Tennessee · Subsidized loan

THDA Great Choice Home Loan

Below-market 30-year fixed rate

30-year fixed rate for first-time, repeat, and military buyers. FHA, USDA, VA, and conventional.

THDA's Great Choice provides competitive first mortgage rates and DPA for Tennessee buyers. The program is one of the most active state housing programs in the Southeast, consistently funding thousands of purchases annually.

AmountBelow-market 30-year fixed rate

TypeSubsidized loan

Available inTennessee

First-time buyer requiredNo

Minimum credit score640

Multi-unit eligibleYes — 1-4 units

House-hack eligible

This program can be used on 1-4 unit properties. Live in one unit, rent the others.

Programs that pair with this

FHA Loan Saves ~$33,000 on a $200K home vs 20% down

Federal · Subsidized loan

VA Loan $0 down + no monthly mortgage insurance

Federal · Federal benefit

NACA Program $0 down + $0 closing + $0 PMI + below-market rate

National · Nonprofit program

THDA Great Choice Plus (Forgivable) $6,000

Tennessee · Forgivable loan

THDA Great Choice Plus (5%) $15,000

Tennessee · Second mortgage

THDA Homeownership for Heroes Rate discount + FTB waiver for heroes

Tennessee · Rate discount

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