The search for your new dream home often begins with a quick search through Zillow.com, or a drive around the neighborhood you hope to move into.
However, qualifying for a home loan can feel like an uphill battle if you don’t have perfect credit or live in an area with an especially difficult real estate market.
A lot of folks living Tennessee find themselves in that exact situation, below average credit- and a home real estate market that doesn’t seem very friendly.
That’s why, in 1973, The Tennessee Housing Development Agency (THDA) put together a set of special home loan packages designed to make first time home ownership easier to achieve. These are available via select lenders who work with the THDA.
What is the Tennessee Housing Development Agency?
The THDA is not a lender. They work with financial institutions that offer home loans- especially those who are willing to work with would be home buyers with sub-par credit scores and credit histories.
The Mortgage Investors Group, (MIG) is a prime example of such a lender- with a host of loan packages designed to make homeownership accessible to those with low, poor, or no credit.
The THDA was created to help keep Tennessee a vital and thriving place in the face of dwindling home ownership. They are the primary state-created mortgage financing agency in Tennessee with the mission of providing affordable and accessible mortgages to Tennessee residents with bad or low credit. They are made up of a 16-member board of directors that is directly accountable to the federal government.
Details about THDA Through MIG
Not every lender is willing to work with high risk, low credit borrowers. But by offering THDA loans through Tennessee’s THDA program, MIG signals their willingness to stand behind the ideals of the program.
MIG partners with the THDA to promote affordable housing and long-term home ownership in Tennessee. The idea is to establish a sustainable middle class in the state to keep it a vital and thriving place to live.
The THDA is credited with making Tennessee’s construction industry a great place for young people to find work and establish themselves as potential home buyers. The program has stimulated the business community by making building contractors more competitive so that new storefront locations are not beyond the reach of new-business entrepreneurs.
The program has also helped to bring older housing units back to life by working with renovation companies. They also work to help Tennessee residents establish themselves as renters.
THDA loans are a great choice for first time home buyers in Tennessee. They work with competitive lenders to offer VA, FHA, and other types of loans specially designed to make home ownership an attainable goal for more Americans.
Obtaining a THDA loan through the Mortgage Investors Group gives you access to the “Great Choice Plus” program which features a host of attractive terms, rates, and options.