The Tennessee Housing Development Agency (THDA) wants consumers to know they have choices in affordable mortgage loans.
The THDA is taking a tour of Tennessee to educate consumers and members of the housing industry about the Great Choice mortgage loan available through the state’s housing finance agency. A meeting with the Greater Chattanooga Association of Realtors was the first stop on Tuesday, March 17.
“We’ve found that many consumers don’t know about our affordable interest rates at THDA or the downpayment assistance,” said Ralph Perrey, THDA’s executive director. “The talk is that it’s too hard to get a mortgage loan,” said Perrey. “Our GreatChoiceTN.com website is geared to educating consumers so they’re ready to ask good questions of their Realtors and lenders.”
Home sales data from 2013 shows 2,711 homes sold within the THDA’s sales price limit of $240,000.
“I believe a majority of the homes listed for sale in the local news fall within the sales price limits of the THDA,” Perrey said. “We’re here to make sure our partners have all the information they need to assist their customers. We even have a program to support our dedicated military personnel.”
The income limits for a THDA mortgage loan in Hamilton County are $65,665 for a family of one or two persons and $75,514 for households of three or more. THDA’s limits are designed to assist middle income households. THDA encourages everyone interested to visit GreatChoiceTN.com to learn the qualifications and contact a pre-purchase homebuyer counselor to learn the ins and outs of making a mortgage loan.
“Buying a home is the biggest purchase most of us make,” said Perrey. “We’ve found homebuyers are more secure and knowledgeable after meeting with a counselor.”
Perrey is open to meeting all members of the housing industry and elected officials to share the benefits of homeownership and THDA.
Source: Tennessee Housing Development Agency