THDA Homeownership for Heroes

THDA Homeownership for Heroes is a second mortgage for homebuyers in Nashville, Tennessee, administered by Tennessee Housing Development Agency (THDA). Homeownership for Heroes is an enhanced THDA Great Choice Home Loan tier honoring military, veterans, and first responders. Eligible heroes receive a reduced first-mortgage interest rate, up to $15,000 or 5% of the purchase price in down payment assistance, and the ability to borrow up to 100% of the purchase price with a VA or USDA-RD loan (96.5% FHA). For qualified military and veterans, the first-time homebuyer requirement is waived statewide. Reduced first-mortgage interest rate for heroes. Up to $15,000 or 5% of purchase price in DPA. First-time buyer requirement waived for qualified military/veterans. Finance up to 100% with VA or USDA-RD. Statewide through THDA-approved lenders. Funding comes from Tennessee Housing Development Agency (state HFA bond program).

THDA Homeownership for Heroes offers up to $15,000 in assistance. Award tiers: Heroes tier: reduced first-mortgage interest rate plus up to $15,000 or 5% of purchase price in DPA; FTHB requirement waived statewide for qualified military/veterans. The program can be combined with Bundled with the THDA Great Choice first mortgage and Great Choice Plus DPA. Amounts are the program's published maximums, not an offer — Tennessee Housing Development Agency (THDA) determines any individual award.

THDA Homeownership for Heroes is a second mortgage and is repaid under the terms set by Tennessee Housing Development Agency (THDA). Repayment is triggered by DPA delivered through the Great Choice Plus second loan (deferred forgivable or amortizing) attached to the Great Choice first mortgage. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

THDA Homeownership for Heroes is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through THDA-approved homebuyer education. Residency requirement: Property in Tennessee. Enhanced tier of THDA Great Choice, distinct from base Great Choice Plus - reduced rate, FTHB waiver for military/veterans, targets heroes/first responders. DPA delivered via Great Choice Plus (0% deferred OR amortizing). Eligible heroes: military/National Guard/retired military, law enforcement, firefighters, EMTs/paramedics (counted under healthcare flag). Income/credit/acquisition limits follow standard Great Choice.

THDA Homeownership for Heroes sets its income limit as follows: Follows standard THDA Great Choice income and acquisition-cost limits by county and household size; not restated on the Heroes flyer. 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.

THDA Homeownership for Heroes caps the purchase price as follows: Subject to THDA Great Choice acquisition-cost limits by county. Eligible property types include Single Family.

THDA Homeownership for Heroes names veterans, active-duty service members, reservists and National Guard members, law enforcement officers, firefighters, and healthcare workers 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.

THDA Homeownership for Heroes serves homebuyers purchasing in Nashville, Tennessee.

Applications for THDA Homeownership for Heroes go through Tennessee Housing Development Agency (THDA), which publishes the current terms and the application steps on its own site. Funds are reserved through Through THDA-approved lenders under greatchoicetn.com. 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.