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Military Homebuyers: Great Choice Mortgage Loan Program Information

Great Choice Special Military Discount Program


THDA is very proud of the service the armed forces have provided to our state and country. In honor of their service, a special interest rate reduction on Great Choice Loan Program has been designated to ensure that qualified service men and women have access to affordable homeownership opportunities. This special offer, referred to as “Homeownership for the Brave”, provides a ½% rate reduction on the current interest rate for Great Choice loans. In addition to the rate reduction, "Homeownership for the Brave" applicants are eligible for optional downpayment and closing cost assistance through the Great Choice Plus second mortgage loan at a 0% interest rate.

  • Click here to learn more about the Great Choice Loan Program.
  • Click here to see THDA’s current interest rates, including rates for Homeownership for the Brave.




What are the benefits of the “Homeownership for the Brave” program?
1. ½% interest rate reduction could result in a lower interest rate than available elsewhere.
2. Optional financial assistance for downpayment and closing costs.
3. Exemption from the first-time homebuyer requirement normally associated with the Great Choice Loan Program.

How does it work?
THDA offers 30-year, fixed rate mortgages (Great Choice) and optional downpayment assistance (Great Choice Plus) to eligible service men and women across Tennessee. In addition to meeting the minimum requirements to qualify for the Great Choice mortgage loan, applicants must take a homebuyer education course before closing on the loan. Great Choice mortgages with the Homeownership for the Brave rate reduction can be used in conjunction with FHA, VA, USDA-Rural Development or uninsured conventional loans.

  • Click here to learn more about Great Choice and Great Choice Plus.

Who is eligible for the "Homeownership for the Brave" discount?
Active duty service members and National Guard, veterans discharged under conditions other than dishonorable, reservists with at least 180 days of active duty service, spouses of service members and qualified veterans as well as surviving spouses of service members and qualified veterans.

How do I qualify for a Great Choice loan?
The following list outlines the minimum qualifications needed for the Great Choice Loan Program: 

  1. Satisfactory credit history. THDA currently requires a 620 credit score. To find out your credit score, click here to contact one of our approved lenders in your area. If your score is lower than 620, our homebuyer education counselors can help you with strategies to raise your credit score. Click here to contact one of our approved homebuyer education counselors in your area.
  2. Household income not above maximum limits. Great Choice loans are designed for low to moderate income Tennesseans. Income limits are based on the size of your household and county in which you will be purchasing your home. To see a list of maximum income limits by county, please click here.
  3. Purchase Price of home not above maximum limits. The Great Choice Loan Program is meant for modest homes, therefore maximum purchase price limits are in place and vary by county. To see a list of maximum purchase price limits by county, please click here.

Interested in more information about the Great Choice Loan Program?
THDA encourages the following action steps depending on your level of familiarity with the homebuying process:

Option 1- Homebuyer Education Course: For those just starting out on the homeownership journey, THDA recommends you take a homebuyer education course. These courses: 
  • Teach you the steps to homeownership
  • Clarify common, but confusing, mortgage concepts like title insurance and PMI
  • Outline various mortgage types, including THDA’s Great Choice Loan Program
  • Develop an understanding of budgeting and credit scores
  • Connect you with a trainer who can act as a resource throughout the homeownership process
  • Are generally free of charge (some classes charge $25)
  • Are required for all Homeownership for the Brave applicants

Click here to find a homebuyer education course near you.

Option 2- Talk to a Lender: Homebuyers more familiar with homeownership, but who wish to know more about the Great Choice, Great Choice Plus and Homeownership for the Brave are encouraged to contact a THDA-approved lender. Click here for a list of THDA-approved lenders organized by county.