Tennessee first time home buyer grants and loan programs - The Tennessee Housing Development Agency (THDA) offers programs for low and moderate income home buyers.
The Great Rate Mortgage program offers a below market interest rate home loan secured by a first mortgage.
The Great Advantage and Great Start program offer home loans to qualified buyers at slightly higher interest rates, secured by a first mortgage, and the program includes assistance with a downpayment and closing cost. Potential buyers have satisfactory credit and the home must meet certain conditions.
These programs are available to first time home buyers (anyone who has not occupied a home owned as a principal residence during the past three years). The first time home buyer requirement is waived when the property being purchased is located in a "targeted" area within TN.
To see if you qualify for these programs, check out the THDA website.
A special program has been announced for Veterans by the THDA. Veterans have been granted a one year waiver on the first time homebuyer rule as part of the tax exempt mortgage revenue bond program.
Under the waiver, Veterans can apply for lower cost home loans/mortgages even if they have owned a home in the last three years.
Go to the THDA link above to learn more.