Mortgage Investors Group Grabs THDA Top Lender Spot 10th Year in a Row!

From the THDA Newsletter:

NASHVILLE, February 15, 2013 - For the tenth consecutive year, Knoxville-based Mortgage Investors Group is the top originator of Tennessee Housing Development Agency's first-time homebuyer loans.

"It's dedicated partners like MIG who work to introduce the THDA program to buyers," said Ralph Perrey, THDA executive director. "We appreciate how hard they work to research the best program for each consumer."

Established in 1989, Mortgage Investors Group (MIG) has been a key a partner in Tennessee Housing Development Agency's (THDA) goal of providing all Tennesseans with access to safe, sound, affordable housing opportunities. Over the last 10 years, MIG submitted 4,579 applications for a value of $ 446,560,896. The next most-active THDA lender secured 2,283 applications over that same timeframe.

A total of 2,102 loan applications from households of low- to moderate-income were originated by lenders across Tennessee for the 2012 calendar year. MIG's staff submitted 333 applications in 2012 for a total value of $33,429,536. The second most-active lender for 2012 was First Community Mortgage with 195 applications and $23,482,920 in value.

"We are thrilled to be THDA's Top Lender for a record 10th straight year," said Jesse A. Lehn, Executive Vice President, MIG. "Our relationship has grown stronger with each year and will continue into the future. MIG's core focus is putting homebuyers into the right program and there is no better program for first-time homebuyers than THDA."

THDA is a political subdivision of the State of Tennessee, established in 1973. THDA is the State's housing finance agency, responsible for selling tax exempt mortgage revenue bonds to offer affordable mortgage funds to homebuyers of low and moderate incomes through local lenders, and to administer various housing programs targeted to households of very low-, low- and moderate-incomes.

THDA made its first mortgage in 1974. It has provided affordable fixed rate mortgages to over 107,000 households without using state tax dollars. The total contribution of the THDA-related activities to Tennessee's economy in 2011 is estimated at $728.6 million.

THDA issues between $250 and $300 million in mortgage revenue bonds annually for its first-time homebuyer program.

THDA created the Tennessee Housing Trust Fund in 2006, using state, THDA and locally-generated match to support programs for households of very-low income, elderly and special needs populations.

More information about THDA is available on-line at http://www.thda.org

Good News for Veterans!

Today's news includes an announcement by Wal-Mart that they are pledging to hire 100,000 Veterans with honorable discharges over the next 5 years. I think this is great. I am not really a Wal-Mart fan, but this could make me one. I have seen some numbers that if a veteran who works for Wal-Mart has a spouse who has an average job, that they could qualify for the average home in the U.S. which is $186,000. So selfishly that could be a boost to the housing industry.

And since we at MIG also specialize in VA loans we can participate too. This is a good time to point out that THDA (the first time buyer agency in Tennessee) is offering Vets (and they don't have to be first time buyers) one half per cent off on their mortgage. That would put their starting rate at 3.1%. This is their Homeownership for the Brave program.

So if you know a Vet we can help please email me at george.margrave@migonline.com or call me at (615) 777-3299 and I will help them!

New THDA Aquisition Limits

Last week we were notified by THDA (Tennessee Housing Development Agency ) that the acquisition limit for Davidson County MSA has been raised to $275,000. That means the first time buyers (defined as borrowers who have not had a marital interest in a home in three years) can buy a home up to $275,000. With our help the transaction can be structured with little to no cash needed by the borrower. That particular program has rates so low that the mortgage payment will very likely be less than rent. Also, do you know how nice the home that you get for $275,000 might be? Why would you be paying rent?


Just saying. That’s all.

Should you have any qeustions or need help with any of this, please feel free to contact me at my office, 615-777-4663 (HOME), my cell 615-481-4656 (LOAN) or via email at George.Margrave@migonline.com
  

The Keep My Tennessee Home Program

The Tennessee Housing Development Agency (THDA) has advised us of "a new program available statewide to assist unemployed and underemployed homeowners cover their mortgage payments while they work to increase their income."
The Keep My Tennessee Home Program is administered by THDA through trained foreclosure prevention counselors. The preliminary eligibility assessment is made at: http://www.keepmytnhome.org/

If an applicant is deemed eligible, the applicant is paired with a foreclosure prevention counselor to continue the loan application. Keep My Tennessee Home will provide 0%, deferred, forgivable loans to homeowners to pay their mortgage and mortgage-related expenses. The payments are sent directly to the servicer. THDA is aware that the program will not help everyone, but they anticipate helping 11,000 Tennesseans over the next four years!

For more information, go to: http://www.keepmytnhome.org/

[SOURCE: THDA]

If you have a friend or loved one, in danger of losing their home this could help.  You can reach me via telephone at 615-777-4663 or via email at George.Margrave@MIGOnline.com