Repeat Homebuyers

Special Offer for Repeat Homebuyers

THDA mortgage products were designed for first-time homebuyers. However, in over 50 counties and certain neighborhoods across Tennessee, the first-time homebuyer restriction has been removed. This means individuals and families that are currently homeowners may qualify for the Great Choice Loan Program if purchasing a new home in one of these areas. For repeat homebuyers, especially those needing assistance with downpayment and closing costs, the Great Choice Plus loan may be a good fit.

How does Great Choice work?

THDA offers 30-year, fixed interest rate mortgage loan and an optional 0% second mortgage, the Great Choice Plus, for qualified Tennessee homebuyers to use as downpayment assistance. Great Choice Plus mortgage loans can be used in conjunction with FHA, VA, USDA-Rural Development or uninsured conventional loans. It is a 0% interest-free, deferred, forgivable second mortgage loan in an amount up to 5% of the home sales price. Repayment of the loan is required if the borrower sells or refinances before the end of the loan term.

  • Click here to learn more about the 0% Great Choice Plus downpayment assistance second mortgage loan.
  • Click here to learn more about FHA, VA, USDA-Rural Development and conventional loan types and how they work in conjunction with the Great Choice Loan Program.
  • Click here for more information about the $15,000 HHF Down Payment Assistance homebuyer education requirements.

How do I take the next step?

To find out more about Great Choice and Great Choice Plus, and to determine if you qualify, please follow these three easy steps:

Step 1-See if the county where you want to live is eligible.

Click here to see an interactive map of Tennessee. All of the counties and neighborhoods in blue are eligible for repeat homebuyer loans. If you would like to search a specific address to see if it qualifies, enter the address in the search bar at the upper right hand corner of the map. If the address falls within a blue-shaded area, the address is eligible for the repeat homebuyer program.

Step 2- Determine if you meet the minimum qualifications:

  1. Satisfactory credit history. THDA currently requires a 640 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 640, 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.

Step 3- Talk to a THDA-approved lender or real estate professional.

THDA-approved lenders are able to assist homebuyers with qualification and application for a THDA loan. To find a THDA-approved lender in your area, please click here. To find a THDA-approved real estate professional in your area, please click here.