12/14/2022
If you are tired of paying rent and want to buy a home, but don’t have the upfront cash needed. Here is a solution to consider…
***You can own a home with a total monthly payment $1,468 (or less)!! I know some of you are paying more than that in rent!***
A THDA Loan will help with up to 6% in down payment assistance (6% based on the purchase price), this including your downpayment and closing costs up to a $300,000 purchase.
Example:
You are looking to purchase a $225,000 house. You use a THDA Loan to get the 6% in down payment assistance. FHA Loan requires 3.5% down or in this example $7,875 for a $225,000 house which you take out of the total 6% assistance. You then have 2.5% of the total 6% left or $5,625 in our example to cover closing costs.
What are you payments for this purchase… Based of a 30 year loan and with THDA rates currently at 6.25% your monthly mortgage payments for the house would be $1,385 and then the 6% you borrowed also is wrapped in a 30 year mortgage at the same rate or in this example $83 dollars more a month!!
A total monthly payment $1,468!
P.S. You can find a great first time home for less than $225k still decreasing your payment!
What are the requirements for this great loan then?
-First time home buyer (You can have owned a home before! Just not in the last 3 years.)
-Income Limits (Knox County Income limit is $81,600 for up to a 2 person household and $93,840 for 3+)
-Most be a single family house (Anything that is between 1-4 units)
-Owner occupied (You being the owner)
-Credit score of 640 (Some exceptions)
Prices and interest rates are going up. If you have any questions about the THDA Loan process or where to start on buying your home… reach out to me!
