Nashville Down Payment Assistance Programs
Learn more about down payment assistance programs for first time home buyers in Nashville
We’ve all heard it before—first time home buyers in Nashville DON’T need 20 percent down to purchase a home or condo. But just what’s fact and what’s fiction when it comes to how much money you’ll need for a downpayment? Well, it depends….
Many Nashville first time home buyers take advantage of The Tennessee Housing Development Agency’s (THDA) Great Choice and Great Choice Plus programs, which offer down payment assistance with a low-interest FHA loan. But before we dive further into the program, let’s first take a look at what the THDA is and how it can help you transition from renting to owning..
What is The Tennessee Housing Development Agency?
The THDA is Tennessee’s leading housing resource that aims to expand safe and affordable housing opportunities to low and moderate income home buyers across the state. In general, the primary goal of THDA is to expand home ownership opportunities throughout Nashville and the rest of Tennessee, support successful, ongoing homeownership for all Tennesseans, and maximize the use and availability of all rental and housing programs supported by the organization.
Down Payment Assistance Programs For Nashville First Time Buyers
First time home buyers in Nashville that meet THDA income limits can qualify for a fixed-rate, 30-year, no gimmick, 95% LTV mortgage and THDA will even assist with down payment and closing costs. Called a Great Choice Home Loan or Great Choice Plus Program, here are the basics...
Great Choice Home Loan program From THDA
- Created to make home loan financing available and affordable, here’s a quick overview about the Great Choice Home Loan Program.
- Every Great Choice Home Loan is a 30-year fixed interest home loan.
- Great Choice Home Loans are available through banks and lenders throughout Tennessee.
- Great Choice Home Loans require a minimum credit score of 640.
- To qualify for a Great Choice Home Loan, applicants must not exceed the annual income limit, which varies by county and also by the number of people in your household. Here's a rundown of THDA Great Choice Home Loan income limit standards.
- Some Great Choice Home Loan borrowers may qualify for down payment assistance.