Mortgage guidance · Licensed state
Mortgage broker serving Tennessee
Michael DuBois is a mortgage broker serving eligible buyers and homeowners in Tennessee, one of 14 states where he is licensed through Stonebridge Mortgage Inc. For first-time buyers, Tennessee Housing Development Agency (THDA) publishes a homeownership program worth checking before you commit to a financing plan.
Which Tennessee first-time-buyer resource is available?
Great Choice Home Loan is published by Tennessee Housing Development Agency (THDA). THDA describes Great Choice as a 30-year, fixed-interest-rate mortgage for Tennesseans of middle/moderate income. The official page lists county-varying household-income and purchase-price limits, a minimum 640 credit score for everyone on the application, and possible Great Choice Plus assistance for loan-related costs, including down payment and/or closing costs. Homebuyer education is required for down-payment assistance. Qualification, loan type, assistance amount, and applicable limits must be confirmed with a THDA-approved lender.
Program availability, rates and borrower eligibility change. Ask the agency or a participating lender to confirm the current rules for the property and your application.
How might Tennessee property taxes affect the payment?
Tennessee property taxes remain due; the Comptroller says its state tax-relief program is not an exemption and reimburses only homeowners meeting specified requirements. The amount can vary with assessment, county/city tax rate, and appraisal ratio; local county or city officials collect taxes and applications.
Official references: Tennessee property tax guidance
Get a property-specific estimate from the local assessor or tax office; a seller's existing bill might not reflect your future taxes.
What should a Tennessee buyer know about closing costs?
Closing costs apply to THDA mortgages, but the amount and who may pay them depend on the loan type and transaction. THDA says borrower-paid closing costs may come from the borrower, seller, a gift, or as required/permitted by the loan type; Great Choice Plus may be used for loan-related costs, including closing costs. Ask a THDA-approved lender for the transaction-specific disclosure.
References: Tennessee housing agency: closing costs
Review the Loan Estimate and Closing Disclosure for your actual numbers and any credits or assistance. Michael can help you ask the right questions while the lender and settlement provider confirm the figures.
Tennessee mortgage questions
Does Great Choice require me to be a first-time homebuyer?
Usually. THDA’s three-year rule generally looks for no principal-residence ownership or use during the prior three years for every borrower on the loan; designated targeted areas and certain repeat-buyer pathways may differ. A THDA-approved lender can check your situation.
Where can Tennessee buyers check first-time-buyer programs?
For Tennessee-specific help, start with THDA’s Great Choice Home Loan information and its THDA-approved lender network. The lender can check current county limits and whether a first-time-buyer exception or pathway applies.
How are property taxes handled in Tennessee?
Tennessee homeowners still owe property tax; the state relief program is a reimbursement program rather than an exemption, and only homeowners meeting its requirements qualify. Ask the county trustee or city collecting official about the local assessment, rate, appraisal ratio, and relief application.
Which closing costs should a Tennessee buyer plan for?
Budget for the loan-related closing costs required by your particular THDA mortgage and transaction; there is no single amount stated for all Tennessee buyers. Depending on the loan rules and deal, permitted funds may come from you, the seller, a gift, or Great Choice Plus, so review the lender’s disclosure.
Does the Great Choice Home Loan guarantee assistance?
No—the materials describe Great Choice Plus assistance as possible, not automatic. The approved lender must determine whether your loan qualifies, the applicable amount, and the permitted costs and terms.