First-time Homebuyers

Getting Started

The Great Choice Home Loan program was designed to help first-time homebuyers overcome these common obstacles:

  • Not enough savings for a down payment
  • Uncertain how the home-buying process works
  • Worried you won’t qualify for a home loan
  • Concerned about high-risk, “gimmick” mortgages

Get Help with Your Down Payment

Most Great Choice Home Loans are insured by FHA or USDA-RD, which means you can borrow up 96.5% of the total price of the home you’re buying.

This means you need a minimum of3.5% for a down payment—and financial assistance is available to every approved homebuyer! You can use your financial assistance for any loan-related costs, including down payment and closing costs.


Act with Confidence

THDA manages a network of approved homeownership counselors who teach homebuyer education classes. Signing up for one of these classes is the first thing you should do when you start your housing search.

A homebuyer education class can teach you:

  • What makes a home right for you
  • What questions to ask when looking at a home
  • How to qualify for a home loan
  • What’s involved in maintaining a home once you’re a homeowner

This class is required if you plan to apply for down payment assistance.


Consistent, Reliable Home Loans

As a state agency, THDA designed the Great Choice Home Loan program so that lenders are able to say “yes” to more first-time homebuyers. Responsible lending is our top priority. We only offer 30-year, fixed interest rate home loans, and we’ve never offered anything else.

If a Great Choice Home Loan sounds like it might be right for you, we encourage you to contact a lender and REALTOR® who are trained and approved for the Great Choice Home Loan program.

Find an approved lender in your area.

Find an approved REALTOR in your area.

When you choose a Great Choice Home Loan, your monthly payments help fund home repairs for the elderly, ramp installations for people with disabilities, emergency services for the homeless, and other state housing programs.

Find out why Great Choice Home Loans are the Mortgage with Heart.