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Low- to moderate-income individuals and families can apply for affordable home loans through the Tennessee Housing Development Agency (THDA) loan program’s Great Choice Home Loan.
Although each loan’s specific terms will vary based on the borrower and unique loan request, THDA Great Choice Home Loans all feature the following terms:
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The THDA exists to make home financing more accessible to low-income individuals and families. Here are some minimum requirements that borrowers must meet in order to qualify.
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If you qualify for a Great Choice Home loan from the THDA, then you also have the option to apply for financial assistance with your down payment and/or closing costs. This assistance is provided through an interest-free, payment-free second mortgage on your home. While you are not required to make payments toward this loan balance, it must be repaid upon moving or selling the home.
The THDA makes Great Choice Home Loans available to all types of borrowers, including first-time homebuyers, current homeowners, active military personnel, veterans and their spouses.
If you live in Tennessee and have struggled to find an affordable path to long-term homeownership, we encourage you to contact a loan representative at Mortgage Investors Group. We can help you improve your financial situation and obtain affordable financing on a THDA home loan that fits both your lifestyle and your financial goals.
8320 East Walker Springs Lane
Knoxville, TN 37923
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast. An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use Find a Loan Officer or reach out to Mortgage Investors Group at 800-489-8910.
Terms and conditions: Terms vary based on loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary. Additional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information. Rates are subject to change at any time. Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term. Payments will vary based on program selection, current rates, property location, etc. Not all programs are available in all states. Some loan programs may not be available to first time home buyers. Information is generally based on primary residence occupancy with no cash out when refinancing.
