help becoming a homeowner in nashville tn

8/14/2019 Help Becoming a Homeowner in Nashville TN

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elp Becoming A Homeowner In Nashville TN

Requirements:

q Complete THDA homebuyer education class (prior to purchase) q THF underwriting criteria must be met (see underwriting guidelines below) q

Borrowers must contribute at least 1% of the sales price from their own funds tothe home purchase

q

Loan will include a variable recording fee and a processing fee of $500.00q

Payments must be made through ACH (automated clearing house)q

May be combined with other THF programs up to $15,500 provided borrowermeets the specific requirements for each program (see income tiers for eachprogram).

Enrollment:

q Interested borrowers should call THF at (615) 780-7000 to enroll in homebuyereducation classes and for additional information

q Borrower must complete a THF Borrower Application.q Lenders should fill out the Request for Loan Approval Form and the

Underwriting Guidelines ; send the form to THF along with the backupdocumentation requested; and tell the client to call THF to begin the homebuyereducation classes and to set a time to fill out the THF Borrower Application.

q

The Housing Fund cannot begin underwriting until we have received both acompleted Borrower Application and Lender Loan package.

q

THF will work with the borrower's closing attorney to fund the loan. Funds willbe wired at the time of closing.

To apply for Federal First-time Homebuyer Tax Credit,the borrower must fill out I.R.S.form 5405 (www.irs.gov/pub/irs-pdf/f5405.pdf ) . Free help with this and any othertax question can be found by calling 2-1-1 and asking for a Volunteer Income TaxAssistance (VITA) location near you.

tp://www.thehousingfund.org/tcal.html (2 of 3)6/6/2009 2:08:51 PM
http://wsm.ezsitedesigner.com/Preview.go?op=preview_next_page&page_id=351643http://wsm.ezsitedesigner.com/share/scrapbook/34/348746/REQUEST_FOR_THF_LOAN_APPROVAL.pdfhttp://wsm.ezsitedesigner.com/share/scrapbook/34/348746/Underwriting_Checklist_12-03-08.pdfhttp://www.irs.gov/pub/irs-pdf/f5405.pdfhttp://www.irs.gov/pub/irs-pdf/f5405.pdfhttp://wsm.ezsitedesigner.com/share/scrapbook/34/348746/Underwriting_Checklist_12-03-08.pdfhttp://wsm.ezsitedesigner.com/share/scrapbook/34/348746/REQUEST_FOR_THF_LOAN_APPROVAL.pdfhttp://wsm.ezsitedesigner.com/Preview.go?op=preview_next_page&page_id=351643


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THE HOUSING FUND, INC.

NOW Loans - funds available

A Home Ownership NOW loan (NOW) offers low to moderate-income homebuyers inMiddle Tennessee three Tiers of financial assistance depending upon the totalhousehold income. This is a second mortgage loan, available at very low interestrates and a low monthly payment of $50. With one phone call and a few simple forms,you will be on your way to home ownership.

Eligibility:First mortgage lenders must be approved by FHA in Tennessee.

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Davidson County - The first mortgage loan must be an FHA, THDA, VA orconforming conventional loan offered by a FHA TN-approved lender.

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For all other Nashville MSA counties the first mortgage must be aconforming conventional loan offered by a FHA TN-approved lender.

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The home must be located in: Cheatham, Davidson, Dickson,Robertson, Rutherford, Sumner, Williamson or Wilson counties .

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The home must be the buyers primary residence.

Requirements:

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All NOW loans are secured by a Promissory Note and a Second Deed ofTrust, subordinated only to a first mortgage

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All borrowers are required to complete homebuyer education classes


tp://www.thehousingfund.org/now.html (1 of 5)6/6/2009 2:10:35 PM

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http://www.thehousingfund.org/images/Revised_DPA_Conventional_Loan_Policies.pdfhttp://www.thehousingfund.org/homebuyerprograms/homebuyereducation.htmlhttp://www.thehousingfund.org/homebuyerprograms/homebuyereducation.htmlhttp://www.thehousingfund.org/images/Revised_DPA_Conventional_Loan_Policies.pdf


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before closing. These classes are offered by THDA approved counselingagencies. THF will assist the client in locating the most appropriate andconvenient agency

q

Borrower must contribute at least 1% of the sales price from their own funds tothe purchase

q All borrowers must be at or below the area median income (AMI)

Income Criteria:

(Effective 03/19/2009) Tier 1 (60% of area media income) Your household gross (before take-out) income isat or below:1 person:................. $27,2002 people:................. $31,1003 people:................. $35,0004 people:................. $38,9005 people:................. $42,0006 people:................. $45,1007 people:................. $48,2008 people:................. $51,300

q Clients can borrow up to $8500 for Closing Costs, Prepaids and DownPayment Assistance

q The interest rate is 5%q Loan will include a variable recording fee and a processing fee of $350

Tier 2 (80% of area median income) Your household gross (before take-out) income is at or below:1 person:................. $36,3502 people:................. $41,5003 people:................. $46,7004 people:................. $51,9005 people:................. $56,0506 people:................. $60,2007 people:................. $64,3508 people:................. $68,500

q

Clients can borrow up to $7000 for Closing Costs, Prepaids, and DownPayment Assistance

q

The interest rate is 7%q

Loan will include a variable recording fee and a processing fee of $350.00

Tier 3 (100% of area median income)Your household gross (before take-out) income is at or below:

1 person:................. $45,4002 people:................. $51,9003 people:................. $58,4004 people:................. $64,9005 people:................. $70,1006 people:................. $75,3007 people:................. $80,5008 people:................. $85,700



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Clients can borrow up to $5000 for Closing Costs, Prepaids, and DownPayment Assistance

q

The interest rate is 8%q

Loan will include a variable recording fee and a processing fee of $350

Enrollment:

q

Interested borrowers should call THF at (615) 780-7000 to enroll in homebuyereducation classes and for additional informationq

Borrower must complete a THF Borrower Application. This can be completedat THF or at the Homebuyer Education Agency.

q

Lenders should fill out the Request for Loan Approval Form and theUnderwriting Guidelines ; send the forms to THF along with the backupdocumentation requested; and tell the client to call THF to begin thehomebuyer education

q

The Housing Fund cannot begin underwriting until we have received both a

completed Borrower Application and Lender Loan package.q

THF will work with the clients closing attorney to fund the loan and funds willbe wired at the time of closing

For further information please call (615) 780-7000 or [email protected] .

http://www.thehousingfund.org/images/REQUEST_FOR_THF_LOAN_APPROVAL.pdfhttp://www.thehousingfund.org/images/Underwriting_Checklist_12-03-08.pdfmailto:[email protected]:[email protected]://www.thehousingfund.org/images/Underwriting_Checklist_12-03-08.pdfhttp://www.thehousingfund.org/images/REQUEST_FOR_THF_LOAN_APPROVAL.pdf


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D i f f er e n t n a m e - Sa m e p r o g r a m -

HOME Dow npayment Assistance (HDA) (formerly called American Dream Downpayment Initiative or ADDI)

NOTE: Funds now available

This does not represent all information. Other restrictions may apply. THFlending policies apply for Davidson County.

Assistance for Davidson County:

q

A maximum of $7,000 , no interest, due-on-sale or refinance, no monthlypayment, 2 nd mortgage loan for downpayment, closing and prepaid costs

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HDA may be used with THF Home Ownership NOW (NOW) and Tax Credit Access Loans (TCAL)

Eligibility:

q Household income is at or below 80% Area Median Income (Tier 2) q Buyer is a first-time homebuyerq House is the primary residenceq House must have a Housing Quality Standards inspectionq If house was built prior to 1978, a lead paint assessment is requiredq First mortgage must be a FHA, THDA, VA or conforming

conventional offered by a FHA TN-approved lenderq Buyer must also meet Underwriting Guidelines

Requirements:

q Completed THDA homebuyer education class (prior to purchase)q This is a loan that must be repaid upon sale, refinance, or other transfer of

title. It is not a grant or gift.q

Borrowers must contribute at least 1% of the sales price from their own fundsto the purchase

q

Loan includes a variable recording fee

Enrollment:

q Interested borrowers should call THF at (615) 780-7000 to enroll in homebuyereducation classes and for additional information

q Borrower must complete a THF Borrower Application. This can be completedat THF or at the Homebuyer Education Agency.

q

Lenders should fill out the Request for Loan Approval Form and theUnderwriting Guidelines ; send the form to THF along with the backupdocumentation requested; and tell the client to call THF to begin thehomebuyer education

q

The Housing Fund cannot begin underwriting until we have received both acompleted Borrower Application and Lender Loan package.

q

// h h i f d /hd h l (1 f 2)6/6/2009 2 12 38 PM
http://www.thehousingfund.org/tcal.htmlhttp://www.thehousingfund.org/tcal.htmlhttp://www.thehousingfund.org/affordableincomerequirements.htmlhttp://www.thehousingfund.org/images/Revised_DPA_Conventional_Loan_Policies.pdfhttp://www.thehousingfund.org/images/Revised_DPA_Conventional_Loan_Policies.pdfhttp://www.thehousingfund.org/images/Underwriting_Checklist_12-03-08.pdfhttp://www.thehousingfund.org/homebuyerprograms/homebuyereducation.htmlhttp://www.thehousingfund.org/images/REQUEST_FOR_THF_LOAN_APPROVAL.pdfhttp://www.thehousingfund.org/images/Underwriting_Checklist_12-03-08.pdfhttp://www.thehousingfund.org/images/Underwriting_Checklist_12-03-08.pdfhttp://www.thehousingfund.org/images/REQUEST_FOR_THF_LOAN_APPROVAL.pdfhttp://www.thehousingfund.org/homebuyerprograms/homebuyereducation.htmlhttp://www.thehousingfund.org/images/Underwriting_Checklist_12-03-08.pdfhttp://www.thehousingfund.org/images/Revised_DPA_Conventional_Loan_Policies.pdfhttp://www.thehousingfund.org/images/Revised_DPA_Conventional_Loan_Policies.pdfhttp://www.thehousingfund.org/affordableincomerequirements.htmlhttp://www.thehousingfund.org/tcal.htmlhttp://www.thehousingfund.org/tcal.html

help becoming a homeowner in nashville tn

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