Move to Tennessee with a THDA Loan

The Tennessee Housing Development Agency, formed in 1973, helps low-income families or individuals obtain home loans they can afford. THDA is a state entity that provides financing and administration for a collection of state and federal housing programs. For example, the Great Choice Home Loan program lets lenders approve mortgages for first-time homebuyers in the form of 30-year, fixed-rate home THDA loans.

Benefits of a Great Choice Loan

Great Choice loans help first-time homebuyers overcome the following issues in obtaining a loan:

  • Low down payment savings
  • New to the home-buying process
  • Concern over eligibility for a home loan
  • Concern over high-risk, high-interest mortgages
  • Need help with a down payment
  • Most of these loans are insured by FHA or USDA-RD—meaning you can finance up to 96.5 percent of the sales prices

Qualified applicants need to save up for the 3.5 percent down payment, but this is a great opportunity for many people who would otherwise be unable to afford a home of their own.

Home Buy Education Classes

THDA also offers classes taught by approved homeownership counselors. Signing up for a class is the first step you should take in your search for a home of your own. Here’s what you learn in a homebuyer education class:

  • How to choose the best home for you
  • What questions to ask about a property you’re interested in
  • How you can qualify for a home loan
  • What are the basics of maintaining a home once you buy one?

This class is required for all buyers seeking financial aid with their down payments.

Do You Have to Live in Tennessee to Qualify?

THDA mortgages are only available to those who plan to occupy the property in Tennessee as their principal residence.

 


Categories

Archives

Tags