average down payment on a house in tennessee

AVERAGE DOWN PAYMENT ON A HOUSE IN TENNESSEE PLUS

AVERAGE DOWN PAYMENT ON A HOUSE IN TENNESSEE PLUS

Moving into one of 62 designated Tennessee zip codesīesides securing a low down payment of 3.5% with a Great Choice loan, you can also opt to add on down payment assistance through the Great Choice Plus program.Successful completion of THDA’s Homebuyer Education course.Purchasing an existing, rather than newly constructed, home.So if you relocate, refinance, or sell at the end of year six, you’ll be paying back 80% of the loan at the end of year seven, you’ll be liable for 60% of your loan and so on.Īs a first time home buyer in Tennessee, you may be eligible for HHF-DPA if you meet the following requirements: Your loan balance is forgiven-essentially reduced-by 20% each year starting in the sixth year. If you live there for at least six years (but less than ten) you’ll be required to repay a portion of the loan. This means that you’ll have zero monthly payments and no obligation to repay a cent, so long as you reside in your new home for at least ten years. This cash advance is technically a second mortgage, but it’s also a forgivable loan. All eligible homebuyers receive $15,000 in financial assistance to put towards their down payment and closing costs. The HHF-DPA is a payment assistance program. This financial assistance is for specific areas that were hardest hit by economic distress. The Hardest Hit Fund Down Payment Assistance (HHF-DPA) is another available loan in conjunction with THDA’s Great Choice program. #3 Hardest Hit Fund Down Payment Assistance 3.5% for USDA-RD government or a FHA loan.Veterans, reservists, active service members, and military spouses may be eligible for a special subset of the Great Choice home loan with added benefits: Note : THDA may waive the first time home buyer prerequisite in specific counties or neighborhoods that the government has deemed “target areas.” This designation is for low-income census tracts or areas of chronic financial hardship, where increased homeownership is encouraged-in part, through generous grants and loans. Annual household income limits for one or two residents range from $66,800 to $98,760 combined income for three or more residents cannot exceed $76,820 in some counties and as high as $115,220 in others.Maximum property prices range from $250,000 to $375,000 based on county.Within household income and purchase price limits:.If you meet the necessary qualifications, this could be an excellent opportunity for you as a first-time home buyer in Tennessee. Because of this, you can borrow as much as 96.5% of your home’s value, leaving only a 3.5% down payment. Department of Agriculture, Rural Development.

Great Choice home loans are insured by one of two standard government agencies: FHA, the Federal Housing Administration, or USDA-RD, the U.S. In this case, you know exactly what you’ll be getting yourself into and can budget accordingly. The THDA offers 30-year fixed-rate loans, meaning your monthly payment will remain consistent even after 30 years of repayment. The Great Choice loan was created to make homeownership more affordable for the average, middle-income Tennessean. Whether you’re struggling to secure the funds for a down payment, need help finding a competitive loan, or just want to talk to a certified professional, THDA can help you with your next step. The Tennessee Housing Development Agency (THDA) is one of the greatest resources available to you as a first-time buyer. MAF Widget 5 First-Time Home Buyer Programs and Grants of 2020

Average down payment on a house in tennessee