Scott Hines was the 2010 top selling REALTOR in Tennessee for first time home buyers and secured grants for down payments for many clients. Free Grants up to $9,444 are available from the State of TN’s Tennessee Housing Development Agency (THDA) for First Time Home Buyers and Veterans! Scott is the author of a ebook entitled “First Time Home Buyer’s Guide”.
Great Start Grant – Tennessee Housing Development Agency
- 4% Grant for Down-payment
- 4.55% 30 Year Fixed Rate (5.18% APR)
- 100% loans available
- FHA, VA, and Rural Development
- Homebuyer Education is required
- 620 Credit required
Home Ownership NOW – The Housing Fund
- $5,000 – $7,000 down payment and closing cost loan for first time buyers
- All NOW loans are secured by a Promissory Note and a Second Deed of Trust, subordinated only to a first mortgage
- All borrowers are required to complete homebuyer education classes before closing. These classes are offered by THDA approved counseling agencies. THF will assist the client in locating the most appropriate and convenient agency.
- Borrower must contribute at least 1% of the sales price from their own funds to the purchase
- All borrowers must be at or below the area median income (AMI)
A Home Ownership NOW loan (NOW) offers low to moderate-income homebuyers in Davidson County four tiers of financial assistance depending upon the total household income. The fund allows first time buyers with no down payment money to borrow funds to be used for down payment and closing cost. This is a second mortgage loan with a low monthly payment of $50. With one phone call and a few simple forms, you will be on your way to home ownership.
Tennessee REALTOR Scott Hines, owner and principal broker at Premier Buyer’s Agent, LLC, works directly with first time homebuyers specializes in the Tennessee Housing Development Agency (THDA) and other grant loan programs. These programs offer either a below market interest rate or state grant money for your down payment and closing cost. One of the primary ways THDA assist people is by offering mortgages for first time homebuyers, with grants of up to 4 percent of the acquisition cost or below market interest rates. THDA’s programs are designed for low and moderate income borrowers making less than $92,680 a year. Since it’s inception in 1973, THDA has funded over 98,000 mortgages and grants.
Verify these grants at the state of Tennessee’s website www.thda.org and The Housing Fund website at www.thehousingfund.org
Grants or loans must be approved by the State of Tennessee’s Housing Development Agency or The Housing Fund and depend on the county, number of people living in the home and the family’s total income, among many other factors.