September 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.
GOOD NEWS - LOWER INTEREST RATES

Effective Tuesday, September 1, 2020, the interest rate on the Great Choice Mortgage Loan Program decreased to 3.00% and the Homeownership for the Brave decreased to 2.50%.

Reminder: Since implementation of the rate lock system last year, THDA no longer requires a complete package to lock a rate. Rate locks for existing construction are for 90 days and new/proposed construction are for 180 days. The THDA commitment will expire on the same date the interest rate expires. Property and/or borrower cannot change from loan lock to loan submission.
THDA WEBSITE GETS FACELIFT
The THDA website was recently updated and refreshed with a new look! We hope you and your customers will find it easy to navigate and be able to easily locate needed information.

Please take a minute to check it out -- and remember that you will need to update any frequently used links you may have saved from the old website, and those you may send to borrowers.
  • Don’t forget the Title -- Manufactured Home Loans will not be funded without at least a copy of the front AND back of the Original Certificate of Title, if the home has not already been De-Titled. A closing condition will be placed on the file stating that once approved, the Original Title must be forwarded to THDA by the Title company. In the event of 120 days passing, and the Original Title still not being in THDA’s possession, the loan will be an automatic Repurchase for the Lender. THDA must retain the Original Certificate of Title to have the home De-titled and classified as real property, in the event that a HUD claim would need to be filed during the life of the loan. HUD will not pay any claims on homes not classified as Real Property. A complete list of items needed for a manufactured home can be found in the OA guide


  • Don’t forget the “Plus”-all of THDA’s loans that include subordinate financing have the word “Plus” in its name. When locking loans don’t forget to select the “Plus” option if your borrower is wanting down payment assistance. This will lock your first and second mortgages and both mortgages will be reflected on your rate lock confirmation. Please review your rate lock confirmation, if it is not accurate or does not reflect both mortgages please email SFask@thda.org.


  • Construction Type Matters – When submitting rate locks , be sure the selection of the construction type is correct. Typically construction type doesn’t matter, however under THDA’s Mortgage Revenue Bond (MRB) program “Great Choice” additional time is allowed for Proposed/New construction, which is 180 day lock. Existing construction has a 90 day. Selecting the incorrect type during the rate lock may delay the underwriting time of the file to allow for corrections and to issue a new rate lock confirmation.

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!!
THDA’s next Monthly Lender Q&A with our Underwriting and Closing Managers is set for Tuesday, September 15, 2020 from 1:00 to 2:00 p.m. Central Time. This will be a Webex, with the log in information listed below. 

JOIN WEBEX MEETING:



Meeting number (access code): 284 480 102 
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.
 
DATA AND REPORTS
2019 Tennessee Home
Sales Data

Each year, THDA uses individual home sales data provided by the Office of the Comptroller and produces summary statistics detailing county-level sales price and total sales during the calendar year. Statewide, total home sales finished at their highest level since THDA began receiving these data in 1992. The median home sold in Tennessee during 2019 was at a price of $226,000, which is the highest nominal median sales price in state history and accounts for a tenth consecutive year of an increase in median home sales price. DETAILS

COUNTY HOUSING PROFILES: Interactive Map

Using data from the County Housing and Housing Affordability Profiles released earlier this year, THDA Research and Planning has made the data available in an interactive mapping tool. Data are displayed visually through the maps themselves, through pop-up boxes (when a user clicks on a county of interest), and are available for exporting to .csv through the attribute table.

HOUSING INDICATORS:
Comparing Tennessee's Intermediate
Sized Cities

This report compares the housing markets of Tennessee's intermediate-sized cities. The data represent a baseline comparing these cities in a pre-Covid environment. This baseline will inform future evaluation of the pandemic's impact on the housing markets of these cities. THDA Research has also produced corresponding one-page sheets for each city included: 
HOUSING INDICATORS:
Comparing Tennessee's Largest Cities

This report compares the housing markets of Tennessee's four largest cities. The data represent a baseline comparing these cities in a pre-Covid environment. This baseline will inform future evaluation of the pandemic's impact on the housing markets of these cities. THDA Research has also produced corresponding one-page sheets for each city included:

Nashville | Memphis | Knoxville | 
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*

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

TOP 10 STATEWIDE
M-T-D Rankings - August 2020
Our total application production for August is $32,618,270.

Y-T-D Rankings through August 31, 2020
Our total application production through August 31, 2020 is $375,329,246.
TOP BY REGION
EAST TN REGION
Y-T-D Rankings through August 31, 2020
MIDDLE TN REGION
Y-T-D Rankings through August 31, 2020
WEST TN REGION
Y-T-D Rankings through August 31, 2020
For mortgage related questions, please call the Single Family help desk
at 615-815-2100 or email sfASK@thda.org.