Blog Articles from Allegiant Mortgage, LLC



     There aren't many 100% financing loan options available these days but one choice available to Tennesseans is the THDA Great Choice PLUS Program. While this is not a true 100% mortgage, the Great Choice PLUS Program provides qualified Tennesseans up to 5% downpayment and closing costs assistance to be used with FHA, VA, USDA-Rural Development and uninsured Conventional loans.  The 5% assistance is up from the previous amount of 4%.  A factor which has not changed with the new program is that homebuyer education is still required.  The easiest way to meet this requirement is to sign up for the online class.  To register for the online course, visit https://thda.ehomeamerica.org/

     Great Choice Plus is technically a second mortgage, but it is not as complicated as it may sound. Since it is a 0% interest, non-amortizing, deferred loan, there are no monthly payments. The second mortgage loan is forgiven at the end of the term of the Great Choice first mortgage loan. If you choose to sell your home prior to the end of the loan term, or refinance your first mortgage loan, the second mortgage balance would be due.  This is another change from the previous version of the program which had a 10 year recapture period so that under the new program the recapture period is essentially the life of the first mortgage loan.
 

The following list outlines the minimum qualifications needed for the Great Choice Plus Program:

  1. Satisfactory credit history. THDA currently requires a 640 credit score. To find out your credit score, contact one of our approved lenders in your area. If your score is lower than 640, our homebuyer education counselors can help you with strategies to raise your credit score or visit our credit score resources page here.
  2. Household income not above maximum limits. Great Choice Loans are designed for low to moderate income Tennesseans. Income limits are based on the size of your household and county in which you will be purchasing your home. To see a list of maximum income limits by county, please click here.
  3. Purchase Price of home not above maximum limits. The Great Choice Loan Program is meant for modest homes, therefore maximum purchase price limits are in place and vary by county. To see a list of maximum purchase price limits by county, please click here.
 TO APPLY FOR THIS LOAN VISIT:  www.allegianthomeloans.com/loanapplication or contact our office at 615-717-3185 for more information

FOR FURTHER RESOURCES VISIT:  http://www.thda.org
Posted by Rose Tignor on February 13th, 2017 8:01 AM

Why You Should Stop Renting & Buy Today! | Keeping Current Matters

There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home.

Housing Cost & Net Worth

Whether you rent or buy, you have a monthly housing cost.

As a buyer, you are paying YOUR mortgage.

Every mortgage payment is a form of what Harvard University’s Joint Center for Housing Studies calls “forced savings.”

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

The principal portion of your mortgage payment helps build your net worth through building the equity you have in your home.

As a renter, you are paying YOUR LANDLORD’Smortgage.

Below is an example of the home equity that would be accrued over the course of the next four years if you were to buy a home by the end of this year; based on the resultsof the Home Price Expectation Survey.

Home Equity Over The Next 4 Years | Keeping Current Matters

In this example, simply by paying your mortgage, you have just increased your net worth by over $34,000!

Bottom Line

Use your monthly housing cost to your advantage! Meet with a local real estate professional who can explain the opportunities available in your market

http://www.keepingcurrentmatters.com/2015/09/15/why-you-should-stop-renting-buy-today/
Posted by Rose Tignor on September 21st, 2015 8:15 AM

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