As we continue our search for innovative ways to best serve very low income Tennesseans, we're happy to announce that the New Start Mortgage Loan Program, originally designed as a pilot program, is now a permanent program.
The New Start Loan Program is designed to promote the construction of new homes for low and very low income Tennesseans. The New Start Loan Program will be delivered through non-profit organizations (the “New Start Program Partner” or “Program Partner”) with established programs for the construction of single family housing for low and very low income households. The New Start Program Partner is responsible for selecting the homebuyer, determining eligibility, constructing the home, providing homebuyer education, originating and servicing the New Start Loan.
Under the New Start Program Guide dated March 19, 2007, and included herewith, THDA funds will be available to the lending non-profit on new construction housing using our loan purchase funding method.
In order to be eligible to participate, the non-profit must first complete, sign and return the THDA Mortgage Loan Program Agreement, accompanied by all required documentation listed on page 4 of the Program Guide. Upon review of these documents by THDA you will be notified of your approval status, provided an identifying Program Partner number assigned to your respective agency/affiliate office, and copies of executed documents will be returned to you.
We encourage you to complete the attached THDA Mortgage Loan Program Agreement and return it with all supporting documentation required to: