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Tennessee Housing Development Agency Loan in Mayfair, SC

The Tennessee Housing Development Agency (THDA) was created in 1973 to help low-income individuals and families obtain affordable home loans. THDA is the primary financing agency for the state of Tennessee and is responsible for the administration of a number of federal and state housing programs. This entity consists of a 16-member board of directors that is accountable to both the legislative and executive branches of government.


 

THDA is not a direct lender, but instead, THDA buys qualified home loans from private lenders. Some of the goals of the THDA include:

  • Promote the manufacturing of affordable housing for those with very low and low-to-moderate income.
  • Promote long-term homeownership.
  • Bring stability to Tennessee’s residential construction industry.
  • Provide socio-economic growth for businesses and social programs related to the residential construction industry.
  • Preserve and revive existing housing units for individuals with low-to-moderate income.
  • Help qualify citizens with rental assistance.
What is a THDA loan? Mortgage Investors Group

THDA Loan Programs

Great Choice and Great Choice Plus are home loans offered by the THDA. The Great Choice program works in conjunction with USDA, VA, FHA, or uninsured conventional loans. The Great Choice loan is a 30-year, fixed-rate mortgage. The Great Choice Plus is a 15-year, second mortgage. There are certain income and credit history requirements a borrower needs to meet to obtain a Great Choice or Great Choice Plus loan option. The program also requires owner-occupancy for the life of the loan.

Great Choice Home Loan

This loan option offers down payment assistance to first-time homebuyers. Before closing on this loan, borrowers are required to take homebuyer education courses. These courses familiarize them with the complicated process of taking out a THDA loan.

THDA loan program through Mortgage Investors Group

Advantages of a THDA Loan

  • Promotes stable housing costs. THDA loans are designed to stimulate the economy by stimulating the real estate industry. Fixed-rate mortgages can provide long-term, predictable housing costs.
  • Tax benefits. Property taxes and loan interest that you pay on your mortgage are tax deductible, decreasing income tax expenses.
  • Equity. Homeownership is a great way to build equity. Many experts believe that owning a home is the best way to build long-term wealth. If the market increases, so will the value of your home. If you decide to sell your home at any time, you may be able to profit from the equity in your home.
  • Own your own home. Why rent when you can pay a comparable price to own your own home? Owning the home means you define the rules and can make changes or have privileges that renting would not permit.
THDA - Mortgage Investors Group

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020