Windows to Homeownership Newsletter- June

June 2020

Single Family Programs Newsletter

THDA Guidance regarding COVID-19 may be found here .

Additional information about Homebuyer Education Certificates during COVID-19 may be found here.

JUNE IS HOMEOWNERSHIP MONTH

THDA Homebuyer Education Manager Jayna Johnson is happy to share that Dustyn Montague, a participant in the US Courts Homeownership Program, recently closed on his first home. HUD Counselors Russell Catron and Montrice Brown-Miller collaborated with the US Courts Team to get their Homeownership Equity Program started and began working with Mr. Montague last year to create an Action Plan to achieve his goal of homeownership.

Mr. Montague also completed his Homebuyer Education with HBEI network provider Regina Harvey at Dominion Financial Management , and he worked with THDA Realtor partner, Valencia Phillips of Coldwell Banker Snow & Wall , and Loan Officer Joan Fleming at Citizens Bank , to close with a THDA loan!

Thanks to all THDA industry partners and THDA team members who help Tennesseans like Mr. Montague achieve this exciting milestone!

GC97 ROLL OUT BEGINS JULY 1

The new GC97 conventional loan program will launch July 1, rolling out over several months to THDA lenders in monthly groups. GC 97 is a Freddie Mac HFA Advantage Home Loan Program offering competitive conventional financing to qualified borrowers with Down Payment Assistance.

You can find details about the GC97 program on our website here and a lender roll-out list here.

Some highlights of the program:

Down Payment Assistance up to $7500
First time homeowner not required
Mortgage Backed Security execution, 97% LTV/105% CLTV
80% AMI Qualifying income only, no household income requirement
Freddie Mac guidelines for student loans instead of HUD
Charter MI coverage starting at 18% coverage verses standard 35%
No affidavits

Learn more and ask questions:

Join Our Underwriting and Closing Q&A Wednesday, June 17.

Instructions to Q&A are below.

ATTENTION LOAN ORIGINATION STAFF

MONTHLY LENDER Q & A

WITH CAROLINE & SARAH

An informal conversation with THDA Single Family Managers where questions are answered and dialogue is encouraged!

Mark your Calendars!!

NEW DAY FOR THIS MONTH - WEDNESDAY

THDA’s next Monthly Lender Q&A with our Underwriting and Closing Managers is set for Wednesday, June 17, 2020 from 1:00 to 1:30 p.m. Central Time . This will be a Webex, with the log in information listed below.

*The agenda for this meeting will include GC97 Loan Product.*

JOIN WEBEX MEETING

https://thda.webex.com/thda/j.php?MTID=m1142110cf865d1be5ace3aba53441f5d

Meeting number (access code): 280 365 285

Meeting password: no password

JOIN BY PHONE 1-650-479-3208

Please send questions you would like addressed on the call to SFAsk@thda.org .

REALTOR CORNER

UPCOMING REALTOR® TRAININGS

Learn everything you need to know to write a THDA contract. Sign-up through your area Association for one of the following scheduled four-hour CE classes on the Great Choice Home Loan program.

THDA Great Choice Mortgage Program

Course # 7571 – 4HR. TREC CE Credit*

June 15 12 - 4pm at Memphis Area Association of REALTORS®

June 23 9am - 1pm at Middle Tennessee Association of REALTORS®

June 25 12 - 4pm at Upper Cumberland Association of REALTORS®

July 1 9am - 1pm at Greater Nashville REALTORS®

Aug 13 12pm - 4pm at Bristol TN/VA REALTORS®

August 19 9am - 1pm at Central West Tennessee Association of REALTORS®

August 21 12 - 4pm at Clarksville Association of REALTORS®

Sep 1 at Knoxville Area Association REALTORS®

Sept 18 9am - 1pm at Memphis Area Association of REALTORS®

Oct 9 at Great Smoky Mountains Association of REALTORS®

Nov 9 12:30pm - 4:30pm at Memphis Area Association of REALTORS®

Nov 10 9am - 1pm at Lakeway Area Association of REALTORS® *Date changed*

Dec 16 9am - 1pm at Greater Nashville Association of REALTORS®

REGISTRATION: Through Association’s regular CE class registration process.

*Please check with Association regarding any possible schedule changes.*

NEW!

THDA 101 Basics: 1HR.CE Credit

THDA is now training Realtors remotely through WebEx ! The THDA 101 Basics Class covers the Great Choice Mortgage program and the down payment assistance it provides. The class covers who THDA is, who the program can help, and how the program works. After completing the class, participants should have a basic idea of how to utilize the assistance to make their deals work and help their clients. After completing the course participants will also receive one hour of continuing education credits .

For more information on how to set up this training for a group of Realtors please contact Debbie Reeves or Josh McKinney. Let’s help support each other during these difficult times!

Questions may be addressed to:

Debbie Reeves at dreeves@thda.org

Josh McKinney at jmckinney@thda.org

DATA AND REPORTS

THDA's Research and Planning Division completed the 2019 Investments and Impacts Report that provides a comprehensive account of THDA’s activities during calendar year 2019. The report provides a county-by-county account of the investments made to meaningfully expand affordable housing in Tennessee. Investments by Congressional District are included as well. Detailed descriptions of the programs administered can be found in the program description section. There is also an accompanying interactive map and Economic Impact report. The reports and maps for previous years (2011-2018) can also be accessed HERE .