ADVERTISEMENT
ADVERTISEMENT

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.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT