thda single family loan program report
January 2016
THDA SINGLE FAMILY LOAN PROGRAM REPORT Calendar Year 2015
Hulya Arik, Ph.D. Economist
DIVISION OF RESEARCH AND PLANNING Tennessee Housing Development Agency Andrew Jackson Building 502 Deaderick St., Third Floor Nashville, TN 37243
THDA Homeownership Program Highlights for CY 2015 During Calendar Year 2015, THDA offered Great Choice and New Start Programs. Additionally, THDA offered a second mortgage loan program for Great Choice Plus borrowers who needed assistance with downpayment and closing costs. In 2015, THDA funded 2,275 first loans for a total dollar amount of approximately $279 million. The number of first loans increased by 34 percent, and the dollar amount of first loans increased by 41 percent compared to 2014. In addition to first loans, 2,174 second loans in the amount of $11 million were funded in the same time period. An average THDA borrower with the annual income of $50,276 paid $125,662, on average, for a home. In the following sections, the property, borrower and loan characteristics are provided in more detail.
2
Table 1. THDA Single Family Loans by Program and Year, 2011-2015 All Programs 1 Total # of Loans 2011 2012 2013 2014 2015
Great Choice
ALL 2,160 2,129 2,070 1,695 2,275
GC
Total Loan $ 2011 2012 2013 2014 2015
ALL 3 $226,417,799 $236,611,866 $241,489,856 $205,231,696 $289,683,508
GC
Avg. Loan $ 2011 2012 2013 2014 2015
ALL $104,775 $111,085 $116,382 $116,798 $122,529
Great Choice+ GC+
8 101 54
$918,118 $10,094,799 $5,554,686 GC $114,765 $99,949 $102,865
Second Loans Second
100 1,492 2,174 GC+ $11,383,130 $178,486,978 $269,074,465 GC+ $113,831 $119,629 $123,769
Second $463,002 $7,259,070 $10,930,789 Second $4,630 $4,865 $5,028
Great Rate and Other 2
New Start
Other
NS 2,048 2,010 1,859 17
112 119 103 85 47
Other $216,846,217 $226,268,868 $220,081,856 $1,945,978
NS $9,071,582 $10,342,998 $8,643,750 $7,444,871 $4,123,568
Other $106,571 $113,516 $118,344 $114,469
NS $80,996 $86,916 $83,920 $87,587 $87,735
1
All Programs total include Great Rate, Great Advantage, Great Start, Great Choice, Great Choice Plus and New Start program loans. It also includes the loans with Homeownership for the Brave discount. The second loans funded for the Great Choice Program borrowers who needed assistance with downpmayment and closing costs are not included in total number of all loans.
2
Other Loans include loans funded with Great Rate, Great Advantage and Great Start Programs that ended in October 2013.
3
Total Dollar value of all loans funded includes the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with downpayment and closing costs.
3
Table 2. Property Characteristics 4 – 2015 ALL
GC
GC+
NS
Average Price Median Price Number of Homes New % of Homes New
$153,814 $141,900 232 10.20%
$97,820 $94,118 4 7.41%
$163,087 $156,900 181 8.33%
$122,868 $124,000 47 100.00%
Average Price Median Price Number of Homes Existing % of Homes Existing SALES PRICE Mean Median Less than $60,000 $60,000-$79,999 $80,000-$89,999 $90,000-$99,999 $100,000-$109,999 $110,000-$119,999 $120,000-$129,999 $130,000-$139,999 $140,000-$149,999 $150,000-$159,999 $160,000-$169,999 $170,000-$179,999 $180,000-$189,999 $190,000-$199,999 $200,000 and above SQUARE FEET Mean Median less than 1,000 1,000-1,250 1,251-1,500 1,501-1,750 More than 1,750
$122,465 $119,872 2,043 89.80% ALL $125,662 $122,000 2.59% 8.48% 7.30% 8.92% 9.10% 11.43% 12.04% 10.11% 6.77% 5.49% 5.32% 3.08% 2.77% 1.45% 5.14% ALL 1,458 1,380 6.86% 26.86% 28.84% 17.89% 19.56%
$112,795 $102,000 50 92.59% GC $111,686 $100,500 3.70% 20.37% 11.11% 11.11% 9.26% 14.81% 5.56% 3.70% 3.70% 5.56% 1.85% 1.85% 0.00% 0.00% 7.41% GC 1,479 1,389 3.70% 18.52% 33.33% 25.93% 18.52%
$122,707 $119,900 1,993 91.67% GC+ $126,069 $122,000 2.62% 8.37% 7.31% 8.83% 8.92% 11.45% 12.05% 10.07% 6.53% 5.52% 5.52% 3.17% 2.90% 1.52% 5.20% GC+ 1,461 1,381 6.99% 26.45% 28.70% 17.89% 19.96%
NA NA 0 NA NS $122,868 $124,000 0.00% 0.00% 2.13% 10.64% 17.02% 6.38% 19.15% 19.15% 21.28% 4.26% 0.00% 0.00% 0.00% 0.00% 0.00% NS 1,282 1,201 4.26% 55.32% 29.79% 8.51% 2.13%
NEW OR EXISTING NEW
EXISTING
4
The Great Choice Program in this table refers to the loans whose borrowers did not require a second loan for downpayment and/or closing costs. The Great Choice Plus Program refers to the first loans whose borrowers took second loan for downpayment and/or closing costs. The second loans are not included in the discussion of those characteristics.
4
Table 2. Property Characteristics – 2015, Continued YEAR BUILT Mean (year built) Median (year built) before 1950 1950s 1960s 1970s 1980s 1990s 2000s 2011 2012 2013 2014 2015
ALL 1986 1992 8.70% 7.03% 8.66% 10.29% 12.18% 16.57% 23.96% 0.62% 0.40% 0.44% 3.08% 8.09%
GC 1984 1995 16.67% 5.56% 1.85% 12.96% 7.41% 12.96% 33.33% 0.00% 0.00% 0.00% 5.56% 3.70%
GC+ 1985 1991 8.69% 7.22% 9.02% 10.44% 12.56% 17.02% 24.24% 0.64% 0.41% 0.41% 2.12% 7.22%
NS 2015 2015 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.13% 44.68% 53.19%
5
Table 3. Homebuyer Characteristics – 2015 AGE Mean Median
FIRST-TIME BUYER
less than 25 25-29 30-34 35-39 40-44 45 and over
GENDER HOUSEHOLD SIZE Mean Median
HOUSEHOLD COMP. Single Female Female with child(ren) Single Male Male with child(ren) Single Parent Married Couple Other/Unknown
Yes No Female Male
1 Person 2 Person 3 Person 4 Person 5+ Person
ALL 35 31 23.56% 20.00% 17.36% 12.31% 8.18% 18.59% ALL 99.91% 0.09% ALL 46.51% 53.49% ALL 2 2 35.87% 27.91% 17.49% 12.18% 6.55% ALL 22.55% 15.08% 20.84% 5.05% 0.70% 35.78% 0.00%
GC 34 32 29.63% 14.81% 18.52% 7.41% 14.81% 14.81% GC 100.00% 0.00% GC 25.93% 74.07% GC 2 2 27.78% 31.48% 22.22% 14.81% 3.70% GC 9.26% 11.11% 22.22% 7.41% 0.00% 50.00% 0.00%
GC+ 35 31 23.74% 20.33% 17.25% 12.14% 7.87% 18.68% GC+ 99.91% 0.09% GC+ 46.55% 53.45% GC+ 2 2 36.48% 27.74% 17.25% 12.14% 6.39% GC+ 23.00% 14.44% 21.16% 5.06% 0.74% 35.60% 0.00%
NS 38 35 8.51% 10.64% 21.28% 25.53% 14.89% 19.15% NS 100.00% 0.00% NS 68.09% 31.91% NS 3 3 17.02% 31.91% 23.40% 10.64% 17.02% NS 17.02% 48.94% 4.26% 2.13% 0.00% 27.66% 0.00%
6
Table 3. Homebuyer Characteristics – 2015, Continued INCOME Mean Median
less than $15,000 $15,000-$19,999 $20,000-$24,999 $25,000-$29,999 $30,000-$34,999 $35,000-$39,999 $40,000-$44,999 $45,000-$49,999 $50,000-$54,999 $55,000-$59,999 $60,000-$64,999 $65,000-$69,999 $70,000-$74,999 More than $75,000
RACE/ETHNICITY White African American Asian American Indian/Alaskan Native Nat. Hawaiian/Pacific Islander Multi-Racial Unknown/Other Hispanic
ALL 50,276 49,237 0.09% 0.84% 2.42% 5.05% 8.88% 10.95% 11.21% 12.18% 10.90% 10.55% 10.07% 5.10% 5.19% 6.59% ALL 75.47% 22.77% 0.84% 0.13% 0.13% 0.00% 0.66%
GC 44,404 43,963 0.00% 1.85% 5.56% 12.96% 11.11% 7.41% 12.96% 9.26% 7.41% 12.96% 12.96% 1.85% 3.70% 0.00% GC 96.30% 3.70% 0.00% 0.00% 0.00% 0.00% 0.00%
GC+ 50,906 49,918 0.05% 0.51% 2.02% 4.42% 8.46% 10.99% 11.36% 12.51% 11.22% 10.72% 10.21% 5.29% 5.34% 6.90% GC+ 75.48% 22.72% 0.83% 0.14% 0.14% 0.00% 0.69%
NS 27,907 27,873 2.13% 14.89% 17.02% 25.53% 25.53% 12.77% 2.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NS 51.06% 46.81% 2.13% 0.00% 0.00% 0.00% 0.00%
5.19%
7.41%
5.24%
0.00%
7
Table 4. Loan Characteristics – 2015 DOWN PAYMENT Yes No # of loans with down payment % of Acquisition Cost Mean* Median* LOAN TYPE Conventional Uninsured FHA RD VA Other PITI Mean Median less than $300 $300-399 $400-499 $500-599 $600-699 $700-799 $800-899 $900 or more PITI % of INCOME Mean Median less than 15% 15-19% 20-24% 25-29% 30% or more TARGETED AREA Yes No FIRST TIME HOMEBUYER Yes No
ALL 97.93% 2.07% 2,228
GC 44.44% 55.56% 24
GC+ 99.22% 0.78% 2,157
NS 100.00% 0.00% 47
4.21% 3.50% ALL 2.29% 94.90% 1.45% 1.27% 0.09% ALL $753 $734 0.31% 2.90% 8.53% 13.67% 17.54% 20.13% 14.51% 22.42% ALL 18.89% 18.24% 22.95% 35.47% 25.54% 11.47% 4.57% ALL 14.86% 85.14% ALL 99.91% 0.09%
16.66% 12.50% GC 12.96% 27.78% 40.74% 18.52% 0.00% GC $626 $599 1.85% 5.56% 18.52% 24.07% 20.37% 11.11% 9.26% 9.26% GC 18.04% 16.84% 29.63% 38.89% 16.67% 9.26% 5.56% GC 38.89% 61.11% GC 100.00% 0.00%
3.54% 3.50% GC+ 0.00% 98.62% 0.51% 0.87% 0.00% GC+ $764 $742 0.18% 2.48% 6.99% 13.52% 17.85% 20.79% 14.95% 23.23% GC+ 18.90% 18.28% 23.00% 35.05% 25.80% 11.59% 4.55% GC+ 14.44% 85.56% GC+ 99.91% 0.09%
28.34% 25.00% NS 95.74% 0.00% 0.00% 0.00% 4.26% NS $431 $444 4.26% 19.15% 68.09% 8.51% 0.00% 0.00% 0.00% 0.00% NS 19.42% 18.72% 12.77% 51.06% 23.40% 8.51% 4.26% NS 6.38% 93.62% NS 100.00% 0.00%
8
Table 5a. Geographic Distribution of Loans (Number and Percent) by Program, 2015 Percentage listed is within the program (column)
TENNESSEE Statewide GRAND DIVISIONS East Middle West URBAN-RURAL Central City Rural Suburb MSA Chattanooga Cleveland Johnson City Kingsport-Bristol Knoxville Morristown Clarksville Nashville Jackson Memphis East TN Non-MSA Middle TN Non-MSA West TN Non-MSA
ALL 2,275
ALL 675 1,235 365
29.7% 54.3% 16.0%
ALL 669 191 1,415
29.4% 8.4% 62.2%
ALL 132 66 25 39 290 48 91 1,071 63 259 75 73 43
5.8% 2.9% 1.1% 1.7% 12.7% 2.1% 4.0% 47.1% 2.8% 11.4% 3.3% 3.2% 1.9%
GC 54
GC+ 2.4%
GC 28 21 5
51.9% 38.9% 9.3%
624 1,198 352
18.5% 42.6% 38.9%
639 166 1,369
0.0% 1.9% 5.6% 0.0% 22.2% 5.6% 0.0% 16.7% 0.0% 5.6% 16.7% 22.2% 3.7%
130 64 20 32 270 43 91 1,047 63 248 65 60 41
28.7% 55.1% 16.2%
GC+
GC 0 1 3 0 12 3 0 9 0 3 9 12 2
95.6%
GC+
GC 10 23 21
2,174
29.4% 7.6% 63.0%
GC+ 6.0% 2.9% 0.9% 1.5% 12.4% 2.0% 4.2% 48.2% 2.9% 11.4% 3.0% 2.8% 1.9%
NS 47
2.1%
NS 23 16 8
48.9% 34.0% 17.0%
NS 20 2 25
42.6% 4.3% 53.2%
NS 2 1 2 7 8 2 0 15 0 8 1 1 0
4.3% 2.1% 4.3% 14.9% 17.0% 4.3% 0.0% 31.9% 0.0% 17.0% 2.1% 2.1% 0.0%
9
Table 5b. Geographic Distribution of Loan Dollars by Program, 2015 TENNESSEE Statewide GRAND DIV. East Middle West URBAN-RURAL Central City Rural Suburb MSA Chattanooga Cleveland Johnson City Kingsport-Bristol Knoxville Morristown Clarksville Nashville Jackson Memphis East Non-MSA Middle Non-MSA West Non-MSA
ALL 5 $289,683,508 ALL $74,115,480 $174,352,920 $41,215,108 ALL $80,565,045 $18,869,670 $190,248,793 ALL $15,008,213 $6,881,125 $2,717,935 $3,866,259 $31,170,359 $4,586,097 $10,072,314 $150,288,804 $6,152,003 $29,782,820 $7,182,598 $7,333,521 $3,710,671
GC $5,554,686 GC $2,797,710 $2,354,292 $402,684 GC $1,037,434 $2,192,965 $2,324,287 GC $0 $90,557 $425,015 $0 $1,205,763 $244,428 $0 $1,167,429 $0 $228,529 $831,947 $1,186,863 $174,155
GC+ $269,074,465 GC+ $66,601,258 $163,842,572 $38,630,635 GC+ $74,843,913 $15,862,825 $178,367,727 GC+ $14,859,213 $6,713,468 $2,124,348 $3,238,189 $29,239,220 $4,173,669 $10,072,314 $147,697,100 $6,152,003 $28,942,116 $6,253,151 $6,073,158 $3,536,516
Second $10,930,789 Second $2,702,894 $6,658,281 $1,569,614 Second $3,040,778 $642,880 $7,247,131 Second $600,189 $271,946 $86,416 $131,846 $1,187,964 $169,989 $410,245 $6,003,541 $250,546 $1,175,227 $254,544 $244,495 $143,841
NS $4,123,568 NS $2,013,618 $1,497,775 $612,175 NS $1,642,920 $171,000 $2,309,648 NS $149,000 $77,100 $168,572 $628,070 $725,376 $168,000 $0 $1,424,275 $0 $612,175 $97,500 $73,500 $0
5
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
10
Table 6. Loans (# and %) by Program and County –2015 COUNTY ANDERSON BEDFORD BENTON BLEDSOE BLOUNT BRADLEY CAMPBELL CANNON CARROLL CARTER CHEATHAM CHESTER CLAIBORNE CLAY COCKE COFFEE CROCKETT CUMBERLAND DAVIDSON DECATUR DEKALB DICKSON DYER FAYETTE FENTRESS FRANKLIN GIBSON GILES GRAINGER GREENE GRUNDY HAMBLEN HAMILTON HANCOCK HARDEMAN HARDIN HAWKINS HAYWOOD HENDERSON HENRY
ALL 27 1.2% 12 0.5% 0 0.0% 2 0.1% 36 1.6% 63 2.8% 2 0.1% 2 0.1% 2 0.1% 2 0.1% 15 0.7% 2 0.1% 1 0.0% 0 0.0% 4 0.2% 5 0.2% 3 0.1% 13 0.6% 472 20.7% 0 0.0% 3 0.1% 10 0.4% 7 0.3% 5 0.2% 1 0.0% 5 0.2% 10 0.4% 2 0.1% 7 0.3% 11 0.5% 1 0.0% 24 1.1% 131 5.8% 0 0.0% 1 0.0% 0 0.0% 6 0.3% 6 0.3% 0 0.0% 0 0.0%
GC 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 4 4 0 0 0 0 0 0 0 1 0 0 2 0 0 0 0 1 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 1.9% 1.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 7.4% 7.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 3.7% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 0.0% 0.0%
GC+ 27 1.2% 12 0.6% 0 0.0% 2 0.1% 30 1.4% 61 2.8% 2 0.1% 2 0.1% 2 0.1% 1 0.0% 15 0.7% 2 0.1% 1 0.0% 0 0.0% 4 0.2% 4 0.2% 3 0.1% 8 0.4% 459 21.1% 0 0.0% 3 0.1% 10 0.5% 7 0.3% 5 0.2% 1 0.0% 5 0.2% 9 0.4% 2 0.1% 7 0.3% 9 0.4% 1 0.0% 23 1.1% 129 5.9% 0 0.0% 0 0.0% 0 0.0% 6 0.3% 6 0.3% 0 0.0% 0 0.0%
NS 0 0 0 0 5 1 0 0 0 1 0 0 0 0 0 0 0 1 9 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 10.6% 2.1% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 19.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
11
Table 6. Loans (# and %) by Program and County –2015, Continued COUNTY HICKMAN HOUSTON HUMPHREYS JACKSON JEFFERSON JOHNSON KNOX LAKE LAUDERDALE LAWRENCE LEWIS LINCOLN LOUDON MACON MADISON MARION MARSHALL MAURY MCMINN MCNAIRY MEIGS MONROE MONTGOMERY MOORE MORGAN OBION OVERTON PERRY PICKETT POLK PUTNAM RHEA ROANE ROBERTSON RUTHERFORD SCOTT SEQUATCHIE SEVIER SHELBY SMITH
5 1 2 0 24 0 181 0 9 2 0 2 19 3 58 1 2 50 7 3 1 9 91 0 4 4 7 0 0 3 12 5 13 31 321 2 0 20 247 3
ALL
0.2% 0.0% 0.1% 0.0% 1.1% 0.0% 8.0% 0.0% 0.4% 0.1% 0.0% 0.1% 0.8% 0.1% 2.5% 0.0% 0.1% 2.2% 0.3% 0.1% 0.0% 0.4% 4.0% 0.0% 0.2% 0.2% 0.3% 0.0% 0.0% 0.1% 0.5% 0.2% 0.6% 1.4% 14.1% 0.1% 0.0% 0.9% 10.9% 0.1%
GC 0 0 1 0 3 0 6 0 0 0 0 0 3 0 0 0 0 1 0 0 0 1 0 0 1 0 5 0 0 0 3 0 1 1 0 0 0 2 3 0
0.0% 0.0% 1.9% 0.0% 5.6% 0.0% 11.1% 0.0% 0.0% 0.0% 0.0% 0.0% 5.6% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 1.9% 0.0% 9.3% 0.0% 0.0% 0.0% 5.6% 0.0% 1.9% 1.9% 0.0% 0.0% 0.0% 3.7% 5.6% 0.0%
GC+ 5 0.2% 1 0.0% 1 0.0% 0 0.0% 20 0.9% 0 0.0% 173 8.0% 0 0.0% 9 0.4% 2 0.1% 0 0.0% 2 0.1% 15 0.7% 3 0.1% 58 2.7% 1 0.0% 2 0.1% 48 2.2% 7 0.3% 3 0.1% 1 0.0% 8 0.4% 91 4.2% 0 0.0% 3 0.1% 4 0.2% 2 0.1% 0 0.0% 0 0.0% 3 0.1% 8 0.4% 5 0.2% 12 0.6% 30 1.4% 319 14.7% 2 0.1% 0 0.0% 18 0.8% 236 10.9% 3 0.1%
NS 0 0 0 0 1 0 2 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 2 0 0 0 8 0
0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 4.3% 0.0% 0.0% 0.0% 17.0% 0.0%
12
Table 6. Loans (# and %) by Program and County –2015, Continued COUNTY STEWART SULLIVAN SUMNER TIPTON TROUSDALE UNICOI UNION VAN BUREN WARREN WASHINGTON WAYNE WEAKLEY WHITE WILLIAMSON WILSON
2 33 94 7 3 0 1 0 8 23 0 1 6 32 30
ALL
0.1% 1.5% 4.1% 0.3% 0.1% 0.0% 0.0% 0.0% 0.4% 1.0% 0.0% 0.0% 0.3% 1.4% 1.3%
GC 0 0 0 0 0 0 0 0 1 3 0 0 1 3 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 5.6% 0.0% 0.0% 1.9% 5.6% 0.0%
GC+ 2 26 93 7 3 0 1 0 7 19 0 1 5 28 29
0.1% 1.2% 4.3% 0.3% 0.1% 0.0% 0.0% 0.0% 0.3% 0.9% 0.0% 0.0% 0.2% 1.3% 1.3%
NS 0 0.0% 7 14.9% 1 2.1% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 2.1% 0 0.0% 0 0.0% 0 0.0% 1 2.1% 1 2.1%
13
Table 7. Dollar Amount of Mortgages by Program and County – 2015 COUNTY ANDERSON BEDFORD BENTON BLEDSOE BLOUNT BRADLEY CAMPBELL CANNON CARROLL CARTER CHEATHAM CHESTER CLAIBORNE CLAY COCKE COFFEE CROCKETT CUMBERLAND DAVIDSON DECATUR DEKALB DICKSON DYER FAYETTE FENTRESS FRANKLIN GIBSON GILES GRAINGER GREENE GRUNDY HAMBLEN HAMILTON HANCOCK HARDEMAN HARDIN HAWKINS HAYWOOD HENDERSON
ALL 6 $2,739,055 $1,418,056 $0 $196,712 $3,938,188 $6,840,743 $163,196 $176,275 $152,668 $142,702 $2,232,345 $184,449 $83,794 $0 $276,450 $612,848 $337,800 $1,179,440 $68,956,397 $0 $273,762 $1,114,229 $689,558 $711,713 $64,889 $571,743 $1,054,581 $183,637 $621,788 $819,062 $124,670 $2,321,673 $15,516,433 $0 $75,000 $0 $472,354 $429,598 $0
GC $0 $0 $0 $0 $90,047 $90,557 $0 $0 $0 $0 $0 $0 $0 $0 $0 $97,805 $0 $367,345 $457,929 $0 $0 $0 $0 $0 $0 $0 $99,155 $0 $0 $109,184 $0 $0 $0 $0 $75,000 $0 $0 $0 $0
GC+ $2,631,869 $1,362,548 $0 $189,012 $3,241,290 $6,413,232 $156,776 $169,375 $146,692 $73,150 $2,144,877 $177,229 $80,514 $0 $265,614 $494,859 $324,564 $686,693 $64,922,302 $0 $263,046 $1,070,615 $662,454 $683,855 $62,349 $549,363 $918,286 $176,085 $597,488 $682,091 $119,790 $2,157,360 $14,770,844 $0 $0 $0 $453,998 $412,782 $0
Second $107,186 $55,508 $0 $7,700 $131,400 $259,854 $6,420 $6,900 $5,976 $2,980 $87,468 $7,220 $3,280 $0 $10,836 $20,184 $13,236 $27,902 $2,636,941 $0 $10,716 $43,614 $27,104 $27,858 $2,540 $22,380 $37,140 $7,552 $24,300 $27,787 $4,880 $87,813 $596,589 $0 $0 $0 $18,356 $16,816 $0
NS $0 $0 $0 $0 $475,451 $77,100 $0 $0 $0 $66,572 $0 $0 $0 $0 $0 $0 $0 $97,500 $939,225 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $76,500 $149,000 $0 $0 $0 $0 $0 $0
6
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
14
Table 7. Dollar Amount of Mortgages by Program and County – 2015, Continued COUNTY HENRY HICKMAN HOUSTON HUMPHREYS JACKSON JEFFERSON JOHNSON KNOX LAKE LAUDERDALE LAWRENCE LEWIS LINCOLN LOUDON MACON MADISON MARION MARSHALL MAURY MCMINN MCNAIRY MEIGS MONROE MONTGOMERY MOORE MORGAN OBION OVERTON PERRY PICKETT POLK PUTNAM RHEA ROANE ROBERTSON RUTHERFORD SCOTT SEQUATCHIE SEVIER
ALL 7 $0 $476,635 $44,963 $178,651 $0 $2,434,413 $0 $21,124,900 $0 $823,126 $204,274 $0 $213,195 $1,811,358 $254,346 $5,880,300 $91,969 $189,703 $6,400,546 $638,429 $267,364 $134,889 $846,854 $10,482,559 $0 $424,129 $300,282 $629,752 $0 $0 $312,328 $1,375,092 $509,408 $1,436,689 $4,378,906 $46,299,568 $171,325 $0 $2,580,779
GC $0 $0 $0 $122,448 $0 $244,428 $0 $614,164 $0 $0 $0 $0 $0 $246,573 $0 $0 $0 $0 $55,967 $0 $0 $0 $67,663 $0 $0 $108,163 $0 $445,916 $0 $0 $0 $338,162 $0 $146,816 $128,500 $0 $0 $0 $287,755
GC+ $0 $458,048 $43,203 $54,003 $0 $2,016,309 $0 $19,555,024 $0 $790,906 $196,278 $0 $205,213 $1,418,648 $244,390 $5,650,210 $88,369 $182,278 $6,034,946 $613,409 $256,899 $129,609 $748,691 $10,072,314 $0 $303,598 $288,602 $176,640 $0 $0 $300,236 $925,718 $489,468 $1,239,383 $4,083,450 $44,336,706 $164,822 $0 $2,203,228
Second $0 $18,587 $1,760 $2,200 $0 $82,176 $0 $795,712 $0 $32,220 $7,996 $0 $7,982 $56,212 $9,956 $230,090 $3,600 $7,425 $245,883 $25,020 $10,465 $5,280 $30,500 $410,245 $0 $12,368 $11,680 $7,196 $0 $0 $12,092 $37,712 $19,940 $50,490 $166,956 $1,803,862 $6,503 $0 $89,796
NS $0 $0 $0 $0 $0 $91,500 $0 $160,000 $0 $0 $0 $0 $0 $89,925 $0 $0 $0 $0 $63,750 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $73,500 $0 $0 $0 $159,000 $0 $0 $0
7
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
15
Table 7. Dollar Amount of Mortgages by Program and County – 2015, Continued COUNTY SHELBY SMITH STEWART SULLIVAN SUMNER TIPTON TROUSDALE UNICOI UNION VAN BUREN WARREN WASHINGTON WAYNE WEAKLEY WHITE WILLIAMSON WILSON
ALL 8 $29,462,911 $399,351 $157,604 $3,525,751 $13,798,008 $783,423 $515,477 $0 $99,020 $0 $626,791 $2,661,649 $0 $62,335 $708,386 $6,193,152 $5,097,110
GC $228,529 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65,786 $425,015 $0 $0 $116,746 $525,033 $0
GC+ $27,505,554 $383,719 $151,404 $2,784,191 $13,173,226 $752,707 $495,281 $0 $95,144 $0 $540,881 $2,051,198 $0 $59,895 $569,500 $5,349,740 $4,830,425
Second $1,116,653 $15,632 $6,200 $113,490 $534,782 $30,716 $20,196 $0 $3,876 $0 $20,124 $83,436 $0 $2,440 $22,140 $217,254 $195,510
NS $612,175 $0 $0 $628,070 $90,000 $0 $0 $0 $0 $0 $0 $102,000 $0 $0 $0 $101,125 $71,175
8
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
16
Table 8. Selected Characteristics by County – 2015 Borrower Characteristics
COUNTY ANDERSON BEDFORD BENTON BLEDSOE BLOUNT BRADLEY CAMPBELL CANNON CARROLL CARTER CHEATHAM CHESTER CLAIBORNE CLAY COCKE COFFEE CROCKETT CUMBERLAND DAVIDSON DECATUR DEKALB DICKSON DYER FAYETTE FENTRESS FRANKLIN GIBSON GILES GRAINGER GREENE GRUNDY HAMBLEN HAMILTON HANCOCK HARDEMAN HARDIN HAWKINS HAYWOOD HENDERSON HENRY
# Loans 27 12 0 2 36 63 2 2 2 2 15 2 1 0 4 5 3 13 472 0 3 10 7 5 1 5 10 2 7 11 1 24 131 0 1 0 6 6 0 0
Property Characteristics
HH Year PITI: % Age* Size Income* Price Sq. Ft Built Income* – – – – – – – – – – – – – – – – – – – – AVERAGE VALUES – – – – – – – – – – – – – – –– – 29 2 $41,905 $99,304 1,342 1965 19.0% 27 2 48122 115642 1393 1999 17.4% NA NA NA NA NA NA NA NA 2 NA NA 1268 1999 0 37 3 $43,995 $111,714 1,415 1986 17.4% 33 2 $44,561 $107,730 1,291 1979 18.1% NA 1 NA NA 1,629 1964 21.0% NA 1 NA NA 1,141 1977 23.4% NA 2 NA NA 1349 1966 15.5% NA 2 NA NA 816 1986 14.7% 37 2 $62,438 $145,780 1,533 1986 18.2% NA 2 NA NA 1,102 1981 13.4% NA 4 NA NA 1,386 1950 11.0% NA NA NA NA NA NA NA NA 3 NA NA 1,527 1963 10.9% NA 3 NA NA 1,669 1988 18.9% NA 3 NA NA 1440 2004 14.8% 34 3 $42,519 $91,350 1,468 1981 15.3% 35 2 $54,325 $143,886 1,408 1987 19.9% NA NA NA NA NA NA NA NA 1 NA NA 1,085 1982 19.0% 33 3 $53,081 $109,037 1,309 1996 16.3% 33 3 $52,319 $96,800 1,682 1975 14.7% NA 1 NA NA 1,685 2002 19.5% NA 1 NA NA 1242 1976 10.9% NA 3 NA NA 1,504 1997 17.7% 33 3 $51,620 $102,950 1,558 1988 15.8% NA 2 NA NA 1614 1984 21.1% 34 2 $46,112 $86,931 1,439 1981 14.6% 36 3 $42,570 $73,153 1,344 1989 12.9% NA 6 NA NA 1636 1970 12.8% 33 3 $43,111 $95,724 1,343 1983 15.9% 36 2 $46,129 $117,123 1,413 1968 19.3% NA NA NA NA NA NA NA NA 1 NA NA 1,628 1997 10.5% NA NA NA NA NA NA NA 32 2 $53,840 $76,483 1,509 1993 10.3% 48 3 $42,066 $70,067 1,227 1970 15.3% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
17
Table 8. Selected Characteristics by County – 2015, Continued Borrower Characteristics
COUNTY HICKMAN HOUSTON HUMPHREYS JACKSON JEFFERSON JOHNSON KNOX LAKE LAUDERDALE LAWRENCE LEWIS LINCOLN LOUDON MACON MADISON MARION MARSHALL MAURY MCMINN MCNAIRY MEIGS MONROE MONTGOMERY MOORE MORGAN OBION OVERTON PERRY PICKETT POLK PUTNAM RHEA ROANE ROBERTSON RUTHERFORD SCOTT SEQUATCHIE SEVIER SHELBY SMITH
# Loans 5 1 2 0 24 0 181 0 9 2 0 2 19 3 58 1 2 50 7 3 1 9 91 0 4 4 7 0 0 3 12 5 13 31 321 2 0 20 247 3
Property Characteristics
PITI: % Age* HH Size Income* Price* Sq. Ft Year Built Income* – – – – – – – – – – – – – – – – – – – – AVERAGE VALUES – – – – – – – – – – – –– – NA 2 NA NA 1,315 1972 17.0% NA 4 NA NA 1761 2000 17.8% NA 1 NA NA 1,256 1978 14.5% NA NA NA NA NA NA NA 33 3 $41,386 $101,288 1,485 1995 18.2% NA NA NA NA NA NA NA 33 2 $45,812 $115,418 1,318 1978 19.1% NA NA NA NA NA NA NA 36 4 $51,490 $89,500 2,125 1973 14.9% NA 4 NA NA 1,597 1983 14.4% NA NA NA NA NA NA NA NA 1 NA NA 1526 2001 22.6% 37 2 $48,582 $95,828 1,557 1978 14.4% NA 4 NA NA 1,740 1991 19.3% 35 2 $46,074 $99,450 1,566 1991 17.5% NA 1 NA NA 870 1986 13.3% NA 5 NA NA 1,290 1983 22.0% 37 2 $46,403 $125,782 1,457 1980 20.4% 33 2 $40,363 $89,357 1,496 1997 16.4% NA 2 NA NA 1423 1995 18.5% NA 1 NA NA 1,308 1976 23.1% 29 2 $34,619 $92,501 1,502 1991 22.9% 34 3 $46,821 $112,705 1,282 1991 18.5% NA NA NA NA NA NA NA NA 4 NA NA 1,461 2005 12.2% NA 3 NA NA 1,406 1986 13.1% 32 3 $40,818 $88,129 1,404 1987 17.1% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 4 NA NA 1,741 1991 14.2% 34 3 $44,788 $114,350 1,556 1987 19.2% NA 2 NA NA 1,661 1984 14.4% 35 2 $46,172 $108,390 1,486 1978 18.5% 32 3 $55,113 $138,300 1,395 1987 19.0% 33 2 $55,106 $141,408 1,459 1998 19.0% NA 2 NA NA 1,690 2013 13.1% NA NA NA NA NA NA NA 36 3 $50,548 $126,370 1,528 1988 17.9% 37 2 $48,590 $118,023 1,706 1982 20.1% NA 3 NA NA 1,844 1967 17.2%
18
Table 8. Selected Characteristics by County – 2015, Continued Borrower Characteristics
COUNTY STEWART SULLIVAN SUMNER TIPTON TROUSDALE UNICOI UNION VAN BUREN WARREN WASHINGTON WAYNE WEAKLEY WHITE WILLIAMSON WILSON TENNESSEE
# Loans 2 33 94 7 3 0 1 0 8 23 0 1 6 32 30 2,275
Property Characteristics
PITI % Age* HH Size Income* Price* Sq. Ft Year Built Income* – – – – – – – – – – – – – – – – – – – – – AVERAGE VALUES – – – – – – – – – – – – NA 2 NA NA 1,109 1958 10.9% 40 2 $44,218 $114,479 1,354 1977 17.1% 34 2 $58,353 $144,079 1,510 1984 18.5% 34 3 $41,984 $109,700 1,460 1995 20.3% NA 2 NA NA 1,840 2011 19.9% NA NA NA NA NA NA NA NA 2 NA NA 1,188 1960 11.5% NA NA NA NA NA NA NA 28 4 $38,281 $76,313 1,415 1992 16.3% 34 2 $45,050 $114,939 1,324 1982 18.6% NA NA NA NA NA NA NA NA 2 NA NA 1749 1996 10.2% 31 3 $46,520 $114,333 1,604 1964 17.6% 34 2 $58,669 $196,118 1,630 2002 23.1% 32 3 $62,839 $167,214 1,643 1997 19.0% 35 2 $50,276 $125,662 1,458 1986 18.9%
*In the counties with 5 or less loans, the information about the borrower’s age, the income of the borrower and the acquisition cost are suppressed to protect the anonymity of the borrowers.
19
20
Map 1: Service Index by County, 2015 9
9
The service index is computed as a ratio derived from the distribution of all THDA loans and the distribution of eligible households in Tennessee, which are households whose median income fell between 30% and 100% of the state’s median income. This calculation is different than the previous years because we included both the renter and owner households in eligible population. This is more accurate because first-time homebuyer requirement is waived for borrowers who are purchasing a home in a targeted area and the veterans. Therefore, the current homeowners are also part of eligible population. Comprehensive Housing Affordability Strategies (CHAS) data was utilized in the analysis. We used 2008-20182 CHAS data to determine the eligible households for all the counties.
21
THDA SINGLE FAMILY LOAN PROGRAM REPORT Calendar Year 2015
Hulya Arik, Ph.D. Economist
DIVISION OF RESEARCH AND PLANNING Tennessee Housing Development Agency Andrew Jackson Building 502 Deaderick St., Third Floor Nashville, TN 37243
THDA Homeownership Program Highlights for CY 2015 During Calendar Year 2015, THDA offered Great Choice and New Start Programs. Additionally, THDA offered a second mortgage loan program for Great Choice Plus borrowers who needed assistance with downpayment and closing costs. In 2015, THDA funded 2,275 first loans for a total dollar amount of approximately $279 million. The number of first loans increased by 34 percent, and the dollar amount of first loans increased by 41 percent compared to 2014. In addition to first loans, 2,174 second loans in the amount of $11 million were funded in the same time period. An average THDA borrower with the annual income of $50,276 paid $125,662, on average, for a home. In the following sections, the property, borrower and loan characteristics are provided in more detail.
2
Table 1. THDA Single Family Loans by Program and Year, 2011-2015 All Programs 1 Total # of Loans 2011 2012 2013 2014 2015
Great Choice
ALL 2,160 2,129 2,070 1,695 2,275
GC
Total Loan $ 2011 2012 2013 2014 2015
ALL 3 $226,417,799 $236,611,866 $241,489,856 $205,231,696 $289,683,508
GC
Avg. Loan $ 2011 2012 2013 2014 2015
ALL $104,775 $111,085 $116,382 $116,798 $122,529
Great Choice+ GC+
8 101 54
$918,118 $10,094,799 $5,554,686 GC $114,765 $99,949 $102,865
Second Loans Second
100 1,492 2,174 GC+ $11,383,130 $178,486,978 $269,074,465 GC+ $113,831 $119,629 $123,769
Second $463,002 $7,259,070 $10,930,789 Second $4,630 $4,865 $5,028
Great Rate and Other 2
New Start
Other
NS 2,048 2,010 1,859 17
112 119 103 85 47
Other $216,846,217 $226,268,868 $220,081,856 $1,945,978
NS $9,071,582 $10,342,998 $8,643,750 $7,444,871 $4,123,568
Other $106,571 $113,516 $118,344 $114,469
NS $80,996 $86,916 $83,920 $87,587 $87,735
1
All Programs total include Great Rate, Great Advantage, Great Start, Great Choice, Great Choice Plus and New Start program loans. It also includes the loans with Homeownership for the Brave discount. The second loans funded for the Great Choice Program borrowers who needed assistance with downpmayment and closing costs are not included in total number of all loans.
2
Other Loans include loans funded with Great Rate, Great Advantage and Great Start Programs that ended in October 2013.
3
Total Dollar value of all loans funded includes the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with downpayment and closing costs.
3
Table 2. Property Characteristics 4 – 2015 ALL
GC
GC+
NS
Average Price Median Price Number of Homes New % of Homes New
$153,814 $141,900 232 10.20%
$97,820 $94,118 4 7.41%
$163,087 $156,900 181 8.33%
$122,868 $124,000 47 100.00%
Average Price Median Price Number of Homes Existing % of Homes Existing SALES PRICE Mean Median Less than $60,000 $60,000-$79,999 $80,000-$89,999 $90,000-$99,999 $100,000-$109,999 $110,000-$119,999 $120,000-$129,999 $130,000-$139,999 $140,000-$149,999 $150,000-$159,999 $160,000-$169,999 $170,000-$179,999 $180,000-$189,999 $190,000-$199,999 $200,000 and above SQUARE FEET Mean Median less than 1,000 1,000-1,250 1,251-1,500 1,501-1,750 More than 1,750
$122,465 $119,872 2,043 89.80% ALL $125,662 $122,000 2.59% 8.48% 7.30% 8.92% 9.10% 11.43% 12.04% 10.11% 6.77% 5.49% 5.32% 3.08% 2.77% 1.45% 5.14% ALL 1,458 1,380 6.86% 26.86% 28.84% 17.89% 19.56%
$112,795 $102,000 50 92.59% GC $111,686 $100,500 3.70% 20.37% 11.11% 11.11% 9.26% 14.81% 5.56% 3.70% 3.70% 5.56% 1.85% 1.85% 0.00% 0.00% 7.41% GC 1,479 1,389 3.70% 18.52% 33.33% 25.93% 18.52%
$122,707 $119,900 1,993 91.67% GC+ $126,069 $122,000 2.62% 8.37% 7.31% 8.83% 8.92% 11.45% 12.05% 10.07% 6.53% 5.52% 5.52% 3.17% 2.90% 1.52% 5.20% GC+ 1,461 1,381 6.99% 26.45% 28.70% 17.89% 19.96%
NA NA 0 NA NS $122,868 $124,000 0.00% 0.00% 2.13% 10.64% 17.02% 6.38% 19.15% 19.15% 21.28% 4.26% 0.00% 0.00% 0.00% 0.00% 0.00% NS 1,282 1,201 4.26% 55.32% 29.79% 8.51% 2.13%
NEW OR EXISTING NEW
EXISTING
4
The Great Choice Program in this table refers to the loans whose borrowers did not require a second loan for downpayment and/or closing costs. The Great Choice Plus Program refers to the first loans whose borrowers took second loan for downpayment and/or closing costs. The second loans are not included in the discussion of those characteristics.
4
Table 2. Property Characteristics – 2015, Continued YEAR BUILT Mean (year built) Median (year built) before 1950 1950s 1960s 1970s 1980s 1990s 2000s 2011 2012 2013 2014 2015
ALL 1986 1992 8.70% 7.03% 8.66% 10.29% 12.18% 16.57% 23.96% 0.62% 0.40% 0.44% 3.08% 8.09%
GC 1984 1995 16.67% 5.56% 1.85% 12.96% 7.41% 12.96% 33.33% 0.00% 0.00% 0.00% 5.56% 3.70%
GC+ 1985 1991 8.69% 7.22% 9.02% 10.44% 12.56% 17.02% 24.24% 0.64% 0.41% 0.41% 2.12% 7.22%
NS 2015 2015 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.13% 44.68% 53.19%
5
Table 3. Homebuyer Characteristics – 2015 AGE Mean Median
FIRST-TIME BUYER
less than 25 25-29 30-34 35-39 40-44 45 and over
GENDER HOUSEHOLD SIZE Mean Median
HOUSEHOLD COMP. Single Female Female with child(ren) Single Male Male with child(ren) Single Parent Married Couple Other/Unknown
Yes No Female Male
1 Person 2 Person 3 Person 4 Person 5+ Person
ALL 35 31 23.56% 20.00% 17.36% 12.31% 8.18% 18.59% ALL 99.91% 0.09% ALL 46.51% 53.49% ALL 2 2 35.87% 27.91% 17.49% 12.18% 6.55% ALL 22.55% 15.08% 20.84% 5.05% 0.70% 35.78% 0.00%
GC 34 32 29.63% 14.81% 18.52% 7.41% 14.81% 14.81% GC 100.00% 0.00% GC 25.93% 74.07% GC 2 2 27.78% 31.48% 22.22% 14.81% 3.70% GC 9.26% 11.11% 22.22% 7.41% 0.00% 50.00% 0.00%
GC+ 35 31 23.74% 20.33% 17.25% 12.14% 7.87% 18.68% GC+ 99.91% 0.09% GC+ 46.55% 53.45% GC+ 2 2 36.48% 27.74% 17.25% 12.14% 6.39% GC+ 23.00% 14.44% 21.16% 5.06% 0.74% 35.60% 0.00%
NS 38 35 8.51% 10.64% 21.28% 25.53% 14.89% 19.15% NS 100.00% 0.00% NS 68.09% 31.91% NS 3 3 17.02% 31.91% 23.40% 10.64% 17.02% NS 17.02% 48.94% 4.26% 2.13% 0.00% 27.66% 0.00%
6
Table 3. Homebuyer Characteristics – 2015, Continued INCOME Mean Median
less than $15,000 $15,000-$19,999 $20,000-$24,999 $25,000-$29,999 $30,000-$34,999 $35,000-$39,999 $40,000-$44,999 $45,000-$49,999 $50,000-$54,999 $55,000-$59,999 $60,000-$64,999 $65,000-$69,999 $70,000-$74,999 More than $75,000
RACE/ETHNICITY White African American Asian American Indian/Alaskan Native Nat. Hawaiian/Pacific Islander Multi-Racial Unknown/Other Hispanic
ALL 50,276 49,237 0.09% 0.84% 2.42% 5.05% 8.88% 10.95% 11.21% 12.18% 10.90% 10.55% 10.07% 5.10% 5.19% 6.59% ALL 75.47% 22.77% 0.84% 0.13% 0.13% 0.00% 0.66%
GC 44,404 43,963 0.00% 1.85% 5.56% 12.96% 11.11% 7.41% 12.96% 9.26% 7.41% 12.96% 12.96% 1.85% 3.70% 0.00% GC 96.30% 3.70% 0.00% 0.00% 0.00% 0.00% 0.00%
GC+ 50,906 49,918 0.05% 0.51% 2.02% 4.42% 8.46% 10.99% 11.36% 12.51% 11.22% 10.72% 10.21% 5.29% 5.34% 6.90% GC+ 75.48% 22.72% 0.83% 0.14% 0.14% 0.00% 0.69%
NS 27,907 27,873 2.13% 14.89% 17.02% 25.53% 25.53% 12.77% 2.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NS 51.06% 46.81% 2.13% 0.00% 0.00% 0.00% 0.00%
5.19%
7.41%
5.24%
0.00%
7
Table 4. Loan Characteristics – 2015 DOWN PAYMENT Yes No # of loans with down payment % of Acquisition Cost Mean* Median* LOAN TYPE Conventional Uninsured FHA RD VA Other PITI Mean Median less than $300 $300-399 $400-499 $500-599 $600-699 $700-799 $800-899 $900 or more PITI % of INCOME Mean Median less than 15% 15-19% 20-24% 25-29% 30% or more TARGETED AREA Yes No FIRST TIME HOMEBUYER Yes No
ALL 97.93% 2.07% 2,228
GC 44.44% 55.56% 24
GC+ 99.22% 0.78% 2,157
NS 100.00% 0.00% 47
4.21% 3.50% ALL 2.29% 94.90% 1.45% 1.27% 0.09% ALL $753 $734 0.31% 2.90% 8.53% 13.67% 17.54% 20.13% 14.51% 22.42% ALL 18.89% 18.24% 22.95% 35.47% 25.54% 11.47% 4.57% ALL 14.86% 85.14% ALL 99.91% 0.09%
16.66% 12.50% GC 12.96% 27.78% 40.74% 18.52% 0.00% GC $626 $599 1.85% 5.56% 18.52% 24.07% 20.37% 11.11% 9.26% 9.26% GC 18.04% 16.84% 29.63% 38.89% 16.67% 9.26% 5.56% GC 38.89% 61.11% GC 100.00% 0.00%
3.54% 3.50% GC+ 0.00% 98.62% 0.51% 0.87% 0.00% GC+ $764 $742 0.18% 2.48% 6.99% 13.52% 17.85% 20.79% 14.95% 23.23% GC+ 18.90% 18.28% 23.00% 35.05% 25.80% 11.59% 4.55% GC+ 14.44% 85.56% GC+ 99.91% 0.09%
28.34% 25.00% NS 95.74% 0.00% 0.00% 0.00% 4.26% NS $431 $444 4.26% 19.15% 68.09% 8.51% 0.00% 0.00% 0.00% 0.00% NS 19.42% 18.72% 12.77% 51.06% 23.40% 8.51% 4.26% NS 6.38% 93.62% NS 100.00% 0.00%
8
Table 5a. Geographic Distribution of Loans (Number and Percent) by Program, 2015 Percentage listed is within the program (column)
TENNESSEE Statewide GRAND DIVISIONS East Middle West URBAN-RURAL Central City Rural Suburb MSA Chattanooga Cleveland Johnson City Kingsport-Bristol Knoxville Morristown Clarksville Nashville Jackson Memphis East TN Non-MSA Middle TN Non-MSA West TN Non-MSA
ALL 2,275
ALL 675 1,235 365
29.7% 54.3% 16.0%
ALL 669 191 1,415
29.4% 8.4% 62.2%
ALL 132 66 25 39 290 48 91 1,071 63 259 75 73 43
5.8% 2.9% 1.1% 1.7% 12.7% 2.1% 4.0% 47.1% 2.8% 11.4% 3.3% 3.2% 1.9%
GC 54
GC+ 2.4%
GC 28 21 5
51.9% 38.9% 9.3%
624 1,198 352
18.5% 42.6% 38.9%
639 166 1,369
0.0% 1.9% 5.6% 0.0% 22.2% 5.6% 0.0% 16.7% 0.0% 5.6% 16.7% 22.2% 3.7%
130 64 20 32 270 43 91 1,047 63 248 65 60 41
28.7% 55.1% 16.2%
GC+
GC 0 1 3 0 12 3 0 9 0 3 9 12 2
95.6%
GC+
GC 10 23 21
2,174
29.4% 7.6% 63.0%
GC+ 6.0% 2.9% 0.9% 1.5% 12.4% 2.0% 4.2% 48.2% 2.9% 11.4% 3.0% 2.8% 1.9%
NS 47
2.1%
NS 23 16 8
48.9% 34.0% 17.0%
NS 20 2 25
42.6% 4.3% 53.2%
NS 2 1 2 7 8 2 0 15 0 8 1 1 0
4.3% 2.1% 4.3% 14.9% 17.0% 4.3% 0.0% 31.9% 0.0% 17.0% 2.1% 2.1% 0.0%
9
Table 5b. Geographic Distribution of Loan Dollars by Program, 2015 TENNESSEE Statewide GRAND DIV. East Middle West URBAN-RURAL Central City Rural Suburb MSA Chattanooga Cleveland Johnson City Kingsport-Bristol Knoxville Morristown Clarksville Nashville Jackson Memphis East Non-MSA Middle Non-MSA West Non-MSA
ALL 5 $289,683,508 ALL $74,115,480 $174,352,920 $41,215,108 ALL $80,565,045 $18,869,670 $190,248,793 ALL $15,008,213 $6,881,125 $2,717,935 $3,866,259 $31,170,359 $4,586,097 $10,072,314 $150,288,804 $6,152,003 $29,782,820 $7,182,598 $7,333,521 $3,710,671
GC $5,554,686 GC $2,797,710 $2,354,292 $402,684 GC $1,037,434 $2,192,965 $2,324,287 GC $0 $90,557 $425,015 $0 $1,205,763 $244,428 $0 $1,167,429 $0 $228,529 $831,947 $1,186,863 $174,155
GC+ $269,074,465 GC+ $66,601,258 $163,842,572 $38,630,635 GC+ $74,843,913 $15,862,825 $178,367,727 GC+ $14,859,213 $6,713,468 $2,124,348 $3,238,189 $29,239,220 $4,173,669 $10,072,314 $147,697,100 $6,152,003 $28,942,116 $6,253,151 $6,073,158 $3,536,516
Second $10,930,789 Second $2,702,894 $6,658,281 $1,569,614 Second $3,040,778 $642,880 $7,247,131 Second $600,189 $271,946 $86,416 $131,846 $1,187,964 $169,989 $410,245 $6,003,541 $250,546 $1,175,227 $254,544 $244,495 $143,841
NS $4,123,568 NS $2,013,618 $1,497,775 $612,175 NS $1,642,920 $171,000 $2,309,648 NS $149,000 $77,100 $168,572 $628,070 $725,376 $168,000 $0 $1,424,275 $0 $612,175 $97,500 $73,500 $0
5
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
10
Table 6. Loans (# and %) by Program and County –2015 COUNTY ANDERSON BEDFORD BENTON BLEDSOE BLOUNT BRADLEY CAMPBELL CANNON CARROLL CARTER CHEATHAM CHESTER CLAIBORNE CLAY COCKE COFFEE CROCKETT CUMBERLAND DAVIDSON DECATUR DEKALB DICKSON DYER FAYETTE FENTRESS FRANKLIN GIBSON GILES GRAINGER GREENE GRUNDY HAMBLEN HAMILTON HANCOCK HARDEMAN HARDIN HAWKINS HAYWOOD HENDERSON HENRY
ALL 27 1.2% 12 0.5% 0 0.0% 2 0.1% 36 1.6% 63 2.8% 2 0.1% 2 0.1% 2 0.1% 2 0.1% 15 0.7% 2 0.1% 1 0.0% 0 0.0% 4 0.2% 5 0.2% 3 0.1% 13 0.6% 472 20.7% 0 0.0% 3 0.1% 10 0.4% 7 0.3% 5 0.2% 1 0.0% 5 0.2% 10 0.4% 2 0.1% 7 0.3% 11 0.5% 1 0.0% 24 1.1% 131 5.8% 0 0.0% 1 0.0% 0 0.0% 6 0.3% 6 0.3% 0 0.0% 0 0.0%
GC 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 4 4 0 0 0 0 0 0 0 1 0 0 2 0 0 0 0 1 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 1.9% 1.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 7.4% 7.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 3.7% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 0.0% 0.0%
GC+ 27 1.2% 12 0.6% 0 0.0% 2 0.1% 30 1.4% 61 2.8% 2 0.1% 2 0.1% 2 0.1% 1 0.0% 15 0.7% 2 0.1% 1 0.0% 0 0.0% 4 0.2% 4 0.2% 3 0.1% 8 0.4% 459 21.1% 0 0.0% 3 0.1% 10 0.5% 7 0.3% 5 0.2% 1 0.0% 5 0.2% 9 0.4% 2 0.1% 7 0.3% 9 0.4% 1 0.0% 23 1.1% 129 5.9% 0 0.0% 0 0.0% 0 0.0% 6 0.3% 6 0.3% 0 0.0% 0 0.0%
NS 0 0 0 0 5 1 0 0 0 1 0 0 0 0 0 0 0 1 9 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 10.6% 2.1% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 19.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
11
Table 6. Loans (# and %) by Program and County –2015, Continued COUNTY HICKMAN HOUSTON HUMPHREYS JACKSON JEFFERSON JOHNSON KNOX LAKE LAUDERDALE LAWRENCE LEWIS LINCOLN LOUDON MACON MADISON MARION MARSHALL MAURY MCMINN MCNAIRY MEIGS MONROE MONTGOMERY MOORE MORGAN OBION OVERTON PERRY PICKETT POLK PUTNAM RHEA ROANE ROBERTSON RUTHERFORD SCOTT SEQUATCHIE SEVIER SHELBY SMITH
5 1 2 0 24 0 181 0 9 2 0 2 19 3 58 1 2 50 7 3 1 9 91 0 4 4 7 0 0 3 12 5 13 31 321 2 0 20 247 3
ALL
0.2% 0.0% 0.1% 0.0% 1.1% 0.0% 8.0% 0.0% 0.4% 0.1% 0.0% 0.1% 0.8% 0.1% 2.5% 0.0% 0.1% 2.2% 0.3% 0.1% 0.0% 0.4% 4.0% 0.0% 0.2% 0.2% 0.3% 0.0% 0.0% 0.1% 0.5% 0.2% 0.6% 1.4% 14.1% 0.1% 0.0% 0.9% 10.9% 0.1%
GC 0 0 1 0 3 0 6 0 0 0 0 0 3 0 0 0 0 1 0 0 0 1 0 0 1 0 5 0 0 0 3 0 1 1 0 0 0 2 3 0
0.0% 0.0% 1.9% 0.0% 5.6% 0.0% 11.1% 0.0% 0.0% 0.0% 0.0% 0.0% 5.6% 0.0% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 0.0% 1.9% 0.0% 0.0% 1.9% 0.0% 9.3% 0.0% 0.0% 0.0% 5.6% 0.0% 1.9% 1.9% 0.0% 0.0% 0.0% 3.7% 5.6% 0.0%
GC+ 5 0.2% 1 0.0% 1 0.0% 0 0.0% 20 0.9% 0 0.0% 173 8.0% 0 0.0% 9 0.4% 2 0.1% 0 0.0% 2 0.1% 15 0.7% 3 0.1% 58 2.7% 1 0.0% 2 0.1% 48 2.2% 7 0.3% 3 0.1% 1 0.0% 8 0.4% 91 4.2% 0 0.0% 3 0.1% 4 0.2% 2 0.1% 0 0.0% 0 0.0% 3 0.1% 8 0.4% 5 0.2% 12 0.6% 30 1.4% 319 14.7% 2 0.1% 0 0.0% 18 0.8% 236 10.9% 3 0.1%
NS 0 0 0 0 1 0 2 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 2 0 0 0 8 0
0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 0.0% 0.0% 0.0% 4.3% 0.0% 0.0% 0.0% 17.0% 0.0%
12
Table 6. Loans (# and %) by Program and County –2015, Continued COUNTY STEWART SULLIVAN SUMNER TIPTON TROUSDALE UNICOI UNION VAN BUREN WARREN WASHINGTON WAYNE WEAKLEY WHITE WILLIAMSON WILSON
2 33 94 7 3 0 1 0 8 23 0 1 6 32 30
ALL
0.1% 1.5% 4.1% 0.3% 0.1% 0.0% 0.0% 0.0% 0.4% 1.0% 0.0% 0.0% 0.3% 1.4% 1.3%
GC 0 0 0 0 0 0 0 0 1 3 0 0 1 3 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.9% 5.6% 0.0% 0.0% 1.9% 5.6% 0.0%
GC+ 2 26 93 7 3 0 1 0 7 19 0 1 5 28 29
0.1% 1.2% 4.3% 0.3% 0.1% 0.0% 0.0% 0.0% 0.3% 0.9% 0.0% 0.0% 0.2% 1.3% 1.3%
NS 0 0.0% 7 14.9% 1 2.1% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 2.1% 0 0.0% 0 0.0% 0 0.0% 1 2.1% 1 2.1%
13
Table 7. Dollar Amount of Mortgages by Program and County – 2015 COUNTY ANDERSON BEDFORD BENTON BLEDSOE BLOUNT BRADLEY CAMPBELL CANNON CARROLL CARTER CHEATHAM CHESTER CLAIBORNE CLAY COCKE COFFEE CROCKETT CUMBERLAND DAVIDSON DECATUR DEKALB DICKSON DYER FAYETTE FENTRESS FRANKLIN GIBSON GILES GRAINGER GREENE GRUNDY HAMBLEN HAMILTON HANCOCK HARDEMAN HARDIN HAWKINS HAYWOOD HENDERSON
ALL 6 $2,739,055 $1,418,056 $0 $196,712 $3,938,188 $6,840,743 $163,196 $176,275 $152,668 $142,702 $2,232,345 $184,449 $83,794 $0 $276,450 $612,848 $337,800 $1,179,440 $68,956,397 $0 $273,762 $1,114,229 $689,558 $711,713 $64,889 $571,743 $1,054,581 $183,637 $621,788 $819,062 $124,670 $2,321,673 $15,516,433 $0 $75,000 $0 $472,354 $429,598 $0
GC $0 $0 $0 $0 $90,047 $90,557 $0 $0 $0 $0 $0 $0 $0 $0 $0 $97,805 $0 $367,345 $457,929 $0 $0 $0 $0 $0 $0 $0 $99,155 $0 $0 $109,184 $0 $0 $0 $0 $75,000 $0 $0 $0 $0
GC+ $2,631,869 $1,362,548 $0 $189,012 $3,241,290 $6,413,232 $156,776 $169,375 $146,692 $73,150 $2,144,877 $177,229 $80,514 $0 $265,614 $494,859 $324,564 $686,693 $64,922,302 $0 $263,046 $1,070,615 $662,454 $683,855 $62,349 $549,363 $918,286 $176,085 $597,488 $682,091 $119,790 $2,157,360 $14,770,844 $0 $0 $0 $453,998 $412,782 $0
Second $107,186 $55,508 $0 $7,700 $131,400 $259,854 $6,420 $6,900 $5,976 $2,980 $87,468 $7,220 $3,280 $0 $10,836 $20,184 $13,236 $27,902 $2,636,941 $0 $10,716 $43,614 $27,104 $27,858 $2,540 $22,380 $37,140 $7,552 $24,300 $27,787 $4,880 $87,813 $596,589 $0 $0 $0 $18,356 $16,816 $0
NS $0 $0 $0 $0 $475,451 $77,100 $0 $0 $0 $66,572 $0 $0 $0 $0 $0 $0 $0 $97,500 $939,225 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $76,500 $149,000 $0 $0 $0 $0 $0 $0
6
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
14
Table 7. Dollar Amount of Mortgages by Program and County – 2015, Continued COUNTY HENRY HICKMAN HOUSTON HUMPHREYS JACKSON JEFFERSON JOHNSON KNOX LAKE LAUDERDALE LAWRENCE LEWIS LINCOLN LOUDON MACON MADISON MARION MARSHALL MAURY MCMINN MCNAIRY MEIGS MONROE MONTGOMERY MOORE MORGAN OBION OVERTON PERRY PICKETT POLK PUTNAM RHEA ROANE ROBERTSON RUTHERFORD SCOTT SEQUATCHIE SEVIER
ALL 7 $0 $476,635 $44,963 $178,651 $0 $2,434,413 $0 $21,124,900 $0 $823,126 $204,274 $0 $213,195 $1,811,358 $254,346 $5,880,300 $91,969 $189,703 $6,400,546 $638,429 $267,364 $134,889 $846,854 $10,482,559 $0 $424,129 $300,282 $629,752 $0 $0 $312,328 $1,375,092 $509,408 $1,436,689 $4,378,906 $46,299,568 $171,325 $0 $2,580,779
GC $0 $0 $0 $122,448 $0 $244,428 $0 $614,164 $0 $0 $0 $0 $0 $246,573 $0 $0 $0 $0 $55,967 $0 $0 $0 $67,663 $0 $0 $108,163 $0 $445,916 $0 $0 $0 $338,162 $0 $146,816 $128,500 $0 $0 $0 $287,755
GC+ $0 $458,048 $43,203 $54,003 $0 $2,016,309 $0 $19,555,024 $0 $790,906 $196,278 $0 $205,213 $1,418,648 $244,390 $5,650,210 $88,369 $182,278 $6,034,946 $613,409 $256,899 $129,609 $748,691 $10,072,314 $0 $303,598 $288,602 $176,640 $0 $0 $300,236 $925,718 $489,468 $1,239,383 $4,083,450 $44,336,706 $164,822 $0 $2,203,228
Second $0 $18,587 $1,760 $2,200 $0 $82,176 $0 $795,712 $0 $32,220 $7,996 $0 $7,982 $56,212 $9,956 $230,090 $3,600 $7,425 $245,883 $25,020 $10,465 $5,280 $30,500 $410,245 $0 $12,368 $11,680 $7,196 $0 $0 $12,092 $37,712 $19,940 $50,490 $166,956 $1,803,862 $6,503 $0 $89,796
NS $0 $0 $0 $0 $0 $91,500 $0 $160,000 $0 $0 $0 $0 $0 $89,925 $0 $0 $0 $0 $63,750 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $73,500 $0 $0 $0 $159,000 $0 $0 $0
7
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
15
Table 7. Dollar Amount of Mortgages by Program and County – 2015, Continued COUNTY SHELBY SMITH STEWART SULLIVAN SUMNER TIPTON TROUSDALE UNICOI UNION VAN BUREN WARREN WASHINGTON WAYNE WEAKLEY WHITE WILLIAMSON WILSON
ALL 8 $29,462,911 $399,351 $157,604 $3,525,751 $13,798,008 $783,423 $515,477 $0 $99,020 $0 $626,791 $2,661,649 $0 $62,335 $708,386 $6,193,152 $5,097,110
GC $228,529 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65,786 $425,015 $0 $0 $116,746 $525,033 $0
GC+ $27,505,554 $383,719 $151,404 $2,784,191 $13,173,226 $752,707 $495,281 $0 $95,144 $0 $540,881 $2,051,198 $0 $59,895 $569,500 $5,349,740 $4,830,425
Second $1,116,653 $15,632 $6,200 $113,490 $534,782 $30,716 $20,196 $0 $3,876 $0 $20,124 $83,436 $0 $2,440 $22,140 $217,254 $195,510
NS $612,175 $0 $0 $628,070 $90,000 $0 $0 $0 $0 $0 $0 $102,000 $0 $0 $0 $101,125 $71,175
8
Dollar Amounts for all loans include the dollar value of second loans funded for the Great Choice Plus borrowers who needed assistance with the downpayment and closing costs.
16
Table 8. Selected Characteristics by County – 2015 Borrower Characteristics
COUNTY ANDERSON BEDFORD BENTON BLEDSOE BLOUNT BRADLEY CAMPBELL CANNON CARROLL CARTER CHEATHAM CHESTER CLAIBORNE CLAY COCKE COFFEE CROCKETT CUMBERLAND DAVIDSON DECATUR DEKALB DICKSON DYER FAYETTE FENTRESS FRANKLIN GIBSON GILES GRAINGER GREENE GRUNDY HAMBLEN HAMILTON HANCOCK HARDEMAN HARDIN HAWKINS HAYWOOD HENDERSON HENRY
# Loans 27 12 0 2 36 63 2 2 2 2 15 2 1 0 4 5 3 13 472 0 3 10 7 5 1 5 10 2 7 11 1 24 131 0 1 0 6 6 0 0
Property Characteristics
HH Year PITI: % Age* Size Income* Price Sq. Ft Built Income* – – – – – – – – – – – – – – – – – – – – AVERAGE VALUES – – – – – – – – – – – – – – –– – 29 2 $41,905 $99,304 1,342 1965 19.0% 27 2 48122 115642 1393 1999 17.4% NA NA NA NA NA NA NA NA 2 NA NA 1268 1999 0 37 3 $43,995 $111,714 1,415 1986 17.4% 33 2 $44,561 $107,730 1,291 1979 18.1% NA 1 NA NA 1,629 1964 21.0% NA 1 NA NA 1,141 1977 23.4% NA 2 NA NA 1349 1966 15.5% NA 2 NA NA 816 1986 14.7% 37 2 $62,438 $145,780 1,533 1986 18.2% NA 2 NA NA 1,102 1981 13.4% NA 4 NA NA 1,386 1950 11.0% NA NA NA NA NA NA NA NA 3 NA NA 1,527 1963 10.9% NA 3 NA NA 1,669 1988 18.9% NA 3 NA NA 1440 2004 14.8% 34 3 $42,519 $91,350 1,468 1981 15.3% 35 2 $54,325 $143,886 1,408 1987 19.9% NA NA NA NA NA NA NA NA 1 NA NA 1,085 1982 19.0% 33 3 $53,081 $109,037 1,309 1996 16.3% 33 3 $52,319 $96,800 1,682 1975 14.7% NA 1 NA NA 1,685 2002 19.5% NA 1 NA NA 1242 1976 10.9% NA 3 NA NA 1,504 1997 17.7% 33 3 $51,620 $102,950 1,558 1988 15.8% NA 2 NA NA 1614 1984 21.1% 34 2 $46,112 $86,931 1,439 1981 14.6% 36 3 $42,570 $73,153 1,344 1989 12.9% NA 6 NA NA 1636 1970 12.8% 33 3 $43,111 $95,724 1,343 1983 15.9% 36 2 $46,129 $117,123 1,413 1968 19.3% NA NA NA NA NA NA NA NA 1 NA NA 1,628 1997 10.5% NA NA NA NA NA NA NA 32 2 $53,840 $76,483 1,509 1993 10.3% 48 3 $42,066 $70,067 1,227 1970 15.3% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
17
Table 8. Selected Characteristics by County – 2015, Continued Borrower Characteristics
COUNTY HICKMAN HOUSTON HUMPHREYS JACKSON JEFFERSON JOHNSON KNOX LAKE LAUDERDALE LAWRENCE LEWIS LINCOLN LOUDON MACON MADISON MARION MARSHALL MAURY MCMINN MCNAIRY MEIGS MONROE MONTGOMERY MOORE MORGAN OBION OVERTON PERRY PICKETT POLK PUTNAM RHEA ROANE ROBERTSON RUTHERFORD SCOTT SEQUATCHIE SEVIER SHELBY SMITH
# Loans 5 1 2 0 24 0 181 0 9 2 0 2 19 3 58 1 2 50 7 3 1 9 91 0 4 4 7 0 0 3 12 5 13 31 321 2 0 20 247 3
Property Characteristics
PITI: % Age* HH Size Income* Price* Sq. Ft Year Built Income* – – – – – – – – – – – – – – – – – – – – AVERAGE VALUES – – – – – – – – – – – –– – NA 2 NA NA 1,315 1972 17.0% NA 4 NA NA 1761 2000 17.8% NA 1 NA NA 1,256 1978 14.5% NA NA NA NA NA NA NA 33 3 $41,386 $101,288 1,485 1995 18.2% NA NA NA NA NA NA NA 33 2 $45,812 $115,418 1,318 1978 19.1% NA NA NA NA NA NA NA 36 4 $51,490 $89,500 2,125 1973 14.9% NA 4 NA NA 1,597 1983 14.4% NA NA NA NA NA NA NA NA 1 NA NA 1526 2001 22.6% 37 2 $48,582 $95,828 1,557 1978 14.4% NA 4 NA NA 1,740 1991 19.3% 35 2 $46,074 $99,450 1,566 1991 17.5% NA 1 NA NA 870 1986 13.3% NA 5 NA NA 1,290 1983 22.0% 37 2 $46,403 $125,782 1,457 1980 20.4% 33 2 $40,363 $89,357 1,496 1997 16.4% NA 2 NA NA 1423 1995 18.5% NA 1 NA NA 1,308 1976 23.1% 29 2 $34,619 $92,501 1,502 1991 22.9% 34 3 $46,821 $112,705 1,282 1991 18.5% NA NA NA NA NA NA NA NA 4 NA NA 1,461 2005 12.2% NA 3 NA NA 1,406 1986 13.1% 32 3 $40,818 $88,129 1,404 1987 17.1% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 4 NA NA 1,741 1991 14.2% 34 3 $44,788 $114,350 1,556 1987 19.2% NA 2 NA NA 1,661 1984 14.4% 35 2 $46,172 $108,390 1,486 1978 18.5% 32 3 $55,113 $138,300 1,395 1987 19.0% 33 2 $55,106 $141,408 1,459 1998 19.0% NA 2 NA NA 1,690 2013 13.1% NA NA NA NA NA NA NA 36 3 $50,548 $126,370 1,528 1988 17.9% 37 2 $48,590 $118,023 1,706 1982 20.1% NA 3 NA NA 1,844 1967 17.2%
18
Table 8. Selected Characteristics by County – 2015, Continued Borrower Characteristics
COUNTY STEWART SULLIVAN SUMNER TIPTON TROUSDALE UNICOI UNION VAN BUREN WARREN WASHINGTON WAYNE WEAKLEY WHITE WILLIAMSON WILSON TENNESSEE
# Loans 2 33 94 7 3 0 1 0 8 23 0 1 6 32 30 2,275
Property Characteristics
PITI % Age* HH Size Income* Price* Sq. Ft Year Built Income* – – – – – – – – – – – – – – – – – – – – – AVERAGE VALUES – – – – – – – – – – – – NA 2 NA NA 1,109 1958 10.9% 40 2 $44,218 $114,479 1,354 1977 17.1% 34 2 $58,353 $144,079 1,510 1984 18.5% 34 3 $41,984 $109,700 1,460 1995 20.3% NA 2 NA NA 1,840 2011 19.9% NA NA NA NA NA NA NA NA 2 NA NA 1,188 1960 11.5% NA NA NA NA NA NA NA 28 4 $38,281 $76,313 1,415 1992 16.3% 34 2 $45,050 $114,939 1,324 1982 18.6% NA NA NA NA NA NA NA NA 2 NA NA 1749 1996 10.2% 31 3 $46,520 $114,333 1,604 1964 17.6% 34 2 $58,669 $196,118 1,630 2002 23.1% 32 3 $62,839 $167,214 1,643 1997 19.0% 35 2 $50,276 $125,662 1,458 1986 18.9%
*In the counties with 5 or less loans, the information about the borrower’s age, the income of the borrower and the acquisition cost are suppressed to protect the anonymity of the borrowers.
19
20
Map 1: Service Index by County, 2015 9
9
The service index is computed as a ratio derived from the distribution of all THDA loans and the distribution of eligible households in Tennessee, which are households whose median income fell between 30% and 100% of the state’s median income. This calculation is different than the previous years because we included both the renter and owner households in eligible population. This is more accurate because first-time homebuyer requirement is waived for borrowers who are purchasing a home in a targeted area and the veterans. Therefore, the current homeowners are also part of eligible population. Comprehensive Housing Affordability Strategies (CHAS) data was utilized in the analysis. We used 2008-20182 CHAS data to determine the eligible households for all the counties.
21
