Homeownership for Heroes
THDA celebrates and honors the men and women who serve with the Homeownership for Heroes program.
Homeownership for Heroes is a type of Great Choice Home Loan that offers financial assistance along with these added benefits:
- Reduced interest rate by half percentage point (0.5%)
- Waive requirements to be a first-time homeowner in all areas of Tennessee for qualified military or veterans
- Borrow up to 100% of home’s purchase price with a VA or USDA-RD loan or 96.5% with FHA loans
The Homeownership for Heroes program is available to:
Active Duty Military, National Guard, and Veterans
- State and Local Law Enforcement Officers
About Great Choice Home Loans:
- 30-Year Term - Your monthly payments are spread out across 30 years to keep them affordable.
- Fixed Interest Rate - The interest rate never changes throughout the entire life of the loan.
- Minimum Credit Score - The credit score of everyone on your loan application must be at least 640. If you do not know your credit store, your lender can check for you. If your credit score is too low, you can work with a THDA-certified counselor to improve your score.
- Household income and purchase price limits - The maximum of your total household income and the price you can pay for a home and still qualify for the Great Choice Home Loan program varies by county. See the full chart of income and purchase price limits.
- Down Payment Assistance - Homeownership for Heroes includes the option for our Great Choice Plus financial assistance with your loan-related expenses, including down payment (if borrowing less than 100%) and/or closing costs
If the Homeownership for Heroes program sounds like it might be right for you, we encourage you to start by attending a homebuyer education class. This class is required if you plan to apply for down payment assistance. THDA manages a network of approved homeownership counselors who teach homebuyer education classes.
A homebuyer education class can teach you:
- How to determine your budget
- 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
THDA works with Lenders and REALTORS® across the state who are trained and approved for the Homeownership for Heroes program.