Are you looking to buy a home here in Nashville with little or no money down? There are 2 loans that allow people to borrow 100% of the purchase price, VA and USDA Rural. Unfortunately, these loans are only available to a select few as you must be a veteran of the armed services or your property must be in an outlying area deemed rural by USDA. In Tennessee however, the is another option available for cash strapped individuals.
THDA Grant Money
The Tennessee Housing and Development Agency (THDA) offers grant money assistance to first time homebuyers and buyers who have not owned a home (or lived in a home owned) for the last 3 years. There are actually counties that are exempt from the 3 year requirement. THDA has 3 different loans scenarios to choose from. The Great Rate (which is currently at 4.6% but offers no grant assistance), the Great Advantage (currently 4.9% offering 2% grant money assistance) and the Great Start (currently 5.2% offering 4% grant money assistance).
The THDA loan is actually an FHA loan requiring 3.5% in down payment, however, THDA serves as the non-profit organization approved by FHA to assist with down payment and closing costs. For more information, go to www.thda.org.
Thanks to Armando SanMiguel at Brand Bank for this update.
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