Need Tennessee first time home buyer grants to purchase that first house? Encounter a great list of grants for home buying in Tennessee and other home mortgage grants and programs below.
What a good idea to buy a house in Tennessee? Buying a house in any state is a worthwhile endeavor.
But many will feel apprehensive about this endeavor because of the size of commitment. If that's you, relax, this is an awesome adventure. I also plan to give you some cool information to help with the down payment and closing costs.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 640, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
With so many lenders to choose from, you want to be sure and select the right one.
Finding a home mortgage grant is like receiving a handful of money. All nice and pretty.
To begin with, the State of Tennessee does offer a Tennessee first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.
The state agency which maintains Tennessee first time home buyer grants is the Tennessee Housing Development Agency. The name of the program is "Great Choice Plus" program. It is a 15 year deferred 2nd mortgage with 0% interest. It provides assistance up to 4% of the purchase price.
How can this be called a grant when it is a loan? The cool thing about this program is there are no payments and if you stay in the home the loan is forgiven after 15 years. Thus it becomes a grant.
This program have requirements and limitations to qualify. So do your homework before applying.
Another great program to look at is the "Homeownership for the Brave." This program is for those who have served in the military. It provides a lower interest rate and can be used with the "Great Choice Plus" program to assist with the down payment and closing costs.
You should visit this website to determine your eligibility and obtain additional information.
In addition, the federal government offers grant assistance for first time home buyers in Tennessee. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Now you know about grant programs for your state. You still need a mortgage that works with them. Finding a lender who understands your needs can be difficult. FHA is one of the loan products out there that is very flexible with these assistance programs.
Why do they do this? They want to help you get that first house and have designed their programs that way.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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