The Tennessee Housing Development Agency (THDA) was created in 1973 to help low-income individuals and families obtain affordable home loans. THDA is the primary financing agency for the state of Tennessee and is responsible for the administration of a number of federal and state housing programs. This entity consists of a 16-member board of directors that is accountable to both the legislative and executive branches of government.
THDA is not a direct lender, but instead, THDA buys qualified home loans from private lenders. Some of the goals of the THDA include:
Great Choice and Great Choice Plus are home loans offered by the THDA. The Great Choice program works in conjunction with USDA, VA, FHA, or uninsured conventional loans. The Great Choice loan is a 30-year, fixed-rate mortgage. The Great Choice Plus is a 15-year, second mortgage. There are certain income and credit history requirements a borrower needs to meet to obtain a Great Choice or Great Choice Plus loan option. The program also requires owner-occupancy for the life of the loan.
This loan option offers down payment assistance to first-time homebuyers. Before closing on this loan, borrowers are required to take homebuyer education courses. These courses familiarize them with the complicated process of taking out a THDA loan.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020