A group of 10 lenders are responsible for more than half of the mortgage loans made for Tennessee Housing Development Agency buyers during 2014.
Knoxville-based Mortgage Investors Group took top honors for the 12th year in a row. The lender has connected over 5,000 Tennesseans with affordable THDA mortgage loans, which are designed for households of low to moderate income. During 2014, MIG originated 289 loans of the 1,695 total.
“Lenders are the spark that ignites the loan process,” said Ralph M. Perrey, THDA’s executive director. “We provide the product, but they provide the customers. Every loan we issue, every homebuyer we help, is a result of the hard work and dedication of our lenders.”
THDA has sales price and income limits and the majority of its mortgage loans go to first-time buyers. However, in 58 counties the first-time limitation is waived. Eligible military homebuyers are offered a ½-point reduction in the mortgage interest rate. More information is available through lenders or on GreatChoiceTN.org.
The Top 10 list includes People’s Home Equity, First Community Mortgage, SWBC, FirstBank, Pinnacle National Bank, F&M Bank, Community Mortgage, Magna Bank and Guaranty Trust. The list has a new member for 2014, Pinnacle National Bank.