It is called the Great Rate program because it has the best rate of all the first time buyer programs.  You are rewarded with a good rate for being able to put your own money into the transaction and you are not required to take the Home Buyer Education class, though it is still highly recommended as you will get some great information and guidance through this education.

All other income and acquisition guidelines for these programs apply and you must use an approved THDA lender to carry out the transaction.  The base loan can be either a FHA, VA or conventional and you will need to check with your lender to obtain the current THDA rates for this and the other two programs.

This program is for those families who need help with down payment and closing costs in order to get into a home and you can get a grant up to 4%.  You will need to have a job that shows income and W-2′s over the last two years as well as one years tax return or own a business that has at least two years of tax returns showing income to qualify.  There are income restrictions, depending on how many people are living in the home and location, so do check with your lender before you move forward.

The current rate can change at any time so check with your lender to find out what the rate is today.  This loan is a 30 year fixed and has a requirement that you must go through the Home buyer Education class.  Again, check with your lender to get a full explanation of the recapture tax as well as the best loan of this type, be it FHA, VA or conventional.