Tennessee Homeownership for Heroes Program

Who Homeownership for Heroes serves

Homeownership for Heroes is designed for Tennessee's military and first responder community. Eligible borrowers include:

• Active-duty military personnel
• Veterans (honorably discharged)
• Surviving spouses of veterans
• Active-duty National Guard and Reserve members
• Law enforcement officers
• Firefighters and emergency medical technicians (EMTs)
• Teachers (in some program versions — verify current eligibility)

Unlike the standard Great Choice program, Homeownership for Heroes does not require first-time buyer status. Eligible borrowers who have previously owned a home can still qualify.

How the rate benefit works

Homeownership for Heroes provides a reduced interest rate compared to the standard Great Choice rate. The reduction is typically a fraction of a percentage point below the already-below-market Great Choice rate. While this may seem modest, the savings compound over a 30-year mortgage term.

Like Great Choice, Homeownership for Heroes is layered on top of an FHA, VA, USDA, or conventional loan. The underlying loan program determines the down payment requirement and other terms. The Heroes program provides the rate benefit.

Homeownership for Heroes vs. VA loan

For VA-eligible buyers (veterans and active-duty military), the question is often whether to use Homeownership for Heroes + VA or just a standard VA loan. The answer depends on the current rate environment:

• Homeownership for Heroes + VA provides the THDA rate benefit on top of VA's zero-down, no-PMI structure
• A standard VA loan from a competitive lender may offer a lower rate than THDA's Heroes rate in some market environments
• The right answer depends on current THDA rates vs. market VA rates — Morgan Hardy can compare both options

Income and purchase price limits

Homeownership for Heroes has income and purchase price limits similar to the standard Great Choice program. These limits vary by county and are updated periodically. Verify current limits with Morgan Hardy before making decisions based on program eligibility.