First-Time Home Buyer Programs in Nashville

A First-Time Buyer Doesn’t Always Need More Money, Just the Right Loan

For a lot of first-time buyers in Middle Tennessee, the biggest hurdle isn’t finding a home, it’s figuring out how to finance it without putting themselves in a bad financial position.

They might not have 20% saved. Or maybe they’ve got some money set aside but don’t want to drain their reserves the moment they close. For some, it’s credit or income that makes qualifying feel harder than it should. For plenty of buyers, it’s simply not knowing that there are programs built specifically to help with the down payment and closing costs.

That’s where we can help.

THDA Is One of the Tools We Look At

The Tennessee Housing Development Agency (THDA) offers several programs designed to make homeownership more accessible for qualified buyers, including the Great Choice Home Loan and various down payment assistance options.

Great Choice can be paired with assistance through Great Choice Plus, which currently offers options including:

• Deferred down payment assistance, with no monthly payment
• Amortizing assistance of up to 5% of the sales price, capped at $15,000
• Additional benefits for qualified military members, veterans, first responders, and K-12 teachers through Homeownership for Heroes

THDA can be a fantastic solution for the right buyer but isn’t automatically the best loan for every first-time buyer.

And that’s exactly why we want you to connect your buyers with us early in the process.

Don’t Just Ask, “How Much Can They Put Down?”

One of the biggest misconceptions we see with first-time buyers is that the goal should always be to put as little money down as possible.

Sometimes it is, sometimes it isn’t.

A buyer may qualify for down payment assistance, but a different loan program could make more sense based on their credit, income, monthly payment, cash reserves, interest rate, mortgage insurance, or how long they expect to own the home.

There are also situations where using assistance can make perfect sense and others where bringing some of the buyer’s own funds to the table may put them in a stronger long-term position.

Our job is to look at the entire picture and help them understand their options. That could mean THDA, conventional financing, FHA, VA, USDA, or another first-time buyer solution. We may even be able to combine different assistance programs to significantly reduce the amount of cash needed to close in some cases.

Here’s Where You Come In

If you have a buyer who says:

• “I don’t think I have enough saved.”
• “I thought I needed 20% down.”
• “I don’t know if I can qualify.”
• “Another lender said I can’t afford what I’m looking for.”
• “I want to buy, but I don’t want to drain my savings.”
• “Are there any first-time buyer or down payment assistance programs?”

Send them our way.

Even if they’re months away from buying, we’d rather have the conversation early and help them understand what they need to do to become mortgage ready.

If THDA ends up being the right solution, we’ll make sure they understand exactly how it works. Including the benefits, the costs, and the long-term considerations of using down payment assistance.

Let’s Help More Buyers Become Homeowners 

The Middle Tennessee market has changed, and today’s buyers have more negotiating power and more financing options than they may realize.

Your job is to find them the right home, and ours is to help them find the right way to finance it. If you have a buyer who isn’t sure they’re ready, don’t count them out.

Let’s run the numbers, educate them on their options, and figure out what makes the most sense for their specific situation.

Connect with our Tennessee team.