State Housing Agency Announces Below-Market Interest Rate
Nashville, TN, – April 30, 2014 – (RealEstateRama) — Just in time for Spring, Tennessee Housing Development Agency (THDA) has reduced its mortgage loan interest rate to 3.99% (5.71% APR).
THDA’s Great Choice mortgage loans provide optional downpayment assistance and 30-year fixed rate mortgages to qualified first-time, repeat and military homebuyers in Tennessee.
“This is a great opportunity,” said Ralph M. Perrey, executive director of THDA. “The economy recovers when homebuying recovers and homebuying recovers when the first-time homebuyer comes to the market. And THDA supports the first-time buyer.”
Many industry reports predict dips in overall mortgage loan production in 2014, but Perrey hopes customers will realize there are homes on the market now, and builders prepared for new construction. THDA’s interest rate reduction will make homeownership more affordable. Applications for THDA mortgage loans are made through local lenders.
“We believe homeownership is the greatest investment a household can make,” explained Perrey. “We encourage individuals and families considering homeownership to take a homebuyer education course or talk to a local lender to learn if homeownership is right for them.”
An educational campaign is launching across Tennessee. While the Great Choice loan program predominantly has served first-time homebuyers, repeat homebuyers could be eligible in over 50 counties and many neighborhoods across the state. For qualified service men and women, the Great Choice loan program has an additional interest rate reduction through the Homeownership for the Brave program.
Households interested in THDA’s Great Choice loan program are encouraged to visit GreatChoiceTN.com for more information and confirm eligibility. The interest rate drop to 3.99% from 4.45% is effective for applications received on or after April 28, 2014.
Editor’s Notes: THDA’s Great Choice Loan Program is funded through the sale of tax-exempt mortgage revenue bonds. The interest rate reduction is the result of an exceptionally strong bond sale held April 23, 2014. For more information about tax-exempt mortgage revenue bond sales, visit http://www.thda.org/index.aspx?nid=96.
As the State’s housing finance agency, the Tennessee Housing Development Agency (THDA) is a self-sufficient, independently funded, publicly accountable entity of the State of Tennessee. THDA’s mission is to ensure that every Tennessean has access to safe, sound, affordable housing opportunities. More information about THDA programs can be found online at www.thda.org.