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THDA Promoting a New Option for Buyers

The Tennessee Housing Development Agency (THDA) has gone on the road to promote its new Great Choice program. Last week, they took the Great Choice tour to Dyersburg in partnership with the Dyersburg Board of REALTORS.

Ralph M. Perrey, executive director of THDA, assured local representatives that homeownership is more possible than generally thought. "There's a lot of talk out there that it's very difficult to get a mortgage loan," said Perrey. "We have a lot of information at What you'll find is an affordable rate on a 30-year fixed, no gimmick mortgage loan. We have downpayment and closing cost assistance and underwriting flexibility that we can offer as the state's housing finance agency."

"If you haven't looked at THDA lately, you've missed a lot. In the last 18 months THDA has changed its mortgage product offerings, beefed up its downpayment and closing costs assistance, and been more proactive in consumer marketing and lender engagement," said Perrey.

THDA is not a direct lender, it works through a statewide network of lenders including First Citizen's National Bank, First State Bank, Security Bank, Mortgage Investors Group, and Regions. More detail about the range of THDA activities is found on

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 1/2-point reduction in the mortgage interest rate. More information is available through lenders or at:

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