FIRST-TIME HOME BUYERS BENEFIT FROM THDA AND EXPERIENCED REALTORS® such as myself. If looking to purchase your first home, you should look at the THDA FIRST-TIME HOME BUYER PROGRAMS, and find a REALTOR® who knows the THDA loan programs.
THDA [Tennessee Housing Development Agency] does not endorse individual REALTORS® or their Brokers, but provides training for those who wish to market homes eligible for THDA financing programs. On their website, they list by REALTORS® ASSOCIATION all REALTORS® who have completed their training class. Under THDA Homeownership Partners, they provide a link entitled THDA-Trained REALTORS®, clicking on that link opens a window where the consumer selects the appropriate Association from a drop box.
I am a member of Eastern Middle Tennessee Association of REALTORS®. The list is alphabetical, and identifies the REALTOR® by name, firm address, firm, Tennessee License number, and most recent attendance date when the agent attended the class. The four hour class serves as introduction/refresher for a REALTOR®, and covers major points in representing a buyer/seller in a purchase transaction involving THDA funding guidelines. While there is much more to THDA loans than can be covered in four hours, the instructor does an excellent job of focusing on essential fundamentals. I've been working with THDA home buyers for over 25 years, and learned some things from her. Following is THDA's introduction to the list of THDA-Trained REALTORS®:
All REALTORS® listed on the THDA website are required to complete a class regarding THDA mortgage products and processes. THDA-Trained REALTORS® understand the THDA products available, know THDA eligibility criteria, and can explain the steps necessary to obtain THDA low-interest rate mortgages and down payment/closing cost assistance. A THDA-Trained REALTOR® can help locate the right property -- a property that will meet THDA requirements -- and negotiate a contract which may not require any out-of-pocket monies from a buyer at closing.
Training is essential, and identifying a THDA-Trained REALTORS® is a good beginning to selecting a REALTOR® to assist your purchase of a home utilizing THDA for a First Time Home Buyers. There are a couple things, beyond training, that may prove critical to your decision:
(1) Actual EXPERIENCE. I would offer my 25 years plus of experience working with First-Time Home Buyers successfully closing on THDA loans.
(2) In-depth KNOWLEDGE of the THDA programs and underwriting guidelines, and again 25+ years working with THDA underwriters on FHA, VA, RD and Conventional loans on New Construction as well as Existing housing. What are the unique requirements on THDA funding? How does THDA work with other programs such as Nashville Housing Fund or Affordable Housing Resources? Are THDA loans fixed-rate? Are they below market rates? Is there a penalty for early pay-off? Is the Recapture Tax a deal killer?
(3) ATTITUDE toward THDA programs--Is the agent negative toward THDA loans? Does he/she try to talk you out of doing one of "those loans"? If there is a comparable/better program for you, it is my obligation to disclose that to you: pro and con. Example: Is NACA a better fit for you?
I do not profess to know everything about THDA, but I have knowledge and experience essential to know who, what and when to seek additional information. I invite you to spend a few minutes on the phone or via e-mail discussing THDA with me, then make an informed decision.