If you are a home buyer considering THDA as a financing option, I would encourage you to contact me. I can put you in touch with some great local lending professionals and help you find the home of your dreams.
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HomeOwnership Choices
THDA offers 30-year, fixed rate mortgages and down-payment assistance to first time homebuyers. A first-time homebuyer is defined as 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 below market interest rate mortgage. Great Advantage and Great Start offer loans at slightly higher interest rates, secured by a mortgage, but offer assistance with downpayment and/or closing costs.
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DownPayment and 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%.
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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.
