More Great News for Tennessee First Time Homebuyers

This just out from THDA (Tennessee Housing Development Administration:

New Second Mortgage Program for Down Payment and Closing Cost Assistance

THDA’s Board of Directors approved at its March Board meeting a new second mortgage program for down

payment and closing cost assistance to assist first-time homebuyers. Principal and interest will be deferred untilJune 1, 2010. Payments for principal and interest will commence on July 1, 2010 if not repaid in full. First-timehomebuyers will be able to borrow funds at no interest for a short period until such time as they receive the First-Time Homebuyer Credit authorized in the Section 3011 of the Housing and Economic Recovery Act of 2008, asamended by Section 1006 of the American Recovery and Reinvestment Tax Act of 2009.

In order to be eligible for this Second Mortgage Program, THDA MUST be providing funding for the first

mortgage through Great Rate or Great Advantage to purchase the home. We are currently working on the guidelines

and changes to our Originating Agent Guide and anticipate accepting applications for this program April 1, 2009.

I will keep you posted on details.

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