THDA can help first time buyers get in to a home

JOHNSON CITY, TN (WJHL-TV) – First time home buyers in Tennessee have a resource that they may not know about.

The Tennessee Housing Development Agency works specifically with first time home buyers to assist them with down payments, closing costs and much more. THDA Executive Director Ralph Perrey is traveling across the state, making stops to let people know that there is help out there.

“We want to make sure that first time home buyers, potential first time home buyers, understand that we’re in an excellent position to help them. THDA can offer a competitive rate on on a 30 year, fixed rate, no gimmick mortgage and we have down payment and closing cost assistance.”, Perrey said.

Lots of potential home buyers may not realize that there is this kind of help out there. Thinking that they don’t have enough saved for a down payment and closing costs may be the only road block stopping potential buyers.

Perrey added, “That is often the single biggest obstacle for a lot of first time home buyers, they are ready to buy, their earnings are in good shape, their credit is in good shape. They haven’t saved up quite as much as they want. An we want them to realize that working with the lenders who work with THDA, we can help them get into that house.”

Perrey also says that many people think that programs like this only apply to low income people and many middle income potential home owners don’t think they will qualify and so they don’t even bother to try.

“We’re geared toward the moderate, middle income, first time home buyer and a lot of folks out there will qualify and a lot of the housing stock that is for sale is easily within reach of a THDA mortgage,”, Perrey said, “Nationally, the figures show that first time home buyers are coming back into the market in greater numbers than they have for quite a number of years.”

East Tennessee is responsible for about 36% of THDA’s business and that number is growing. Their business is up 30% over where they were the same time in 2016. Also, there is special additional funding from the U.S. Treasury geared toward areas that are slower to recover from the latest economic down turn where first time home buyers can get $15,000 in down payment and closing cost assistance. One of those areas is the 37660 area code in Kingsport, the Sullivan Gardens area.

For more information, go to the THDA website and click on First Time Buyer.

Copyright 2017 WJHL. All rights reserved.

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