THDA
THDA Great Choice Home Program is good if you are a First Time Home Buyer interested in buying in a few specific “zip” code areas. Every Great Choice Home Loan is a 30-year, fixed interest rate home loan, which is the most common mortgage type in America. Highlights and the specific zip codes eligible in our immediate area follows:
- $15,000 second mortgage available for down payment and borrower closing cost, at 0% interest, 0 payments and 30% of the balance is forgiven in years 6 through 10! Everyone who qualifies for a Great Choice Home Loan has the option of financial assistance with their down payment and/or closing costs.
- Purchase an existing home in a “targeted zip code” area; new construction not allowed.
- Pre and Post Closing education required
- Owner occupied single family only; income limits, sale price limits apply and minimum middle credit score is 640; maximum debt ratio counting new payment is 45%
- To be part of the Great Choice Home Loan program, your total household income must be below the annual income limit. This limit varies by county and by the number of people in your household. See the full chart of income limits.
- The maximum price you can pay for a home and still qualify for the Great Choice Home Loan program varies by county and is closely related to the income limits for that county. See the full chart of purchase price limits.
THDA – (Tennessee Housing Development Agency) has expanded eligible Zip codes for their low to no money out of pocket Special closing programs for First Time Home Buyers.
The new Zip Codes include:
37877: Includes cities of Morristown, West Lake Estates, Wilderness Shores and Talbott
37890: Includes cities of: White Pine and Baneberry
37920: Includes cities of Knoxville, Iimberlin Heights, New Hopewell,Kingsley Station, Woodfield Park and Arrowhead
37354: Includes cities of Madisonville and Hopewell Mill
37874: Includes cities of Sweetwater, Wood and Northpoint
38118: Inclues the city of Memphis
37650: Includes cities of Erwin and Banner Hill
The Zip Codes Already Approved for this program are:
Davidson County
37115-Madison
37207 North Nashville / Dickerson Pike East Nashville Area
37208 Germantown
37217 Edge O Lake / Priest Lake / North East of Antioch towards Mt Juliet
37218 Bordeaux
Rutherford County
37086 LaVergne
37037 Christiana
Robertson County
37073 Greenbriar
37148 Portland
37172 Springfield
Sumner County
37148 Portland
37186 Westmoreland
Montgomery County
37042 North of Clarksville
37040 Parts of Clarksville, Cumberland Heights area
(For those properties not included in the above zip codes the standard THDA program is still available)
Active Duty Military & Veterans
As a state agency, THDA celebrates and honors the men and women who serve in our country’s military with the Homeownership for the Brave program.
Homeownership for the Brave is a type of Great Choice Home Loan that offers financial assistance along with these added benefits:
- Reduced interest rate by half percentage point (0.5%)
- Waive requirements to be a first-time homeowner in all areas of Tennessee
- Borrow up to 100% of home’s purchase price with a VA-backed loan or 96.5% with FHA or USDA-RD loans
Do You Qualify?
The Homeownership for the Brave program is available to:
- Active duty service members, including the National Guard
- Veterans (unless dishonorably discharged)
- Reservists with at least 180 days of active duty service
- Spouses of qualified service members, reservists, and veterans (including surviving spouses)
Financial Assistance Available
Homeownership for the Brave includes the option for financial assistance with your loan-related expenses, including down payment (if borrowing less than 100%) and/or closing costs.
FIND OUT MORE
Information update received from Stephen R. Josleyn, Sales manager, Primary Residential Mortgage, Inc. 615-497-4399 sjosleyn@primeres.com get preapproved at: http://www.myinstantprequal.com/sjosleyn
and Tennessee Housing Development Agency Mortgage with Heart.
Karen Hoff has been a Realtor for over 32 years and is currently working with her husband, Robert Hoff Broker/Owner and son, Bob Hoff, Buyer’s Agent, at their company, Historic & Distinctive Homes. Contact Mrs. Hoff at khoffcrs@gmail.com or 615-228-3723 extension 302.