Tennessee Mortgage Originator
Tennessee Mortgage Originator
First Time Home Buyer? Hip, Hip Hooray for Thda!
“In order 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…”
Many times, people have heard of THDA and are confused, thinking that THDA is a certain loan type. In fact, it’s lending agency. All THDA mortgages must be insured by private mortgage insurance, FHA, VA or RECD And as these loans are intended for low to moderate income families or individuals, there is a income limit and acquisition cost limit. Also, you must be a first time homebuyer unless your home is in a targeted area.
Why is THDA so fantastic for a first time homebuyer? Well, it comes down to money. THDA offers a below market rate and will allow up to 100% financing. Have you been reading the papers lately? It’s not so easy to find 100% financing these days. Unless, that is, you’re a first time homebuyer. It also has programs that allow for down payment assistance via grants from certain approved agencies (if your loan type requires a down payment). If you have satisfactory credit and the home you wish to buy meets THDA’s standards, then you’re in business.
All THDA mortgages are 30 year fixed rate loans, so you needn’t worry about finding yourself with an ARM loan (adjustable rate mortgage) and a new payment you can’t afford in 3 years. And THDA allows lenders to only charge customers a standard 1% origination and .25% discount fee. It also closely monitors fees associated with the loan. THDA really looks out for the best interest of the first time homebuyer. If you are eligible for a THDA loan, you can feel pretty certain that an unscrupulous lender can’t take advantage of you because THDA won’t let them. For so many people, buying a home is pretty intimidating. THDA takes away the uncertainties a buyer faces with its guidelines and lending practices.
If you do apply for a THDA loan, be prepared to document your credit worthiness. THDA loans require slightly more documentation than your average loans because of the uniqueness of its product. In order to offer more, THDA asks for more – ensuring you qualify for its pretty awesome program. Sounds like a fair trade, if you ask me.
What are the disadvantages of a THDA loan? Not many. They do have a federal recapture tax if you sell your home within the first nine years of owning it. But it sounds scarier than it really is. I’ve heard that only about 1% of THDA customers actually pay this tax. That’s because a bunch of really great things have to happen to you in order for it to actually apply to you. And if those great things happen to you, paying the recapture tax won’t matter much to you anyway. I’ve been in the business for 16 years and have only heard of one person actually having to pay one. He graduated from medical school and his income when through the roof. His property was sold above market value than for the area because it was adjacent to some property that a huge retailer wanted to purchase. Again, good things have to happen to pay the recapture tax. So, you shouldn’t be afraid of it.
More people need to hear about and take advantage of the THDA loan programs. It’s such a great product and really helps the community and the housing industry. If you’re a first time homebuyer or think you’re in a targeted area, make sure you ask about THDA to see if you would qualify for a loan. You won’t regret it!
About the Author
Let my experience work for you! Email your home loan financing questions to Kristin Abouelata, Home Loan Specialist, at question@kristinmortgage.com or call (865) 567-0113. Kristin will try to answer all questions on her website Home Loans Plain Talk.
Kristin Abouelata
Mortgage Specialist
Let my experience work for you!
Knoxville, TN 37919
Phone: 865-567-0113
www.kristinmortgage.com
|
|
The High-Income Mortgage Originator $22.46 This book is in New – Excellent condition |
|
|
National Residential Mortgage Loan Originator $63.37 No Synopsis Available |
|
|
The Mortgage Originator Success Kit : The Quick Way to a Six-Figure Income $27.59 Sometimes opportunity finds you–are you ready? The mortgage business is not only booming but its one of the few industries that doesnt require a college degree to make lots of money. In fact as a mortgage originator the only limit to income potential is your own effort and ability. But how can you break into this lucrative business? The Mortgage Originator Success Kit is a one-of-a-kind resource dedicated to helping you make the leap into an exciting career in the mortgage business. This comprehensive resource gets you started with expert advice on virtually every aspect of the business. Mortgage pro Darrin Seppinni thoroughly explains the basics of the mortgage business in simple clear language that is perfect for beginners. He walks you step-by-step through the loan process including Helping clients fill out a loan application Understanding calculations and formulas that go into every mortgage A review of the specifics of credit property qualification and government loans Tips on customer service and vital sales techniques Instruction on laws and ethics of the business Plus each chapter ends in a handy quiz that helps you retain and apply the concepts and tactics you learn. Seppinni also shows you how to avoid common mistakes and covers all the bases to get you on the right track. Plus he shares the secrets of his success with professional tips and techniques that can take you to a six-figure income in no time. Even if you dont know anything about real estate finance this simple guide provides all the inside advice you need to make a bundle with step-by-step guidance on every vital topic concept and tactic. With full coverage of licensing and education requirements for every state and sample legal loan documents and forms The Mortgage Originator Success Kit is a complete and comprehensive resource for anyone who wants to break into this growing field. There has never been a better time to get into the mortgage business–and theres never been a better book to help you do it. |
|
|
Texas Residential Mortgage Loan Originator : Core Education and Ethics I $63.37 No Synopsis Available |
|
|
Mortgage Fraud: Loan Originator’s Guide to Prevention, Detection & Deterrence $29.11 No Synopsis Available |
|
|
Achille Philion the Marvelous Equilibrist and Originator $19.99 Achille Philion the Marvelous Equilibrist and Originator – Premium Poster |
|
|
Mortgage Is Bank $9.83 Mortgage Is Bank |
|
|
The Mortgage Millionaire $29.5 The Mortgage Millionaire |
|
|
Mortgage Matters $13.95 Mortgage Matters |
|
|
Trust Mortgage $11.78 Trust Mortgage |
|
|
The First Mortgage… $20.13 The First Mortgage… |
No more products found for: Tennessee Mortgage Originator
Is there any reputable mortgage companies that will refinance people with not good credit?
My husband and I are so tired of dealing with shady refinance people. We know that our credit is not good (550′s) but is there anyway we can still get a halfway decent refinance? We have not had any issues paying our mortgage on time since 2004, but we have hard a hard time catching up on other past due accounts. We want to refinance and get a little money out so that we can hopefully pay off all of our debt and start fixing our credit. I just don’t want to get screwed by junk fees, unneccessary closing costs and a rate that kills us every month. Is this even possible?
It is possible with certain lenders. Its not impossible however to have no fees/closing costs. You will face that with almost any lender except a bank who usually has the lowest fees. What does your transunion score look like? If its higher then the other 2 scores, you may be able to get a decent loan with Deutch bank. They base rates only on transunion score. You may also want to try lendingtree.com. They offer loans for folks with subprime credit. My suggestion, pay down as much debt as you have to raise your score. Best of luck!