THDA Makes Home Loan Discount To Vets Permanent

From the left, Tennessee Secretary of State Tre Hargett, Adjutant Gen. Max Haston of the Tennessee Guard and Ralph Perrey of THDA make an announcement at the state capitol Thursday. Credit: THDA

Tennessee veterans and their families can now permanently qualify for discounts on home loans worth an average of $100 a month. A state agency that promotes home buying has extended what was a pilot program to give military homeowners a break.

Applicants would have to fall under certain income caps to get the half-percent reduction in their interest rate. Right now veterans could get loans as low as 3.1 percent.

The Tennessee Housing Development Agency usually only works with first-time buyers, but it’s waiving that requirement as well under a new program called “Homeownership for the Brave.”

THDA executive director Ralph Perrey calls it a “tangible way we can show our appreciation.”

According to the Department of Veterans Affairs, Tennessee is home to more than half a million veterans. Active duty and Tennessee Guard are also eligible, as well as a surviving spouse.

During the two-year pilot phase of the program, just over 100 loans were made to military families in Tennessee.