NASHVILLE, Tenn. – The mortgage interest rates through the Tennessee Housing Development Agency have been reduced.
The Homeownership Choices program offers 30-year fixed rate mortgages through local lenders for first-time homebuyers. The lowest interest rate is 4.75 percent for the Great Rate, which is for households that have down payment and closing costs available from a different source.
If assistance is used from THDA for down payment and closing costs, options are to receive 2 percent of the acquisition cost in assistance through the Great Advantage mortgage or 4 percent in assistance through the Great Rate.
The assistance dollars are paid back to THDA with interest rates of 5.05 percent for Great Advantage or 5.35 percent for Great Start.