Programs For 1st Time Buyers
First time home buyers in Tennessee have many options available to them for help in purchasing their first residence. The Tennessee Housing Development Agency (THDA) provides a multitude of very helpful programs for Tennessee residents seeking to purchase their first home.
Here are some highlights:
As Tennessee’s housing finance agency, the Tennessee Housing Development Agency (THDA) provides fixed rate mortgage loans for first-time homebuyers, promotes the production of new affordable housing units for households of very low to moderate-income, promotes the preservation and rehabilitation of existing housing units for such persons, and brings greater stability to the residential construction industry and related industries so as to assure a steady flow of housing production. Established by the General Assembly in 1973, THDA has evolved and grown to serve Tennesseans in many ways: providing grants to preserve and create homes, offering rental assistance on several different levels, assisting in the creation and maintenance of rental housing, providing educational opportunities, and helping other State agencies with housing missions to solve problems and save taxpayers’ money. For more information about THDA visit the About THDA page.
Great Choice and Great Choice Plus
Great Choice offers a low fixed rate 30-year first mortgage loan. Great Choice Plus combines the Great Choice first mortgage with the Plus, providing the borrower with up to 4% of the sales price for down payment and closing cost assistance. The Great Choice Plus second mortgage loan has a 0% rate with no monthly payments. Learn more about Great Choice and Great Choice Plus.
Under the HOME Program, THDA funds local housing programs designed to promote the production, preservation, and rehabilitation of affordable housing for individuals and families of low- and very low-income. These funds are awarded to cities, counties and non-profit organizations through an annual competitive grant process. Learn more about the HOME Program.
Homeownership for the Brave
The Homeownership for the Brave program offers a 1/2-percent reduction on THDA’s Great Choice first mortgage loan for active and retired members of the military. Learn more about Homeownership for the Brave.
THDA provides nonprofit organizations with tools to teach homebuyer education classes. THDA maintains on its website a list of certified homebuyer education trainers who can help consumers as they consider purchasing a home. Learn more about our Homebuyer Education Initiative.
For complete details on these programs, including contact information and instructions on how to apply, please visit the THDA page describing all the programs.
More Tennessee First Time Buyer Programs
In addition to the above homebuyer programs offered by THDA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Tennessee.