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In Tennessee, particularly in cities like Nashville, Murfreesboro, Franklin, and Brentwood, there are several state-specific grants and assistance programs designed to help first-time home buyers achieve their dreams of homeownership. These programs often provide financial assistance with down payments and closing costs, and sometimes offer tax credits as well. Here's a detailed overview of some of these programs: 1. Tennessee Housing Development Agency (THDA) Great Choice Home Loan Program - The THDA offers the Great Choice Home Loan program for first-time home buyers, which includes down payment assistance. - This comes in the form of a second mortgage loan worth up to 5% of the home's purchase price. - The program requires completion of a homebuyer education course. 2. Homeownership for the Brave - This THDA program offers reduced interest rates on Great Choice Home Loans for military members, veterans, and their spouses. - Additional down payment assistance is available. - The program is also available to reservists and active duty service members. 3. Hardest Hit Fund (HHF) Down Payment Assistance - Available in certain zip codes within Tennessee, the HHF offers down payment assistance for qualified buyers. - It provides up to $15,000 in assistance and serves to rejuvenate neighborhoods affected by the economic downturn. 4. Mortgage Interest Tax Credit - Mortgage Credit Certificate (MCC) - First-time home buyers in Tennessee may also be eligible for a Mortgage Credit Certificate, which allows them to claim a tax credit for a portion of the mortgage interest paid per year. - This can provide substantial savings over the life of the loan. 5. Local Community Grants and Assistance Programs - Cities such as Nashville, Murfreesboro, Franklin, and Brentwood may have their own local grants and financial assistance programs for first-time home buyers. - These are often funded by local housing initiatives and may offer additional funds or matched savings programs for those looking to purchase their first home. 6. Nonprofit and Federal Programs - Programs such as those offered by Habitat for Humanity can assist low-income first-time buyers in constructing and purchasing their own homes. - Additionally, USDA loans, available in certain rural areas, and VA loans for veterans can provide avenues to homeownership with no down payment requirements. Reach out to Team George Weeks real estate to learn more about these grants and to determine eligibility. Team George Weeks Real Estate 401 W. Main St Murfreesboro, TN 37130 ☎️ 615.948.4098 #realestate #nashville #tennesseehomes #realtor #realestatetennessee #realestate #incentives #grantsandloans

As a realtor, I can connect you with some of the best lenders in the game today to help give you an overview of some common down payment assistance programs that are available today: 1. Federal Housing Administration (FHA) Loans: FHA loans are popular for first-time homebuyers because they require a lower down payment (typically 3.5% of the purchase price). The down payment can even be sourced from gifts or grants. 2. VA Loans: For eligible veterans, active-duty service members, and certain members of the National Guard and Reserves, VA loans offer the benefit of no down payment requirement. 3. USDA Loans: These loans are designed for rural and suburban homebuyers who meet income requirements. They offer zero down payment options, making them a great choice for qualifying buyers. 4. State and Local Assistance Programs: Many states and local municipalities offer down payment assistance programs, often in the form of grants or low-interest loans. These programs are typically targeted at first-time homebuyers or buyers purchasing homes in specific areas. 5. Conventional Loans with Down Payment Assistance: Some conventional mortgage lenders offer programs that combine a conventional mortgage with a down payment assistance grant or loan. These programs often have income and location restrictions. 6. Employer Assistance Programs: Some employers offer down payment assistance to employees as part of their benefits package. This can take various forms, such as forgivable loans or grants. 7. Non-Profit and Community Organizations: There are non-profit organizations and community groups that provide down payment assistance to low- and moderate-income homebuyers. These programs can vary widely in terms of eligibility criteria and assistance amounts. It's important for prospective homebuyers to research and understand the specific requirements and limitations of each program. Working with a knowledgeable lender and real estate agent can help navigate these options and find the best fit for individual circumstances. #wirealtor #mnrealtor #homesellers #homebuyers #coldwellbankerrealty #realtor #thetonerteam

Rowing in the Same Direction - Scotsman Guide ... Loans , Government Loans , Residential Real Estate . For many individuals, buying a home is one of life's most significant milestones, representing a ... Read more on the link below. #realestate #mortgage #news

While the path to homeownership — especially with tools like FHA loans and downpayment assistance — can seem labyrinthine, the proper approach can make it a rewarding journey, writes Philip Ganz of Next Wave Mortgage. Read more 👉 https://loom.ly/6GnrQuU

The following grants may be available to help you with downpayment and closing cost: Housing Cost Reduction Initiative (HCRI) This assistance (up to $8,000) is made possible through funding received from the State of Wisconsin-Division of Housing. These grant funds are forgivable over the initial three-year period of owner-occupancy for homes purchased in Milwaukee, Racine, Kenosha, Walworth, Waukesha, Washington, and Ozaukee Counties. Income guidelines apply and are based on county and household size. Wintrust Down Payment Assistance Wintrust is offering $2,000 in down payment assistance if you are purchasing a home in Kenosha, Racine, Milwaukee, Waukesha, Dane, Rock, Green, Jefferson, Lafayette or Walworth counties. $1,000 minimum contribution. You must meet income eligibility and other program guidelines. HOME Consortium Down Payment Assistance The HOME Consortium home ownership assistance program helps families afford a home of their own by providing deferred loans. The DOWN PAYMENT ASSISTANCE LOAN (DPA) program provides eligible home buyers with a forgivable loan of up to $5,000 or $7,000 to be used for down payment and/or closing costs. City of Milwaukee only. Downpayment Plus® The Downpayment Plus® Program provides up to $10,000 in grant assistance to homebuyers state-wide who meet income guidelines and other qualifying criteria. Funds are for down payment and closing costs and are forgivable over a five year period of owner occupancy. Income limits varies by county. 80% CMI. Movin’ Out AHP Down Payment Assistance This program provides down payment assistance for first-time homebuyers with a permanent disability or who have a family member with a permanent disability. These funds can be used to purchase a home anywhere in Wisconsin. Contact 1-877-861-6746 or go to movin-out.org for additional information. CDA Grant Community Development Alliance in Milwaukee County. You may be eligible to receive a one-time forgivable loan of up to $8,000 to help you with down payment and closing costs. There is no minimum required borrower contribution or home inspection required. The PATH Program Associated Bank is offering $7,000 in down payment and closing cost assistance for first-time and repeat homebuyers. Eligibility requirement apply. Chase Homebuyer Grant Chase Bank is offering $5,000 in assistance for those who qualify. Eligibility requirement apply.

🏡 Exciting news for homebuyers in Placer County and Truckee! 🌲 If you're part of the local workforce and dreaming of owning a home in the beautiful Lake Tahoe area, there are two fantastic grant programs available that could dramatically reduce your costs and make homeownership a reality. 🎉 1️⃣ The Martis Fund Homebuyer Assistance Program offers up to $75,000 in down payment assistance for families earning up to 180% of the median income in Placer County. Say goodbye to mortgage insurance and hello to better loan programs! 🏠 2️⃣ Placer County's Workforce Housing Preservation Program provides grants up to $150,000 or 16% of the home's list price. The best part? It's a grant, not a loan, so no repayment is required! Plus, these homes are deed-restricted to ensure they remain affordable for local workers for generations. 🌟 🔗 Dive deeper into how these programs can help you and your family secure a home in one of the most coveted regions in California. Check out my latest blog post for all the details and find out how to apply. Let's make your dream home a reality! [Link to blog] #LakeTahoeRealEstate #HomeOwnership #AffordableHousing #MartisFund #PlacerCounty #TruckeeHomes #RealEstateTips https://lnkd.in/gsCf3iwa

HUD proposes permanent program for sale of seriously delinquent mortgages  https://ift.tt/mnqXVFf The U.S. Department of Housing and Urban Development (HUD) on Wednesday proposed a new rule that would implement a permanent program to sell seriously delinquent single-family mortgages insured by the Federal Housing Administration (FHA).  These sales have been tested by HUD since 2002, but HUD said that the proposed rule will improve community stability and expand the availability of affordable homes for families as the market faces a supply challenge. The proposed rule requires all note purchasers to adhere to mission-oriented post-sale requirements, including the establishment of exclusive first-look opportunities for prospective homeowners.  For example, when the property associated with the note is sold, a first look will be offered to owner occupants, nonprofit organizations and government entities. In addition, according to the proposed rule, HUD must also prioritize awarding these loans to nonprofits and governmental entities.  “This proposed rule will help struggling homeowners, stabilize neighborhoods, and make more affordable homes available for the people we serve,” HUD acting secretary Adrianne Todman said in a statement. FHA Commissioner Julia Gordon added that the proposal “creates a permanent, standardized set of rules for note sales in the future that incorporates our learnings from previous sales that have taken place as part of the demonstration program.”  “The new rules underscore the importance of loss mitigation and promote owner occupancy and neighborhood stabilization,” Gordon said.   HUD is requesting public comments by Sept. 16, 2024. via HousingWire https://ift.tt/yPmoAc3 July 17, 2024 at 08:34AM

Good morning, Realtors! ☀️ Did you know there are nuances between active-duty service member and veteran benefits for homeownership? It's crucial to understand these distinctions to best guide your clients. 🏡🎓 Knowledge is POWER, let’s dive in. Active-Duty Service Members: 1. VA Home Loan Eligibility: - Active-duty service members typically have access to VA home loans, offering favorable terms such as zero down payment requirements. 2. Basic Allowance for Housing (BAH): - Active-duty members often receive the Basic Allowance for Housing (BAH), contributing to their housing costs. This can be a significant financial aid. 3. PCS Challenges: - Active-duty members face the potential challenge of frequent Permanent Change of Station (PCS) moves. This mobility may impact long-term homeownership decisions. Veterans: 1. Continued VA Home Loan Eligibility: - Veterans, post-service, retain their VA home loan eligibility. They can still benefit from VA loans, enjoying features like no down payment and competitive interest rates. 2. VA Funding Fee: - Veterans may be required to pay a VA funding fee, which can often be financed into the loan. This fee helps sustain the VA loan program. 3. Stability in Housing: - Veterans who have completed their service often experience a more stable housing situation compared to active-duty members, who may face relocations. Shared Benefits: 1. Home Loan Guaranty Program: - Both active-duty service members and veterans can access the Home Loan Guaranty Program, providing a government guarantee to lenders for more accessible homeownership. 2. Foreclosure Avoidance Assistance: - Both groups have access to foreclosure avoidance assistance through the VA if they encounter financial difficulties. 3. Adapted Housing Grants: - Veterans with service-connected disabilities may qualify for Adapted Housing Grants, supporting modifications to their homes. Understanding these differences empowers you to tailor your guidance to each client's unique situation. Whether it's navigating frequent relocations or leveraging VA loan benefits, your expertise ensures your clients make informed decisions on their homeownership journey. I’m here to assist with any questions or concerns. Let’s make our current or past service members homeownership journey a memorable one! Let’s get it! #strongertogether 🏠🌟 #HomeownershipBenefits #stilleythemortgageexperience #RealEstateInsights #NMLS 2461162 #ApexMortgageGroup #TimeKillsDeals #Atlantarealestate #Floridarealestate www.apexmtg.net/stilley

Unlocking the Door to Homeownership: Solutions for First-Time Homebuyers" The affordability crisis has made it increasingly difficult for first-time homebuyers to enter the market. However, there are solutions that can help make homeownership a reality. 1:Understanding the Affordability Crisis - Rising home prices - Increasing mortgage rates - Tight credit standards - Limited housing supply II. Solutions for First-Time Homebuyers 1. Down Payment Assistance Programs - Government-backed loans (FHA, VA, USDA) - State and local programs (e.g., California's CalHFA) - Non-profit organizations (e.g., National Homebuyers Fund) 2. Affordable Mortgage Options: - Low-down-payment mortgages (e.g., FHA, Fannie Mae's HomeReady) - Adjustable-rate mortgages (ARMs) - Shared equity programs 3. Credit Score Assistance: - Credit counseling and repair services - Alternative credit scoring models (e.g., FICO XD) 4. Housing Supply Solutions: - Inclusionary zoning policies - Community Land Trusts (CLTs) - Modular and prefabricated housing 5. Financial Assistance and Education: - Homebuyer education courses - Financial counseling and planning - Grants and matching funds programs III. Innovative Solutions 1. _Co-Living and Shared Housing_ 2. _Community-Based Housing Initiatives_ 3. _Public-Private Partnerships_ 4. _Technology-Enabled Solutions_ (e.g., online mortgage platforms, digital title insurance) IV. Conclusion The affordability crisis requires a multi-faceted approach to ensure first-time homebuyers can access homeownership. By understanding the challenges and exploring these solutions, we can work towards making homeownership more accessible and affordable for all. #viralvideochallenge #investors #viral #realestate #investmenttip #explore

According to a recent Bank of America Institute study, 53% of potential buyers expressed a need for better understanding of homebuying grant programs. If you find yourself in this group, here’s some helpful information to bridge that knowledge gap: Types of Grants Available: Explore various types of grants and assistance programs offered by federal, state, and local governments, as well as non-profit organizations. These can include down payment assistance, closing cost grants, and subsidies for first-time homebuyers. Eligibility Criteria: Each grant program has specific eligibility requirements based on factors such as income level, location, and whether you're a first-time buyer. Understanding these criteria can help you determine which programs you qualify for. Application Process: Learn about the application procedures for different grant programs. Some may require documentation of income, assets, and other financial information. Others might involve workshops or counseling sessions as part of the process. Benefits and Limitations: Consider the benefits and limitations of each grant program. Some may provide substantial financial assistance upfront, while others might offer ongoing support or incentives based on specific conditions. Professional Guidance: Seek guidance from mortgage lenders, housing counselors, or real estate professionals who specialize in assisting first-time buyers. They can provide personalized advice and help you navigate the complexities of grant applications. By educating yourself about homebuying grant programs, you can better position yourself to take advantage of available resources and achieve your homeownership goals. Don’t hesitate to reach out for assistance and make informed decisions every step of the way. 🏠💡 #HomebuyingTips #GrantsAndAssistance #FinancialEducation ********************* Unlock Your Dream Home 🏡 with Heidi Spielman Dream Homes Team! 🗝️ Let Us Turn Your Vision into Reality. 👉 Read Here: https://lnkd.in/g-2QizbB 👉 Call, 📱 text or 📧 email Heidi Spielman Dream Homes Team Today.....start packing 📞 480-414-8902 or heidi@heididreamhomes.com 👉 FB Page: https://lnkd.in/eRdMMPuK 👉 Instagram Page: https://lnkd.in/gdrFUM75 👉 Youtube: www.youtube.com 👉 Website: www.heididreamhomes.com #homeselling #yourhomesoldguaranteed #realestatebusiness #HeidiSpielman #HomeSoldGuaranteed #DreamHomesTeam #realtorsnearme #phoenix #AZ #arizona #heidihasthebuyers #realestate #realtor #realestateagent #realtorlife #house #realestateinvesting #realestateinvestor #investmentproperty #topagent #topteam #trending #viral #Numberones #HomeSweetHome #RealtorLife #DreamHomeJourney