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THDA Great Rate Program

admin — Sun, 05 Oct 2008 21:45:10 +0000

The THDA Great Rate program is a program designed for those who either have 3 to 5% of their own money to put down or an expectable gift from an approved relative to cover the required down payment.

It is called the Great Rate program because it has the best rate of all the first time buyer programs. You are rewarded with a good rate for being able to put your own money into the transaction and you are not required to take the Home Buyer Education class, though it is still highly recommended as you will get some great information and guidance through this education.

All other income and acquisition guidelines for these programs apply and you must use an approved THDA lender to carry out the transaction. The base loan can be either a FHA, VA or conventional and you will need to check with your lender to obtain the current THDA rates for this and the other two programs.

THDA Great Advantage Program

admin — Sat, 04 Oct 2008 09:58:06 +0000

I recently blogged about the THDA Great Start Program which allows you to receive up to 4% grant money to put down on house. Today I am going to write about the Great Advantage program, which is very similar to the Great Start program with two very important exceptions.

1. You can receive a grant for up to 2% so you will have to have at least 1% of your own money in the down payment transaction and either have money for closing costs and prepaid items or negotiate with the seller for these items and
2. The interest rate is normally .500% less than the Great Start program. You are rewarded with a lower interest rate for having a little of your own money at risk in the deal.

All the other requirements are the same as far as income and price as well as you will be required to attend the First Time Home Buyers Education class.

THDA Great Start Program

admin — Thu, 02 Oct 2008 17:15:48 +0000

I want to do a series of blogs in regard to the THDA loan programs for first time home buyers. These programs are designed to help first time home buyers within a certain income ranges to purchase a home at a good interest rate. The first one I want to look at is the Great Start Program.

This program is for those families who need help with down payment and closing costs in order to get into a home and you can get a grant up to 4%. You will need to have a job that shows income and W-2′s over the last two years as well as one years tax return or own a business that has at least two years of tax returns showing income to qualify. There are income restrictions, depending on how many people are living in the home and location, so do check with your lender before you move forward.

The current rate can change at any time so check with your lender to find out what the rate is today. This loan is a 30 year fixed and has a requirement that you must go through the Home buyer Education class. Again, check with your lender to get a full explanation of the recapture tax as well as the best loan of this type, be it FHA, VA or conventional.