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Mortgage Investors Group Guides First-time Homebuyers
First-time homebuyers, in particular, find it challenging to come up with their down payment and closing costs. This does not mean homeownership is unattainable, however, as there are many programs that provide loans or grants to help first-time buyers get a home. Even better, many of these programs do not require buyers to be low-income.
The following are popular first-time buyer programs in Three Way, TN that make it easier to afford a down payment and closing costs on your first home.
THDA Loan Programs
This loan option offers down payment assistance to first-time homebuyers. Before closing on this loan, borrowers are required to take homebuyers-education courses. These courses familiarize them with the complicated process of taking out a THDA loan.
Great Choice Home Loan
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 up to a value of 78 percent. The Great Choice loan is a 30-year, fixed-rate mortgage. The Great Choice Plus is a 15-year second mortgage with 0 percent interest and no monthly payments. There are certain income and credit history requirements a borrower needs to meet to obtain a Great Choice or Great Choice Plus loan option.
USDA 100-Percent Financing Loan in Three Way, TN
Many areas qualify for a USDA loan, also known as a rural loan. You do not need to make a down payment, and there is no private mortgage insurance. The seller can also pay up to 6 percent of your purchase price toward closing costs.
The property must be located in a targeted area, however, and your credit score must be at least 640.
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