Music City Mortgage Notes

01/03/2024

Just a reminder on the upcoming changes for THDA… this will go into effect 2/1/24… in addition to meeting the minimum requirements for the program, this will be how the down payment assistance will work:

Great Choice Plus-Payment, Homeownership for Heroes Plus-Payment, and HFA Advantage Plus-Payment Terms:

• Loan amount assistance is up to 5%of the Sales Price, for sales prices up to $300,000

• Sales price greater than $300,000 up to $400,000, loan amount assistance is up to $15,000.

• $15,000 is the maximum DPA available.

• 30-Year Term Amortizing

• Interest rate is the same as the first mortgage.

• Monthly payment must be considered ni the debt ratio.

• Second mortgage loan wil be locked simultaneously with the first mortgage.

Happy to answer any additional questions 615-681-4282
Jade Roper, RLO #1794506

12/20/2023

WHAT THE WHAT🫣

AGAIN 🤩

RATE DECREASE FOR THDA 🔥

Effective IMMEDIATELY the interest rate on the Great Choice Mortgage Loan Program is pricing @ 6.375%.
Based on this rate, the Homeownership for Heroes Mortgage Loan Program will
change to 5.875%.

📲615-681-4282
Jade Roper #1794506
RLO

12/06/2023

BOOM 💥

12/04/2023

Just so everyone knows THDA will be changing how down payment assistance works
EFFECTIVE 2/1/2024!

I’m always here to answer questions for both buyers and agents.
615-681-4282

STAY AHEAD OF THE CURVE….

11/20/2023

Let’s do a loan scenario issuing THDA (currently pricing at 7.125)

Price of the house $275,000
Down Payment Assistance (DPA) Loan (6% of purchase price) $16,500

FHA LOAN

*we are choosing the 6% option for DPA here as we KNOW we have a down payment of 3.5% that is the minimum buyer investment of $9625

Annual taxes (county only, sometimes there are both city & county taxes) $1440

Annual HOI (home owners insurance) $1704

FHA CHARGES
*1.75% upfront mortgage insurance, based on the price of the home, financed in your loan amount.
*.55% PMI monthly

Mortgage #1 = $2202
Mortgage #2 = $ 111

Total Monthly $2313

11/17/2023

I was asked recently to explain THDA…
In a brief summary:

THDA is a state bond program that helps buyers with the money to purchase their first home (defined as no vested interest in a property in the last 3yrs).
*Buyers must meet Credit Score and Income Requirements (income is county specific and buyer(s) only)
*Cannot purchase a home over $400,000 (in most cases the property can not exceed 5acres)
*maximum debt to income ratio 45%

THDA currently offers either $6000 (repayable if you sell or refinance) or 6% of the purchase price up to $24,000 which is repayable over 30yrs @ the same rate as your first mortgage (so hypothetically if you locked today on an FHA loan using the Great Choice product, the rate on your 1st mortgage would be 7.125% and the rate on the 2nd mortgage would by 7.125%).

I’m always here to answer questions for both buyers and realtors as well 615-681-4282

NMLS 1794506

11/17/2023

Come Thru THDA, another decrease 🤩

11/15/2023

THDA RATE DECREASE!
That’s right, DECREASE!

02/12/2022

BY THE WAY… don’t forget about Bristol, 2280sq ft for $230,000😍😱😍😱😍!! This place is GORGEOUS &completely restored… if you can work REMOTE… call me, I’d love to assist with your financing needs & have Realtors ready to show you this DIAMOND 💎

615-681-4282

📣NEW LISTING📣
🏠1106 Carolina Ave Bristol, TN🏠
$230,000
It's all NEW! This home has been meticulously restored from the ground up. We're talking new everything from the studs out. They even changed the layout to an open concept with vaulted kitchen ceilings. Upgrades include, all new windows throughout, new electrical wiring and service panel, all new plumbing, new sheetrock, new insulation, new flooring, new lighting, new cabinets, 2 new kitchens, new roof with new zipboard sheeting and titanium underlayment, literally everything is new! Come check this out out asap before it gets away! For more information, follow this link: https://lincoln.apexpropertygroup.org/homes/1106-Carolina-Avenue/Bristol/TN/37620/125568114/
APEX PROPERTY GROUP
📱423-612-1743
📧 [email protected]
🇺🇸 www.apexpropertygroup.org

True North Real Estate Advisors
423-210-4155