Windows to Homeownership Newsletter- July Edition

July 2021

Single Family Programs Newsletter

HBEI CORNER

Obion County Homeownership Fair

Last month, the HBEI Team partnered with UT Extension- Obion County and Trudy’s Café to host the first Obion County Homeownership Fair.

The objective of the event was to raise awareness and educate potential homeowners and to increase the number of homeowners in the African American community.

Attendees heard from THDA’s Kendra Love about housing education, USDA’s Joel Howard about USDA loans, and a video from THDA’s Ella Harris discussing THDA down payment assistance options.

There were also several resource tables connecting attendees to local area resources related to housing and health. There were 37 attendees thanks to the outreach efforts of Trudy’s Café and UT Obion County.

If you are interested in being part of the Weakley County Homeownership Fair on September 8th at the Martin Housing Authority or if you would like more information please email mgarman@thda.org.

HELPFUL REMINDERS

Down Payment Assistance/Second Mortgage Delinquency

On July 1, 2020 THDA changed the second mortgage down payment/closing cost assistance loan to be an amortizing mortgage which includes a payment due monthly to VMLS, THDA’s servicing department. Recently VMLS has noticed an increase in delinquent payments for the second mortgage loans. THDA understands that buyers are extremely excited to be purchasing their new home and may not remember the structure of the financing. Please provide an extra reminder that the down payment/closing cost assistance must be paid back to THDA monthly in a separate payment. The two amounts cannot be combined into one single payment. VMLS does provide two separate mortgage statements for the first and second mortgages.

Updated Underwriting and Closing Checklist

THDA has recently updated their Underwriting and Closing Checklists for both the Great Choice and GC97 Loan Programs. Those lists can be found on here on our website.