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Homeownership Programs

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Homeownership Programs- First Time Homebuyers

Homeownership Choices

THDA offers 30-year, fixed rate mortgages and downpayment assistance to first-time homebuyers. A first-time homebuyer is considered anyone who has not owned his or her principal residence in the last three years, anyone buying in special targeted areas, or an honorably discharged or re-enlisted veteran and spouse.

Not every borrower is eligible for a THDA mortgage. Borrowers must have satisfactory credit and the home must meet certain conditions. THDA’s Homeownership programs are designed for low- and moderate-income borrowers. The Great Rate Mortgage Program offers a low interest rate loan secured by a first mortgage. Great Advantage and Great Start offer loans at slightly higher interest rates, secured by a first mortgage, but offer assistance with downpayment and closing cost.

THDA is not a direct lender. For more information on this mortgage program, please contact a participating lender.

Downpayment & Closing Cost Assistance

The Great Advantage Program offers a slightly higher interest rate loan secured by a first mortgage offering downpayment and closing cost assistance of 2%. The Great Start Program offers a loan at a slightly higher interest rate, secured by a first mortgage, but offers assistance with down payment and closing costs of 4%.

THDA is not a direct lender. For more information on this mortgage program, please contact a participating lender.

Homeownership for the Brave

THDA is very proud of the service that military veterans have provided to our state and country. In honor of their service, a special interest rate has been designated to help ensure that veterans have access to affordable homeownership opportunities. The Homeownership for the Brave program offers a ½-percent reduction on any of THDA’s three 30-year fixed mortgage choices: Great Rate, Great Advantage or Great Start. Active and retired members of the military and reservists (180 days’ active duty) and spouses, and surviving spouses of qualified veterans are all eligible to receive this reduction.

New Start Loan Program (New Construction)

The New Start program is designed to promote the construction of new homes for low and very low income Tennesseans. This program will be delivered through non-profit organizations 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. More…

If you have any questions or need additional information, please contact Ed Lozier by email or at 615-815-2082.