The Tennessee Housing Development Agency (THDA) provide a variety of services to help people buy homes. One of these services is called the THDA Great Start program.
A normal FHA loan requires a 3.5% down payment, but if you qualify, the THDA Great Start Program will give you 4% to help with your down payment and closing costs.
The downside is that the Great Start interest rate is slightly higher than a normal FHA rate.
Requirements:
1) On the Williamson County side of Spring Hill, the home must cost less than $226,100. If there are one or two people in your household, your total annual income must be less than $64,900, or if there are 3 or more people in your household, your total annual income must be less than $74,635.
2) On the Maury County side of Spring Hill, the home must cost less than $200,160. If there are one or two people in your household, your total annual income must be less than $61,600, or if there are 3 or more people in your household, your total annual income must be less than $70,840.
3) You must intend to use the home as your primary residence.
4) You cannot own another home.
5) You must qualify for an FHA loan.
This information is believed to be accurate but not guaranteed and may become outdated at any time. Please verify all information prior to making a financial decision.