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Mortgage Rates for Today

Tennessee Assistance Programs

Are you a Tennessee First-time homeowner? Do you own a house but want a second mortgage or financing to help renovate it? Are you ready to plunge into the world of house hunting? Well, Total Mortgage is here to assist you! Our experts ensure a smooth home-owning or refinancing journey. The best current mortgage rates TN are available here to assess and compare. If you are stuck and need help choosing, we can assist you. With Total Mortgage, you can make the best home financing decision!

If you have any questions about securing the best mortgage rates in Tennessee, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Tennessee First-Time Home Buyer Programs

THDA Great Choice Home Loan

The Great Choice Home Loan program is available for Tennessee first-time home buyers and repeat home buyers through the Tennessee Housing Development Agency. Buying a house in Tennessee applies to conventional, FHA, VA, or USDA loans. It is a 30-year loan with a fixed interest rate, and the rates fluctuate depending on the market and mortgage lender.

The borrower must make a 3% down payment for the GC97 conventional loan and 3.5% for an FHA or USDA loan accompanied by down payment assistance. No down payment is required in the case of a VA or USDA loan. The borrower needs to have at least a 640 credit score. They must also complete a homebuyer education course and meet THDA income limits that vary by county and household size. The property should meet the purchase price limits of THDA, which may vary across the state.

THDA Homeownership for Heroes

The Housing for Heroes program or 'Homeownership for Heroes' at THDA cuts the interest rate on a mortgage by half of one percentage point for those who serve our country. You need not be a first-time homebuyer to qualify. However, you need to finish a homebuyer education program to be eligible for Tennessee first-time home buyer program. Meeting the Great Choice program income and purchase price limits is mandatory. You must meet the state's minimum credit score requirement of 640. Consequently, the eligible groups are

  • Active-duty military, veterans, and National Guard
  • State and local law enforcement officers
  • EMTs/paramedics
  • Firefighters

Tennessee Down Payment Assistance

THDA Great Choice Plus

When applying for a Great Choice Loan with the THDA and needing assistance securing the cash to pay the down payment and closing costs, the Great Choice Plus is an instrument that will help you take that concern off your neck. This program features the following first-time home buyer Tennessee requirements -

  • A 15-year loan with monthly payments
  • 6 % of the purchase price
  • When you sell or refinance the home, you will need up to a $6,000 loan to repay the original mortgage.

Other Tennessee Homebuyer Programs

Chattanooga Neighborhood Enterprise

If purchased with the Chattanooga Neighborhood Enterprise DPA, the Chattanooga loan can cover a $15,000 payment, the remainder financed under a separate, second loan. The interest rate is in line with the first mortgage but can be no less than 3 %.

This Tennessee first-time home buyer loan is available to anyone purchasing in the following areas:

  • Bledsoe
  • Bradley
  • Marion
  • Grundy
  • Hamilton
  • McMinn
  • Meigs
  • Polk
  • Rhea
  • Seqatchie

Memphis down payment assistance

Memphis may give $25,000 for the down payment for first-time home buyers TN, depending on the financing availability. If you are ready to take this loan, you must earn an eligible income of under 80% of the city's median income and purchase a property under the maximum eligible purchase in the city.

FHA Loans

FHA loans are less restrictive than conventional ones. They only require 3.5 percent down and accept credit scores as low as 580.

VA Loans

VA loans are exclusive for military personnel, veterans, and surviving spouses, including lower interest rates and zero down payment demands.

USDA Loans

The United States Department of Agriculture subsidizes USDA loans. It does not require down payments, but the client must buy a home in designated rural areas and satisfy specific criteria to be eligible.

HomeReady and Home Possible loans

Fannie Mae and Freddie Mac support HomeReady and Home Possible loans, intended for first-time home buyers, where a low 3 percent down payment is acceptable, and income criteria vary.

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