Tennessee First-time Homebuyers looking for down payment assistance will have higher rates-THDA increases rates due to bond Market Conditions

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Mortgage and Lending with Movement Mortgage, LLC NMLS #437027
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Tennessee First-time Homebuyers looking for down payment assistance will have higher

 The Tennessee Housing and Development Agency (THDA) just annouced that they will be increasing the rates on their programs for First-Time Homebuyers effective next Monday Feb. 14th. On their Great Start Program which provides 4% down payment assistance the rate is increasing from 4.85% to 5.35% that is a full 1/2 percentage point increase in just over one month. The previous rate change on January 5th was an increase from 4.55% to 4.85%.

"Effective February 14, 2011, the interest rate on all Great Rate Program applications will increase to 4.75%, Great Advantage Program interest rate will increase to 5.05%, and Great Start Program interest rate will increase to 5.35%. All loan applications, including electronic submissions, received on or after February 14, 2011 must be submitted at the higher rate."

What does this mean for the First-time homebuyer? It means the same house will cost a little more each month.  The principal and interest payment for every $1000 borrowed has increased a little over $3/month. Thus the principal and interest on a $150,000 loan has increased from $792 to $838 a $46/month increase.

 

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Topic:
Home Buying
Location:
Tennessee
Tags:
down payment assistance
first time homebuyers
fha mortgage
thda
tennessee
nashville
rates
franklin
williamson county

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Rainer
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Steve Traylor
A+ Home Inspections dba A+ Services, LLC - Franklin, TN
ASHI Certified Home Inspector

We like working with first time home buyers, even though it takes longer.

Mar 20, 2011 04:30 PM #1
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Rainer
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Thomas Hall

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