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THDA $15,000 TOWARD YOUR DOWN PAYMENT

by Sherry Carney

September 26, 2018

THDA $15,000 TOWARD YOUR DOWN PAYMENT

Could you use $15,000 in financial assistance to purchase your new home? Well THDA has just over $11 million left in their Hardest Hit Fund. Don’t leave that money on the table if you’re going to buy sometime in the next few months.

If you’re approved for a THDA loan, and you can purchase an existing home, (not available with new construction) within one of the 62 designated zip codes you could receive a forgivable $15K second mortgage to use as down payment and closing costs!

The second mortgage has a 0% interest rate and no monthly payments for the 10 year term. The loan is forgiven at 20% per year in years 6 through 10.See forgiveness schedule below.

After Year

What you owe if you sell, refinance, or move out

0 - 5

$15,000

6

$12,000

7

$ 9,000

8

$ 6,000

9

$ 3,000

10

$0

 

Home buyer education is required both pre and post-closing. It’s easy to sign up for a class close to you. Check out the upcoming classes here.

 

There are 62 designated ZIP Codes located in 33 Tennessee counties that are eligible.

 

37037

37172

37321

37650

37877

38012

38111

38133

37040

37186

37323

37660

37890

38016

38115

38134

37042

37207

37354

37716

37912

38018

38116

38135

37073

37208

37404

37721

37914

38053

38118

38141

37086

37217

37406

37813

37917

38063

38122

38301

37110

37218

37411

37821

37920

38105

38125

38305

37115

37303

37412

37871

37921

38107

38127

37148

37311

37416

37874

37924

38109

38128

 

THDA offers a competitive interest rate, and discounts for current and former military borrowers. www.thda.org

More questions? Don’t worry, we’re here to help you go through the whole process from application to closing. The important thing is to get started before these funds are gone! Speak with one of GTC’s knowledgeable Loan Officers today.

 

Sherry.carney@guarantytrust.com

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