Can You Modify a THDA Loan?
This week I got a call for a very nice lady who had gone though all the steps to modify her loan but because it was a THDA loan the bank was unable to help her. Though she was justifiably upset, there are some things you need to understand about a THDA loan that can [...]
Difficult Down Payment
One of the struggles right now is having money for a down payment. In the good old days (6 months ago) there were loans that allowed the seller to contribute to the buyer’s down payment; they are gone. There were also several non-profit businesses that helped people with grants to get enough money for [...]
Nashville Receives $4M to Rehab Neighborhoods via THDA
Last July, Congress passed the Housing and Economic Recovery Act’s Neighborhood Stabilization Program allocated $72.5 million dollars to Tennessee. THDA (Tennessee Housing Development Agency) is administering $49.3 million of that money to rehab and sell abandoned and foreclosed homes in order to rebuild these hard hit neighborhoods.
Though there are several areas that are [...]
THDA Rates Change
Tennessee Housing Development Agency has announced new rates for its first time homeowner programs as well as its new refinance program for those who are in danger of foreclosure due to sub-prime mortgages. Here are the new rates.
Great Rate Program 6.10%
Great Save Program 6.10
Great Advantage 6.60
Great Start Program 7.10
These and many other programs are available [...]
Feds Cut Rate Again by .500
I have already been called this morning and asked if interest rates are going to fall again. My answer, I have no idea. Interest rates are not following normal historical indicators so no one that I know feels confident in predicting what might happen. It also takes anywhere from 6 to 12 months [...]
THDA Great Rate Program
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 [...]
THDA Great Advantage Program
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 [...]
THDA Great Start Program
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 [...]
New THDA Refinance Program October 1, 2008
Starting on October 1, 2008, the Tennessee Housing Development Agency will release a newly created program designed to help people statewide who have adjustable-rate mortgages that may be in jeopardy of foreclosure once the loan adjusts. This new program, referred to as Great Save, will allow those who qualify to get a low interest, 5.8%, [...]