What is a THDA loan?

There has been a lot of talk lately about THDA Loans. Above is a video from Matt Hawkins with Accurate Mortgage who is familiar with THDA loans and is a great resource.

First, what is THDA – THDA stands for the Tennessee Housing Development Agency. When you hear the term THDA loan people are referring to The Great Choice Home Loan program that THDA actually created. THDA created the Great Choice Home Loan program to make buying a home more affordable to middle class and moderate income Tennesseans. As long as you meet certain criteria, you can be eligible for financial assistance in either closing costs or downpayment assistance.

Some quick facts:

1. The loan is a 30 year term
2. It has a fixed interest rate
3. The minimum credit score is a 640 – they have counselors that can help you improve this score if need be
4. There is a maximum household income based on county – currently (as of 9/26) Davidson and Williamson County is 90k-105k depending on number of people in household
5. There is a maximum purchase price – Davidson and Williamson are $375,000
6. The financial assistance can be used toward down payment or toward closing costs.

For more information reach out to us Sammi and Lisa at 615-972-6220 or Matt Hawkins – Accurate Mortgage mhawkins@accuratemtg.com Cell : 615.400.0174 Office : 615.656.2819 NMLS : 179933

Thanks!

Lisa Stigliano

Nashville on the Market Real Estate

Owner/Agent