WASHINGTON, D.C. – June 17, 2015 – (RealEstateRama) — With mortgage interest rates rising fast, Tennessee homebuyers may be in for a pleasant surprise. THDA’s Great Choice mortgage program is very competitively priced.
“Encouraging homeownership is tremendously important to the state economically, but the benefits on the individual family level are even more important,” said THDA Executive Director Ralph M. Perrey. “When families own their own homes, they have opportunities to build equity and create wealth for their long-term financial security. They tend to put down deeper roots and to be more involved in making their neighborhoods and communities a better place.”
The Great Choice mortgage loan was originally designed for first-time homebuyers, but in more than half of Tennessee’s counties includes current and previous homeowners as well. Veterans and active duty members of the military may also be eligible for an interest rate reduction of half a percentage point through THDA’s “Homeownership for the Brave” program.
“Our goal is to help reduce barriers to homeownership. Many people looking into the idea of buying a home will find that with THDA’s Great Choice program they are much closer to homeownership than they might have imagined,” said Perrey.
Great Choice mortgage loans are designed for Tennesseans of middle/moderate income with credit scores of at least 640. Downpayment assistance is available through the Great Choice Plus loan program with a Great Choice first mortgage loan. Borrowers are subject to household income limits and home value limits, which vary by county.
For more information about the Great Choice mortgage program or Homeownership for the Brave, ask your real estate agent or lender, or visit www.GreatChoiceTN.com.