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.