Who qualifies Thda?
THDA programs are available to Tennesseans who haven’t owned a home before, as well as repeat buyers who haven’t lived in a home they own for at least three years or who are buying a home in an economically disadvantaged area. Active-duty service members, veterans and spouses are also eligible.
What is the current Thda interest rate?
The original interest rate, valued at 3.00% will now decrease to 2.75% (3.970% APR). In addition, the interest rate for the Homeownership for the Brave Mortgage Loan Program will decrease to 2.25% (2.456% APR).
Is Thda an FHA loan?
THDA Loan Programs Great Choice and Great Choice Plus are home loans offered by the THDA. The Great Choice program works in conjunction with USDA, VA, FHA, or uninsured conventional loans. The Great Choice loan is a 30-year, fixed-rate mortgage. The Great Choice Plus is a 15-year, second mortgage.
Is Thda a conventional loan?
Insured Conventional Loans are available through the GC97 THDA program. Want to learn more about mortgage loan types and how to obtain a mortgage loan?
What type of loan is a Thda?
THDA loans are for homebuyers of low- and moderate-income. To be eligible for a THDA mortgage loan, family income cannot exceed 100 percent or 115 percent of the applicable area median income, depending on family size and the county of residence. THDA loans are intended for modest homes.
What credit score do you need for Thda loan?
620
VHDA offers government-insured programs (FHA, VA, USDA Rural Development) that allow the most flexibility for borrowers who have experienced credit problems. Our minimum credit score on these programs is 620.
Can I refinance my Thda loan?
If you qualify for a THDA Home Loan, you can apply for financial assistance with your down payment and/or closing costs. You only have to pay it back when you sell, move out of, or refinance your home. And in certain circumstances, this second loan can be forgiven, meaning you don’t have to pay it back at all.
How do I qualify for a VHDA loan?
Eligibility Requirements
- Must be a first-time homebuyer (can’t have owned a home in the past three years)
- You are purchasing a home in Virginia.
- Have a minimum credit score of 620.
- Cannot exceed certain income and purchase price limits, which vary based on the location of your property.
Can you get a VHDA loan twice?
While some of our programs allow for repeat homebuyers, the majority of our programs are for first-time homebuyers. We define a first-time buyer as someone who has not owned AND occupied a primary residence within the last three years.
What is the income limit for a VHDA loan?
Income and Sales Price / Loan Limits
| Area | Maximum Gross Household Income | |
|---|---|---|
| 2 or Fewer People | ||
| Standard | With VHDA Down Payment Grant | |
| Washington-Arlington-Alexandria | $125,700 | $100,500 |
| Charlottesville Richmond Norfolk-VA Beach-Newport News | $90,000 $88,200 $83,200 | $72,000 $70,500 $66,500 |
How can I get a mortgage on a low income?
How can I improve my chances of getting a mortgage on a low income?
- Check your credit score. Along with your income, lenders will be looking at your credit score.
- Get to grips with your income.
- Choose the best time.
- Show off your work.
- Put down a bigger deposit.
- Work with a mortgage broker.
What is the minimum credit score for a VHDA loan?