If you are a 1st Time Home Buyer looking to purchase a home in TN, but don't have the available funds to provide the 3.5% downpayment, perhaps the THDA loan could help. The Tennessee Housing Development Agency (THDA) Stimulus Loan Program is now (as of April 2009) providing a second mortgage to fund the downpayment and closing costs up to 3.5% of your purchase price.
THDA recommend that if you are also elligible for the $8000 (or 10% of purchase price- whichever is greater) Federal Tax Credit that you use this money to pay back the THDA 2nd mortgage.
The THDA 2nd mortgage loan will be interest free up until June 1, 2010. If the THDA loan is not paid back by this time then the borrower will have to pay 1% of the interest rate for 10 years beginning on July 1, 2010 in equal montly payments (principle and interest). If you fail to make payments of the THDA stimulus loan you will be in default.
This provides a great opportunity for First Time Home Buyers in the state of TN to make the dream of Home Ownership a reality.
This Report is compliments of Christine McInerney and Jennifer Halinkowski with Southland GMAC Real Estate. For questions or inquiries please call our office at (865) 693-6961 (ask for Christine or Jennifer).
***Note this information is taken from Knoxville Area Association of REALTORS® data contains information pertaining to the Knox County area only. If you would like to know more about another surrounding area please contact us directly at McIn-Kowski@HomesForSaleKnoxville.com or visit us on-line at www.HomesForSaleKnoxville.com or www.KnoxvilleReal-Estate.com.
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Christine McInerney and Jennifer Halinkowski - Knoxville TN Real Estate - Keller Williams Realty Knoxville Copyright © 2009
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