Help for First Time Homebuyers

Have you been hesitant to purchase your first home because you are worried about having enough cash for a down payment or that you won’t qualify for a loan? Don’t despair! There is help out there for you. Owning a home is a sound financial investment and there is no reason to keep paying a landlord’s mortgage when you could be paying your own and building equity for your future.

The Tennessee Housing Development Agency has the Great Choice Home Loan program which was designed specifically to help first-time homebuyers overcome obstacles such as:

Not enough savings for a down payment
Being unsure of how the home-buying process works
Worrying that you won’t qualify for a loan
Being concerned about high-risk mortgages

Most Great Choice Home Loans are insured by FHA or USDA-RD, which means that you can borrow up to 96.5% of the total price of the home you are purchasing. So, you will only need a minimum of 3.5% for a down payment. In addition, financial assistance is available to every approved homebuyer! You can utilize your financial assistance for any loan-related costs, including down payment and closing costs.

The THDA offers homebuyer education classes and taking one of these classes is a great first step toward understanding all you need to know before you start your home search. The class teaches things such as:

What makes a home right for you
What questions to ask when looking at a home
How to qualify for a home loan
What’s involved in maintaining a home

If you plan to apply for down payment assistance, it is required that you take this class.
The real estate professionals at Your Key to Memphis can explain this program to you and answer any questions that you have. Contact them and start your home search today!

http://www.yourkeytomemphis.com/Blog/What-Would-You-Sacrifice-to-Save-For-Your-Next-Home
http://www.yourkeytomemphis.com/Blog/Four-Reasons-to-Buy-a-Home-Now
http://www.yourkeytomemphis.com/Blog/Buying-a-Home-in-a-Sellers-Market