Mortgages becoming more affordable - WMC Action News 5 - Memphis, Tennessee

Mortgages becoming more affordable

Source: WMC Action News 5 Source: WMC Action News 5
Source: WMC Action News 5 Source: WMC Action News 5
MEMPHIS, TN (WMC) -

Are you looking to buy a home but think it may be out of reach?

If you have a steady job and want a piece of the American Dream, home buying experts say home ownership may not be far off, especially for first-time home buyers.

Right now, qualified applicants can get low interest rates with home loans, according to the Tennessee Housing Development Agency.

"Our target customer is primarily the first time buyer of moderate, middle income," said said Ralph Perry, the executive director of the Tennessee Housing Development Agency.

The state agency helps finance mortgages for first time home buyers and some repeat buyers.

"GreatchoiceTN.com will show you product information, a list of lenders locally who work with us, as well as some counseling agencies that will give you some helpful information to get started," explained Perry.

He says right now qualified applicants can get a 30-year fixed loan with an interest rate of 3.99%. Applicants will also be able to get payment and assistance for closing costs. Military members can get an even better deal.

"We're talking about a two person household earning as much as $65,000, a larger household earning as much as $76,000," said Perry.

The deal is available for Tennesseans right now. State leaders are urging those who want a piece of the American Dream to get qualified and take advantage of this opportunity.

Copyright 2015 WMC Action News 5. All rights Reserved.

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