This morning, while reading Leneiva Head’s blog about THDA’s foreclosure prevention program, it hit me that I had forgotten to do something.
Yes, I had forgotten to post about some recent changes from the great folks at THDA, who are always on the forefront of ways to boost home ownership!
Everyone should know that down-payment funding for FHA loans is still available for eligible first-time buyers through THDA’s “Great Start” program. To be eligible, your household income cannot exceed certain limitations and the price of the home you are purchasing must fall below a certain amount.
On August 1st, the income limitations were raised! These revised limitations bring the reality of home ownership within the reach of many more first-time buyers.
Lets look at the Greater Nashville area, including the adjoining counties of Rutherford, Williamson, Sumner, Cheatham, Wilson, and Robertson: A first-time home buyer can purchase a home with ZERO out of pocket if the home price does not exceed $226,100. A buyer’s household gross annual income cannot exceed $79.440 for 1-2 person households. If the household contains 3 or more, annual gross income can be as high as $92,680.
For eligibility in nearby Maury County, the home purchase price cannot exceed $200,160, with gross income limited to $70,320 for 1-2 person and $82.040 for 3 or more person households. Maury County is a designated “target” county and you do not have to be a first-time buyer to take advantage of THDA programs.
Like with any loan program, there are additional credit score and debt ratio requirements for eligiblity. Visit www.thda.org for all the details.
If you are looking to purchase a new home, and like the idea of keeping your down-payment, you will want to explore this program. We have homes available right now in almost every community that can fit within the guidelines. Visit us today and find out why Ole South is Tennessee’s # Home Builder!
Trey Lewis is a licensed Real Estate Broker in the State of Tennessee with Ole South Realty, 615.896.0019 direct 615.593.6340. Specializing in new homes in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, Clarksville, and Spring Hill, Tennessee