THDA First Time Home Buyer Great Choice Program: BIG CHANGES IN 2016-2017
THDA offers 30-year, fixed rate mortgages and an option for downpayment assistance to qualified first-time homebuyers in Tennessee. In addition to meeting the minimum requirements to qualify for the Great Choice Loan Program, applicants must take a homebuyer education course before closing on the loan.
A first-time home buyer is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you are a first time home buyer.
For first-time homebuyers, one of the greatest obstacles in the homeownership process is saving the money to cover the down payment and closing costs. The Great Choice Loan Program provides qualified Tennesseans up to 5% down payment assistance to be used with FHA, VA, USDA-Rural Development and uninsured conventional loans.
Minimum Qualifications:
1. Satisfactory credit history. THDA currently requires a 640 credit score. To find out your credit score, click here to contact one of our approved lenders in your area. If your score is lower than 640, our homebuyer education counselors can help you with strategies to raise your credit score. Click here to contact one of our approved homebuyer education counselors in your area.
2. Household income not above maximum limits. Great Choice Loans are designed for low to moderate income Tennesseans. Income limits are based on the size of your household and county in which you will be purchasing your home. To see a list of maximum income limits by county, please click here.
3. Purchase Price of home not above maximum limits. The Great Choice Loan Program is meant for modest homes, therefore maximum purchase price limits are in place and vary by county. To see a list of maximum purchase price limits by county, please click here.
First time home buyers may need more assistance with the mortgage process because we use many terms that are unfamiliar to those who haven't done this before. If you feel lost, give us a call and we'll be happy to educate you and hold your hand through this process!
For more information visit http://firsttime.greatchoicetn.com/#1