Lindsay Hall, Senior Director of Single Family Programs
Marvene Carey, Assistant Director of Single Family Programs
First-time Homebuyers: Great Choice Mortgage Loan Program Information
THDA is a Great Choice for First-time Homebuyers
Great Choice Tn
For first-time homebuyers, one of the greatest obstacles in the homeownership process is saving the money to cover the downpayment and closing costs. The Great Choice Loan Program provides qualified Tennesseans up to 4% downpayment assistance to be used with FHA, VA, USDA-Rural Development and uninsured conventional loans.
• Click here to learn more about downpayment and closing costs associated with buying a home.
• Click here to learn more about FHA, VA, USDA-Rural Development and uninsured conventional loan types and how they work in conjunction with the Great Choice Loan Program.
How does Great Choice work?
THDA offers 30-year, fixed rate mortgages and an option for downpayment assistance to qualified first-time homebuyers in Tennessee. In addition to meeting the minimum requirements to qualify for the Great Choice Loan Program, applicants must take a homebuyer education course before closing on the loan.•
Click here to learn more about 30-year, fixed rate mortgages.•
Click here to learn more about THDA’s Great Choice 30-year fixed rate mortgage.•
Click here to learn more about downpayment assistance through THDA’s Great Choice Plus loan.
Click here to learn more about homebuyer education.
Click here to find a THDA-approved class in your area.
How do I qualify for a Great Choice loan?
Special Guest – Ralph Perrey, Executive Director, Tennessee Housing Development Agency
Debbie Reeves, Business Development Director, Tennessee Housing Development Agency
Lindsay Hall, Sr. Director of Single Family Programs, Tennessee Housing Development Agency
Tennessee Housing Development Agency
Leading Tennessee Home by creating safe, sound, affordable housing opportunities.
Who They Are:
The Tennessee Housing Development Agency (THDA) is Tennessee’s housing finance agency, created by the General Assembly in 1973 (TCA 13-23). As an instrumentality of the state, THDA is accountable to both the executive and legislative branches of state government, both of which are represented on its 20-member Board of Directors. The Commissioner of Finance & Administration, State Comptroller, Secretary of State, and the State Treasurer all serve as ex-officio board members. The Governor designates one of his staff members to serve on the board and appoints 12 other positions including the Board Chair. The House and Senate Speakers also appoint one board member each.
What They Do:
THDA was created to promote the production of more affordable new housing units for very low, low and moderate income individuals and families in the state, to promote the preservation and rehabilitation of existing housing units for such persons, and to bring greater stability to the residential construction industry and related industries so as to assure a steady flow of production of new housing units.
In addition to serving as the primary administrator for numerous federal and state housing programs, THDA has been granted the authority to issue tax-exempt Mortgage Revenue Bonds to support financing opportunities for first-time homebuyers and veterans. THDA is not a direct mortgage lender. THDA purchases qualified mortgages originated through its private-sector lending partners. All THDA mortgages have 30-year, fixed-rate terms and offer a maximum grant of 4% in down-payment assistance. All homebuyers receiving down-payment assistance must complete an eight-hour, pre-purchase counseling course.
Identified as one of the basic human needs, housing has profound impacts, both social and economic, on individuals and communities. Research has shown safe, sound, affordable housing is essential to a healthy household, educational achievement, successful employment, and the stability and safety of the neighborhood. Both housing rehabilitation and the construction of new homes generate jobs and income in the community and produce additional tax revenue.
Making A Positive Impact on Tennesseans…and Tennessee’s Economy!
- Provided mortgage financing to over 100,000 first-time homebuyers in Tennessee
- Helped create/preserve 47,000 affordable, rental units
- Provides monthly rental assistance to over 35,000 Tennessee households
- THDA’s total economic impact in 2011 was $728.6 million
- For more information about our economic impact see our Economic Impact Reports from the past five years
- THDA receives no state appropriations to fund operations, but we do receive administrative fees to service some federal programs.
- Generates annual earnings through its Single Family Mortgage program ($18 million in FY2012)
- THDA’s earnings are used to cover operational expenses and fund several critical THDA housing initiatives:
- $57 million – Down-payment assistance grants
- $42 million – BUILD Loan program, offering 0% construction loans to non-profit housing organizations such as Habitat for Humanity
- $43 million – Housing Trust Fund, targeting the housing needs of Tennessee’s special-needs populations
- $2.4 million – Homebuyer Education
- THDA bonds rated AA+ by Standard & Poor’s and Aa1 by Moody’s
- Holds over 26,000 mortgages in its portfolio, assets valued at $2.1 billion
- $557 million in total Net Assets
- Recognized for program and operational excellence by the National Council of State Housing Agencies
Financial and Regulatory Oversight:
In addition to THDA’s own Internal Audit division, a number of federal agencies, including HUD and the US Treasury, conduct annual evaluations to monitor program compliance. A team of auditors from the Department of Finance & Administration are housed full-time at THDA’s central office.
The State Comptroller’s office serves as THDA’s external auditor. For the past 10 years, THDA has earned a clean opinion letter from the State Comptroller’s office regarding its audit of THDA’s Financial Statements. In addition, THDA has achieved seven consecutive years with no findings in its Financial and Compliance Audit report.
This weeks show:
Special Guest – Lindsay Hall, Sr. Director of Single Family Programs
& Laurie Gilliam, Cedar Bluff Schools
Lindsay Hall, Director of Single Family Programs with THDA, talks about Mortgage Investors Group, Veterans, The Hardest Hit Fund and most importantly she breaks down for our listeners all of the programs that THDA offers. THDA is a first-time homebuyer program that has been around since 1973, and was created by the Tennessee General Assembly. Its primary goal is to facilitate the purchase of residential property for those who qualify. They don’t just stop there! They also have partnered with many organizations, cities and counties to help educate our communities about the importance of owning a home. Their homebuyer education program is top notch. THDA does a tremendous job educating homeowners on the ABC’s of managing their finances. They also have created a website to help those needing assistance in this tough economy as the country begins to recover. Please visit www.keepmytnhome.org for more information. Mortgage Investors group is proud to say they are the number one THDA Lender! Mortgage Investors Group has finished at the top for nine years in a row! The Housing Hour would like to thank Lindsay for coming on our show!
The last segment of the show, we talked to Laurie Gilliam of Cedar Bluff Schools, about their annual fundraiser, Springfest. Springfest, formerly Mayfest, is an annual fundraiser held at the campus of Cedar Bluff School on April 28, 2012. Please join the Cedar Bluff Schools for a fun filled day with your family.