For a printable summary sheet click here. (Note: Summary sheet may not represent all information. See info below for more details).
Geographic Eligibility:
DAVIDSON COUNTY
The first mortgage loan must be an FHA, THDA (Great Rate), VA, USDA Rural Development or conforming conventional fixed rate loan offered by an FHA TN-approved lender.
*Note: If area median income (AMI) is 120%, the first mortgage must be a conforming conventional (fixed rate), VA or USDA Rural Development loan (see income criteria below)
Requirements:
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All NOW loans are secured by a Promissory Note and a Second Deed of Trust, subordinated only to a first mortgage
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All borrowers are required to complete homebuyer education classes before closing. These classes are offered by THDA approved counseling agencies. THF will assist the client in locating the most appropriate and convenient agency.
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Borrower must contribute at least 1% of the sales price from their own funds to the purchase
- All borrowers must be at or below the area median income (AMI)
Income Criteria:
(Effective 12/1/2011)
Tier 1 (60% of area media income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Household gross (before taxes) income is at or below:
1 person:................. $28,250
2 people:................. $32,250
3 people:................. $36,300
4 people:................. $40,300
5 people:................. $43,550
6 people:................. $46,750
7 people:................. $50,000
8 people:................. $53,200
Tier 2 (80% of area median income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Household gross (before taxes) income is at or below:
1 person:................. $37,600
2 people:................. $43,000
3 people:................. $48,350
4 people:................. $53,700
5 people:................. $58,000
6 people:................. $62,300
7 people:................. $66,600
8 people:................. $70,900
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Clients can borrow up to $7000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 7%
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Loan will include a variable recording fee and a processing fee of $350.00
Tier 3 (100% of area median income) 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Household gross (before taxes) income is at or below:
1 person:................. $47,000
2 people:................. $53,700
3 people:................. $60,400
4 people:................. $67,100
5 people:................. $72,500
6 people:................. $77,850
7 people:................. $83,250
8 people:................. $88,600
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Clients can borrow up to $5000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 8%
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Loan will include a variable recording fee and a processing fee of $350
Tier 4 (115% of area median income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Household gross (before taxes) income is at or below:
1 person:................. $54,050
2 people:................. $61,750
3 people:................. $69,450
4 people:................. $77,200
5 people:................. $83,350
6 people:................. $89,550
7 people:................. $95,700
8 people:................. $101,900
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Clients can borrow up to $5000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 8%
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Loan will include a variable recording fee and a processing fee of $350
*Tier 4 (120% of area median income) - 1st mortgage must be a conforming conventional (fixed rate), VA or USDA Rural Development loan
Household gross (before taxes) income is at or below:
1 person:................. $56,400
2 people:................. $64,450
3 people:................. $72,500
4 people:................. $80,550
5 people:................. $87,000
6 people:................. $93,450
7 people:................. $99,850
8 people:................. $106,300
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Clients can borrow up to $5000 for Closing Costs, Prepaids, and Down Payment Assistance
-
The interest rate is 8%
-
Loan will include a variable recording fee and a processing fee of $350
Enrollment:
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