This landlocked beauty in the southern United States is known for its big love for everything country. Its capital city, Nashville, is the heart of country music. The city’s Country Music Hall of Fame and Museum traces and exhibits this music genre’s roots and traditions and seeks to educate its audience.
Moreover, the state takes pride in the Great Smoky Mountains which is considered a National Park. It boasts a diversity of life cradled upon ridges of forests. It is world-renowned for its wondrous beauty and variety of flora and fauna.
If it’s food you’re after, Tennessee is known to have some of the best-tasting barbecues in the world. Memphis-style barbecue attracts countless of people from across the country and gives them a feast for the palate.
Futhermore, those who are living in Tennessee are enjoying a more affordable cost of living than most states in the country. The state’s cost of living is 87.60 based on a US average of 100, according to Sperling’s Best Places. Aside from that, employment rate continues to surge up and job growth is projected to increase by 34.4 percent.
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Finding a Home in Tennessee
A person or family planning to settle down in Tennessee but is apprehensive due to housing affordability may turn to the Tennessee Housing Development Agency. It is the state’s housing finance agency dedicated to the creation and promotion of more affordable homes. They have programs that put very low, low and moderate income individuals at the core.
In addition, the THDA may also issue tax-exempt Mortgage Revenue Bonds. This supports and provides housing opportunities especially for first-time buyers and Military Veterans. Aside from this, they also provide down payment assistance. Recipients must complete a homebuyer education course before they can take advantage of the assistance.
Here are some of their home financing and down payment assistance programs:
THDA Great Choice Plus
Great Choice Home Loan borrowers may apply for the THDA Great Choice Plus, a down payment assistance program. This comes as a second mortgage and has a maximum benefit of 5 percent of the purchase price.
This down payment assistance program doesn’t require the borrower to pay the money back unless he or she decides to move out, refinance or sell the property. It also has zero interest. This means that you will only have to pay back the exact amount of money you’ve borrowed.
A borrower needs to complete a pre-purchase Homebuyer Education course to qualify for this assistance. Moreover, a THDA-approved instructor must administer the course. You can take this in a center nearest you with other homebuyers. You may also take an online course if you live far from a center or you can’t afford to in a classroom.
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HHF Down Payment Assistance Program
Another great homeownership opportunity is the HHF Down Payment Assistance or HHF-DPA. This is available for those individuals who got a house with a Great Choice Home Loan. This is only available in participating ZIP codes. If you qualify, you may benefit from $15,000 in assistance regardless of the purchase price. Check for ZIP codes.
This assistance is in the form of a second mortgage loan which is forgivable in 10-years time. Additionally, it has zero percent interest and no monthly payments. The money will only be payable if the property owner sells, refinances or moves out of the house.
It should be noted that any individual applying for this down payment assistance must purchase an existing property. A new construction home isn’t allowed. In the same manner as the Great Choice Plus, a borrower must meet a homebuyer education requirement. He or she must complete a pre- and post-purchase homebuyer education course.
To learn about more down payment assistance programs in Tennessee or in other states, explore and discover options on DPAsearch.com. To help make your search faster, be sure to talk to a knowledgeable lender or DPA provider.