Freddie Mac HFA Advantage - Deferred

Freddie Mac HFA Advantage - Deferred is a deferred second loan for homebuyers in Statewide, Tennessee. THDA's 4% conventional DPA paired with Freddie Mac HFA Advantage first mortgage; structured as a deferred 0% second mortgage with no monthly payment. Balance due at sale/refi/payoff. Statewide. 640 FICO, 45% DTI, $400K max purchase, county/HH-sized income limits ($60,160-$89,760). THDA's Freddie Mac HFA Advantage DPA - Deferred variant - provides 4% of the home's sales price as a second mortgage paired with a THDA Freddie Mac HFA Advantage conventional first mortgage. The DPA second carries 0% interest with NO monthly payments. The full principal balance is deferred and due in a balloon at the earlier of (a) sale, (b) refinance, (c) payoff of the first mortgage, (d) cease of owner-occupancy, or (e) end of the first mortgage term (typically 30 years). Funds may be applied to down payment and/or closing costs. Ideal for borrowers wanting to maximize monthly cash flow. Funding comes from State, Bond, and HFA.

Freddie Mac HFA Advantage - Deferred offers up to $15,000 in assistance. Homebuyer contribution: Conventional 3% borrower contribution typical per HFA Advantage rules. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Freddie Mac HFA Advantage - Deferred is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Full principal balance due at the earliest of: sale, refinance, payoff of first mortgage, cessation of owner-occupancy, or end of first mortgage term (typically 30 years). No monthly payments. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Freddie Mac HFA Advantage - Deferred is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB requirement waived in federally designated targeted counties/census tracts. On credit, the program states: 640 minimum FICO. A homebuyer education course is required, through THDA-approved homebuyer education required prior to closing. Online via eHome America or in-person via HUD-approved housing counseling agencies. Certificate required at closing. Residency requirement: Property in Tennessee, primary residence. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien. Borrower must obtain a THDA Freddie Mac HFA Advantage first mortgage (conventional). First-time homebuyer required, except in federally designated targeted areas. Minimum 640 FICO. Maximum 45% DTI per AUS. Owner-occupied primary residence in Tennessee. Income within THDA HFA Advantage limits ($60,160-$89,760 by county/HH size). Max acquisition cost $400,000 statewide. THDA-approved homebuyer education required. Recorded second mortgage; full balance due on sale, refi, payoff, or non-occupancy.

Freddie Mac HFA Advantage - Deferred limits household income to $89,760. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Freddie Mac HFA Advantage - Deferred caps the purchase price at $400,000. Eligible property types include Single-family detached, condominium (Freddie-eligible), townhouse, PUD, manufactured home (per Freddie HFA Advantage). 1-unit only. New construction is eligible. Manufactured homes are eligible.

Freddie Mac HFA Advantage - Deferred names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Freddie Mac HFA Advantage - Deferred serves homebuyers purchasing in Statewide, Tennessee. The program targets specific areas: Federally designated targeted counties/census tracts where FTHB requirement is waived.

Applications for Freddie Mac HFA Advantage - Deferred go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through THDA Lender Online portal; reserved by approved Originating Agent at time of lock. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.