Tennessee’s Great Choice Home Loan for First-Time Homebuyers

June 15, 2021

When you’re ready to leave the rental life behind, you may be feeling more than a little overwhelmed about stepping into the role of homeowner—it comes with plenty of responsibility, a whole new frontier, and additional expenses. The Tennessee Great Choice Home Loan programs, created by the Tennessee Housing Development Agency (THDA), provide an affordable and accessible route to homeownership for Tennesseans of middle or moderate incomes. Get to know more about Great Choice Home Loans, where to get help from real estate and lending professionals, and other amazing resources to support you through your journey to homeownership.

Key Benefits of Great Choice Home Loans

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With a Great Choice Home Loan (GCHL), buyers enjoy a fixed interest rate throughout the lifespan of the loan and can usually receive down payment assistance or support with any loan-related expenses, like closing costs and other fees. When using this loan to assist with a down payment, homebuyers receive a flat amount based on the home’s purchase price. If you purchase your home for less than $150,000, then you can use up to $6,000 toward the down payment. When the purchase price exceeds $150,000, you can use up to $7,500 for down payment assistance.

With this loan program, first-time homebuyers can also take advantage of:

  • Using the GCHL to purchase off-site manufactured homes
  • Opportunities to work with THDA-Approved Counselors to help improve their credit scores
  • 30-year loan terms to help maintain low monthly payments

Homebuyer Education Opportunities

A 2016 study published in the Journal of Policy Analysis and Management revealed that homebuyer education reduces the risk of foreclosure among homebuyers. Homebuyer education is required for any THDA loan, and the wealth of knowledge these courses offer includes smart budget setting, identifying the right home for your needs, and which maintenance responsibilities to expect as a homeowner.

Take the first step toward homeownership by working with the knowledgeable real estate agents at HND Realty LLC. We design and construct homes with state-of-the-art methods and features, and we have decades of experience as home builders and native Tennesseans. Explore new homes and communities and learn more about our real estate services and expertise by getting in touch with our agents today.

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