THDA Loans
THDA (Tennessee Housing Development Agency) is one of several agency’s that have grant mortgage programs. These programs offer either a below market interest rate or state grant money for your down payment and closing cost. One of the primary ways THDA assist people is by offering home loans for first time homebuyers, with grants of up to 4 percent of the acquisition cost or below market interest rates. THDA’s programs are designed for low and moderate income borrowers and you must meet the qualifications in order to apply for a THDA loan.
Find out the current information;
- Great Start
- Great Advantage
- Great Rate
- Great Save (For existing homeowners)
Good or Excellent Credit Required
Rates and gifts are determined by:
- county income & sales price requirements (household restrictions apply)
THDA’s Homeownership programs are designed for low- and moderate-income borrowers.
The Great Rate Mortgage program offers a below market 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 down payment and closing cost.
Great Save Refinance is a program is designed for low- and moderate-income borrowers who currently have an adjustable rate mortgage loan on their principal residence that was made after December 31, 2001, and before January 1, 2008
Not every borrower is eligible for a THDA mortgage. Borrowers must have satisfactory credit and the home must meet certain conditions.
- Common Eligibility Requirements & Common Mortgage Conditions
- Documentation Required for a THDA Loan
- Targeted Areas & Census Information
THDA Forms: