Tennessee Mortgage Rates
January 16, 2017 07:57 AM Eastern
TN Mortgage Rates to Fund Loans for Low-Income Families
Tennessee is a state rich in culture and music, and famous for its hospitality. It is home to landmarks such as Nashville (America's official "Music City"), many beautiful historical plantations, and country music's homestead, the Grand Ole Opry. Several programs available in Tennessee aim to help people from all walks of life own a home for the first time in this beautiful state.
The Tennessee Housing Development Agency (THDA) offers programs that help first-time and low-income homebuyers obtain the resources they need to buy a home. The THDA also has resources for existing homeowners who want to renovate or who are worried about losing their home.
In order to qualify for any of these programs and take advantage of low current TN mortgage rates, the applicant(s) must meet certain income and credit requirements, and the home must meet certain standards.
Programs for First-Time Homebuyers using Tennessee Mortgage Rates
Three types of first-time homebuyer programs are available through the Tennessee Housing Development Agency:
• Great Rate
• Great Advantage
• Great Start
The Great Rate program offers lower rates than current TN mortgage rates, and represents the lowest rate possible among the three available programs, for those who qualify. Income limits are determined by family size and the county where the property will be purchased.
The Great Advantage and Great Start programs are offered at interest rates slightly higher than the Great Rate program. These programs are distinctive because they provide a relatively low down payment requirement and feature closing cost assistance.
Great Save Loan Program with TN Mortgage Interest Rates
The Great Save loan program from THDA is ideal for those who might fall behind in mortgage payments or those who are in danger of losing their homes. This program is designed for low- and moderate-income borrowers who currently have an adjustable rate mortgage loan on their principal residence that was made after December 31, 2001, and before January 1, 2008, that would likely to cause a financial hardship to the borrower if not refinanced.
Homeowner Education in Tennessee Mortgage Rates
In addition to finding low interest mortgage programs and assistance for existing homeowners, the THDA has a homeowner education program. This innovative program helps potential homeowners, new homeowners and existing homeowners understand the important financial obligations that come with owning a house.
To qualify for any of the THDA programs, borrowers are required to attend an education program led by a certified trainer. The topics covered in this homeowner education program include:
• finance maintenance
• home maintenance