on 20 June 2011