Sunday, November 9, 2008

Hey, THDA! “Great Save!”

THDA has a new product that could be an answer for homeowners facing an adjusable rate mortgage they soon can’t afford...

Effective October 1, 2008, THDA announced a new product to further help the beleaguered homeowner found facing an adjustment on a rate for a mortgage that they’ll no longer be able to afford. It’s called the “Great Save” program, and it is an excellent choice for the right, qualifiying individual.

Basically, THDA will allow a qualifying person to refinance his/her adjustable rate mortgage (ARM) at the current interest rate that is offered for THDA’s Great Rate program. For instance, as I write this blurb, the rate is 5.8%. Typically, the Great Rate is below current market rate. So, this program can “save” you in more ways than one.

This program isn’t for every average Joe who has an ARM loan with an adjustment looming. There must be a financial hardship established by showing one of the following criteria is met at the time of “application for” and “closing of” the Great Save loan. For one, if the payment to income ratio based on the current payment for the qualified adjustable rate mortgage loan or the anticipated adjusted payment will be greater than 31%, this would count as an established financial hardship. Or, the payment to income ratio based on the lifetime capped interest rate (fully indexed) of the qualified arm loan will be greater than 35%. Also, if the lifetime capped interest rate for the qualified ARM loan exceeds the Great Save interest rate offered by THDA by more than 2%, then the criteria is met. As well, if the original ARM loan includes a prepayment penalty of $1000 or greater, you’ve met a criteria. And finally, the last is if there is an involuntary reduction of household income of at least 5% monthly or increased expenditures due to death, permanent disability, serious illness or injury of the borrower or co borrower since the origination of the original loan.

Did you get all that?

All the other THDA restrictions apply, such as income and appraised value limitations. After all, THDA services the low to moderate income borrower. Plus, if you have access to assets (without penalty) that comprise 10% or more of the ARM’s balance, you won’t qualify -for obvious reasons. And you can’t use this program to refinance your beach house. Once again, for obvious reasons.

For this program, you will have to have obtained your ARM loan between 12/31/01 and 01/01/08. So, if you weren’t paying attention to all the news stories and got an ARM loan in March of this year, THDA can’t help you. But, I can’t think of many people who did that. However, I’m sure there are some out there who did.

To receive this help, THDA is going to ask you to attend a homebuyer education course called “Keeping the American Dream.” Its emphasis is on financial management, and it’s taught through a certified THDA trainer. You have to attend this seminar/class before you close on your loan.

Thus, if you have a conventional, VA or FHA adjustable rate mortgage that you soon will not be able to afford, contact a local THDA lender. It just might be the greatest save you’ve made since you were the goalie on your high school soccer team!

Let My Experience Work For You!
Email your home loan financing questions to Kristin Abouelata, Home Loan Specialist with Mortgage Investors Group, at question@kristinmortgage.com or call direct: (865) 567-0113 Toll Free: 1-800-489-8910. For more information visit her website at http://www.kristinmortgage.com/ Home Loans Plain Talk.

38 comments:

Anonymous said...

Hi, all is going nicely here and ofcourse every one
is sharing information, that's actually fine, keep up writing.

My web page; abendessen ohne kohlehydrate

Anonymous said...

Wow that was strange. I just wrote an really long comment but after I clicked submit my comment didn't show up. Grrrr... well I'm not writing all that over
again. Regardless, just wanted to say great blog!


Feel free to surf to my web site ... kohlenhydratarme Ernährung Erfahrungen

Anonymous said...

I like the helpful info you provide on your articles. I will bookmark
your blog and take a look at again right here frequently.
I'm slightly certain I will learn lots of new stuff proper right here! Best of luck for the following!

my weblog :: astronautennahrung zum zunehmen
My web page: Steinzeit-Diät

Anonymous said...

I've read some good stuff here. Certainly worth bookmarking for revisiting. I wonder how much effort you place to create this sort of wonderful informative website.

Feel free to surf to my blog ... Allgemeine Informationen über die Ernährung ohne Gluten

Anonymous said...

Quality content is the secret to be a focus for the viewers to
pay a quick visit the web site, that's what this website is providing.

Here is my blog post: free wordpress themes 2011

Anonymous said...

Hello, the whole thing is going perfectly here and ofcourse every one is sharing information, that's in fact excellent, keep up writing.

My web-site; low carb bread
My web site :: ernährung low carb

Anonymous said...

I like the helpful information you provide in your articles.
I will bookmark your weblog and check again here regularly.
I am quite sure I'll learn a lot of new stuff right here! Best of luck for the next!

Here is my blog post wordpress seminar münchen
Also see my webpage: wordpress podcast

Anonymous said...

Its like you read my mind! You appear to know a lot about this, like you wrote the book in it or
something. I think that you can do with some pics to drive
the message home a little bit, but instead of that, this is fantastic blog.
An excellent read. I will certainly be back.

Feel free to surf to my webpage; thai massagepraxis wiesbaden
my page :: Beinmassage

Anonymous said...

Hi there it's me, I am also visiting this web page daily, this site is in fact good and the visitors are truly sharing good thoughts.

Here is my web blog; lowcarbworld
my web page > low carb sauce

Anonymous said...

Great post. I will be dealing with some of
these issues as well..

Here is my weblog - wordpress shop theme
Also see my webpage :: wordpress template

Anonymous said...

I know this if off topic but I'm looking into starting my own blog and was wondering what all is needed to get setup? I'm assuming
having a blog like yours would cost a pretty penny?
I'm not very internet smart so I'm not 100% sure. Any tips or advice would be greatly appreciated. Thanks

Also visit my webpage ... goneo wordpress

Anonymous said...

Link exchange is nothіng еlse howеver іt iѕ
ѕimplу placing thе оtheг peгson's website link on your page at proper place and other person will also do same in support of you.

Feel free to visit my web site; personal loans

Anonymous said...

Hey there would you mind letting me know
which webhost you're utilizing? I've loaded your blog in 3 different web browsers and I must say this blog loads a lot faster then most.
Can you suggest a good hosting provider at a honest price?
Many thanks, I appreciate it!

Also visit my blog ... unternehmensberatungen ranking

Anonymous said...

I truly love your site.. Excellent colors & theme.

Did you create this amazing site yourself?
Please reply back as I'm planning to create my own website and want to learn where you got this from or just what the theme is named. Kudos!

Also visit my weblog ... paleo diät vegetarisch

Anonymous said...

І am гeally insріred with your writіng skіlls аnd alѕo ωith the
formаt оn your ωeblog. Is thiѕ a paiԁ
themе or ԁiԁ you сustomizе it yourself?
Anyway keep up the nice high qualitу writing, it's rare to look a nice blog like this one nowadays..

My web site: best deal on loans

Anonymous said...

We absolutely loνe your blog and find a lοt
of your post's to be exactly what I'm looking for.
Does one offer guest writeгѕ to ωrite content for yοu?
I wouldn't mind producing a post or elaborating on a number of the subjects you write concerning here. Again, awesome weblog!

Feel free to visit my blog: best personal loan

Anonymous said...

Ηurrah! Finally I got a website from where I know how to truly obtain helpful information
сonceгning my study and knowleԁge.

Herе is my sіte best loans on the market

Anonymous said...

What і ԁo not гealize is in fact hoω you're not actually much more neatly-favoured than you might be now. You're so
intеlligent. You know theгefore
consіderably in terms of thіѕ mаtter, made me personally belіeve it from a lot оf varіеd anglеs.
Itѕ like women and mеn aren't interested unless it is something to accomplish with Girl gaga! Your personal stuffs great. At all times deal with it up!

my webpage; Best Loan Deals

Anonymous said...

ӏ used tо be rеcommenԁed this blog
by my cоusin. I am not posіtіve whetheг or nоt thіs publicatiοn is written bу wаy of him as no one else reаlіze ѕuсh еxact about my trоublе.
You aгe ωonԁerful! Thank you!

Hеre is my wеb site :: best loans uk

Anonymous said...

Thanκs fοr thе gooԁ ωriteup.
It in rеality uѕed to be a enjoуment ассount it.

Looκ complicated to more dеliveгеԁ agгeeаblе frоm yоu!

Howevеr, how сοuld we be in contаct?


Here is my ρage; best loans rates

Anonymous said...

Aρpreciating the perѕistеnсе you
put into yοur ѕite and detаiled іnfoгmаtion уou оffer.

It's awesome to come across a blog every once in a while that isn't
thе same unwanted гehashed mateгіal.
Εxcellent гead! I've bookmarked your site and I'm inсluding yоur RSS fеedѕ to
mу Googlе aсcount.

Feel free tο visit my blοg pοst ... fast online cash

Anonymous said...

If you are going for finest contents like
myself, only go to see this site every day as it provides feature contents, thanks

Also visit my site ... appliance repair tampa rates

Anonymous said...

An unequalled set of shoes, perhaps not possibly the most marvy, not are often, neither is the insigne moniker, anyway it may take one to outing the total, Christian Louboutin Shoes
liquefy into keep the glee shoes in point of fact do not change, it is possible that covetable,moreover the injured indeed.Asics Shoes Online
An exceptionally state of affairs you may have encountered, walked top to keester typing on my display cabinets in countless peculiar types of shoes so you observe magnificent, time to on on. Stock exchange figure is true is not alluring, like high-priced, cordial look out of manner, perceive good-looking people regard as old-fashioned ... so that you are line satisfied with really difficult. Pick in command to pick out, in the long run opted in support of twins, wear a duo of days to discover to be foot fray, or not to repress their clothes,http://www.mislouboutinaustralia.com
ways to repeat this time? Bid up'd somewhat painful to procure to wear?

Anonymous said...

[url=http://www.prestigeboardingkennel.com/feed.html]ルイヴィトン アウトレット[/url]

[url=http://www.artofdrkara.com/burberry.html]バーバリー モノグラム[/url]

[url=http://www.artofdrkara.com/lv.html]ルイヴィトン 公式[/url]

[url=http://www.artofdrkara.com/burberry.html]バーバリー カタログ[/url]

[url=http://www.artofdrkara.com/burberry.html]バーバリー 公式hp[/url]

Anonymous said...

[url=http://www.artofdrkara.com/ferragamo.html]フェラガモ 腕時計[/url]

[url=http://www.artofdrkara.com/lv.html]ルイヴィトン モノグラム[/url]

[url=http://www.artofdrkara.com/lv.html]ルイヴィトン 時計[/url]

[url=http://www.artofdrkara.com/gucci.html]グッチ 公式[/url]

[url=http://www.artofdrkara.com/ferragamo.html]フェラガモ ヴァラ 靴[/url]

Anonymous said...

You really make it seem so easy with your presentation but I find this matter to
be actually something that I think I would never understand.

It seems too complex and extremely broad for me. I am
looking forward for your next post, I will try to get the hang of it!


My weblog: appliance repair Valrico

Anonymous said...

It's going to be end of mine day, but before finish I am reading this impressive paragraph to improve my know-how.

Feel free to visit my web page :: Workouts for vertical leap

Anonymous said...

Unquestionably imagine that that you said. Your favorite reason appeared to
be on the web the easiest factor to have in mind of. I say to you, I certainly get irked whilst folks think about issues
that they just don't know about. You managed to hit the nail upon the highest as well as outlined out the whole thing without having side-effects , other people can take a signal. Will likely be back to get more. Thank you

my site: exercises to jump higher exercises to improve vertical exercises to improve vertical jump exercises to improve vertical leap exercises to increase vertical exercises to increase vertical jump exercises to increase vertical leap exercises for vertical exercises for vertical jump exercises for vertical leap workouts to jump higher workouts to improve vertical workouts to improve vertical jump workouts to improve vertical leap workouts to increase vertical workouts to increase vertical jump workouts to increase vertical leap workouts for vertical workouts for vertical jump workouts for vertical leap vertical jump exercises vertical leap exercises vertical jump workouts vertical leap workouts

Anonymous said...

This piece of writing is actually a pleasant one it helps new web visitors, who are wishing
in favor of blogging.

my homepage: michael thurman six week body makeover

Anonymous said...

Hi there everyone, it's my first visit at this website, and article is really fruitful designed for me, keep up posting such articles.

Also visit my weblog mortgage lenders for bad credit

Anonymous said...

Ridiculous quest there. What happened after? Thanks!

Here is my web-site: orlando locksmith

Anonymous said...

Admiring the time and effort you put into your site and detailed information you present.

It's nice to come across a blog every once in a while that isn't the same old rehashed information.
Wonderful read! I've bookmarked your site and I'm adding your RSS feeds to my Google account.



Also visit my website - saffronextractreview123.weebly.com

Anonymous said...

Do you have any video of that? I'd want to find out more details.

Feel free to visit my website - criminal defense lawyers los angeles

Anonymous said...

Hello There. I found your blog using msn. This is an extremely neatly written article.

I will make sure to bookmark it and come back to learn extra of your useful information.
Thanks for the post. I will definitely return.

Here is my web-site; natural heartburn remedies

Anonymous said...

Actually no matter if someone doesn't be aware of then its up to other people that they will assist, so here it takes place.

Feel free to surf to my blog post; joliet painting

Anonymous said...

obviously like your web site however you have to
take a look at the spelling on several of your posts.
Many of them are rife with spelling issues and I in finding it
very troublesome to tell the reality then again I will definitely come again again.


Also visit my weblog :: gerd

Anonymous said...

Hi Dear, are you really visiting this site daily, if so after that you will definitely get fastidious experience.


Visit my web page :: colon flush

Anonymous said...

Wow, marvelous blog layout! How long have you been blogging for?
you make blogging look easy. The overall look of
your website is magnificent, as well as the content!

my blog post get free x videos video site