June 1, 2018 – Tennessee REALTORS® is pledging to help the Tennessee Housing Development Agency celebrate Homeownership Month this year by topping the agency’s record for home loans for the month of June.
“We’re fully behind this challenge because so many of our members rely on THDA’s Great Choice Home Loans to make homeownership possible for their clients, especially first-time homebuyers,” said Leon Dickson, Sr., 2018 president of Tennessee REALTORS, which represents more than 27,000 members statewide.
The Great Choice Home Loan program allows REALTORS and lenders to offer their clients the option of financial assistance toward down payment and closing costs on their home purchase.
“Tennesseans who dream of someday buying their first home are finding that THDA’s mortgage loans and down payment assistance can make it a reality, and oftentimes it’s their REALTOR who is in a position to bring that good news to their attention,” said Ralph M. Perrey, executive director of THDA.
With Governor Bill Haslam declaring this month to be Homeownership Month, THDA and Tennessee REALTORS are aiming for no less than a new all-time best June for THDA home loan volume, which would require a whopping 54-percent increase over last year.
“With the help of our REALTOR partners, THDA has already set new records this year for our best-ever January, March, April, and May, finally eclipsing the old 2007 numbers from before the financial crisis,” said Perrey. “Even so, breaking our June record will be a monumental climb. It’s far from guaranteed, but there’s no way I’d bet against our team this year.”
“THDA’s production numbers are phenomenal, and they’re providing real momentum to our members in the field,” said Dickson. “It is also timely that this year marks the 50th anniversary of the Fair Housing Act, an important milestone to celebrate progress made while recognizing how much work remains to ensure fair, affordable housing for all.”
Under the Hardest Hit Fund (HHF) Down Payment Assistance program, THDA is currently offering $15,000 in down payment assistance to qualified homebuyers who purchase an existing home in a designated ZIP Code that lags behind the rest of the state in terms of foreclosures, property value gains, and other measures. These ZIP Codes represent well over half of THDA’s statewide home loan volume to date this year.
“We expect to surpass 2,000 home loans for the year by the end of June,” said Perrey. “It was only three or four years ago when 2,000 home loans would be a solid year’s worth of production for us. We’re very grateful to our REALTOR partners for helping make these numbers possible because our success depends on them.”
THDA anticipates funding for the $15,000 program will be exhausted by late summer. THDA will continue to offer the Great Choice Plus program in all areas of Tennessee, providing down payment assitance up to five percent of the home’s purchase price.
For more information about THDA home loan programs, visit GreatChoiceTN.com.
For more information about Tennessee REALTORS, visit TNREALTORS.com.