The Tennessee Housing Development Agency is celebrating its best June ever, with more than $70 million in home loan applications.
As part of this year's celebration of Homeownership Month, Tennessee REALTORS urged THDA to set the bold goal of breaking its old June record, and the association's 27,000 members provided enthusiastic support throughout the month.
"THDA's success is important to everyone in our industry because they provide an affordable, responsible path to homeownership for first-time buyers," said Leon Dickson, Sr., 2018 president of Tennessee REALTORS. "Those first-timers are absolutely vital to keeping the housing market growing. Without them, everyone else would have a much tougher time moving up the ladder into their next home."
THDA's Great Choice Home Loan program brought in applications totalling $70.8 million for June, a 58-percent increase over last June and besting the agency's previous June record of $69.1 million in 2007.
"We rely on REALTORS to recognize when a THDA home loan is a smart choice for their clients and make that recommendation, and we'd never be able to reach this level of success without their enthusiastic support," said THDA Executive Director Ralph M. Perrey. "We are tremendously grateful to all of the REALTORS who helped make this the best June in our agency's history."
THDA's Great Choice Home Loan program allows REALTORS and lenders to offer qualified homebuyers the option of financial assistance toward down payment and closing costs on their home purchase. Assistance comes in the form of a second mortage loan of up to five percent of the home's purchase price. The second mortgage accrues no interest and requires no monthly payments. Homebuyers are only required to repay exactly what they borrowed when they sell, refinance, or move out of the home.
THDA was forecasting home loan applications under $65 million for June but decided to take on Tennessee REALTORS' challenge to aim for a new record as part of its celebration of Homeownership Month in Tennessee.
Earlier this year, THDA set a record for the best first quarter in agency history for home loan loan applications. With a record-setting June now in the books, THDA has set a record for the best second quarter for home loan applications as well.
For more information about THDA home loan programs, visit GreatChoiceTN.com.