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Great Choice Loan

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Great Choice Loan
Is Owning A Home Achievable?
If this world affords true happiness, it is to be found in a home where love and confidence increase with the years, where the necessities of life come without severe strain, where luxuries enter only after their cost has been carefully considered (Newton (n.d)). Most people only dream of owning their own home. The price of housing in Nashville is extremely expensive. First time homebuyers need to be aware of the different options available to them. Tennessee Housing Development Agency (THDA) provides different assistance for people looking to buy a home.
Make Housing Accessible
Tennessee Housing Development Agency offers assistance to individuals that meet a certain criteria. It is a fixed rate 30 year mortgage. The Great Choice loan has a 4.125% APR. Not everyone in Nashville are aware of the different programs that help homebuyers. The Great Choice Plus Loan provides 5% down payment and closing assistance. The buyer is provided with two loans, but the Great Choice Plus loan is 0% APR. This can go towards loans such as FHA, VA, and USDA …show more content…
Even though there are different programs that provide assistance. In order to qualify for the THDA program, the applicant must have a 640 credit score. In Davidson County the combined income for 1-2 people cannot exceed $82,200 and the combined income for 3 or more is $95,900. This loan also places restrictions on the amount a first time homebuyer can spend on the home of their dreams. The home cannot exceed more than $375,000. If you decide to refinance or sell your home before the 30 year mortage is up. You will be responsible to paying the 5% back on the Great Choice loan and the Great Choice Plus. On another hand, the THDA loan is designed for first time homebuyers with a low income. This loan is for people that want to live in their dream home for the rest of their lives. Additionally, Habitat of Humanity is another program for home
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