THDA Mortgages Ready for Homeownership Month – Funds Available Statewide through Lenders

NASHVILLE, TN – June 4, 2013 – (RealEstateRama) — Saturday marked the beginning of National Homeownership Month- an annual recognition of the important role housing plays in creating jobs, maintaining viable communities, providing stability for families, and contributing to the economy.

As part of the celebration, Governor Bill Haslam signed a proclamation declaring June as Homeownership Month in Tennessee.

While homeownership has seen an overall decrease in Tennessee, there are signs that the market is picking up. According to information from the Joint Center for Housing Studies of Harvard University, the increase in rental costs, coupled with home values in the current economy, have made homeownership a more affordable prospect for many households. There is an overwhelming expectation to purchase a home in the future by all age groups ranging from under 25 to 64-years-old.

Mortgage Bankers and Realtors® across the state are gearing up for the summer home buying season. If you or someone you know is looking to purchase a home, June is a great time to start looking. Those who are on the fence about homeownership might consider taking a homebuyer education course. Tennessee Housing Development Agency (THDA) provides funding to home buying education counseling agencies across the state to help prospective homebuyers make an educated and informed decision. For a list of THDA-approved lenders, Realtors®, and home buying counselors, please click on the “Locator” button on the homepage of www.thda.org.

Interested in building a home or purchasing a newly constructed home? THDA offers a 6-month interest rate lock on all THDA mortgage products to help the borrower secure an affordable interest rate while the new construction is finalized. A list of THDA-approved homebuilders can also be found by clicking the “Locator” button at www.thda.org.

THDA is a political subdivision of the State of Tennessee, established in 1973. THDA is the State’s housing finance agency, responsible for selling tax exempt mortgage revenue bonds to offer affordable mortgage funds to homebuyers of low and moderate incomes through local lenders, and to administer various housing programs targeted to households of very low-, low- and moderate-incomes. In

2012, the total contribution of the THDA-related activities to Tennessee’s economy is estimated at $745 million.

Since 1973, THDA has provided affordable fixed rate mortgages to over 107,000 households without using state tax dollars. A 40-year summary report of THDA’s mortgage products will be released in June and will be made available to the public.

More information about THDA is available on-line at www.thda.org.

Contact:
Nashville, TN 37243-0900 www.thda.org
Patricia M. Smith, Director of Public Affairs, (615) 815-2185