Latest News

2026 Affordable Homeownership Programs in Tennessee

September 14, 2026

For many Tennessee homebuyers, the biggest challenge isn’t finding a home they love. It’s figuring out how to make the upfront costs of buying a home work within their budget. Fortunately, programs are available that may help eligible buyers with expenses such as down payments and closing costs.

If you’re considering buying a home in Tennessee in 2026, here are a few programs and resources worth knowing about. Explore Ole South Homes financing options as well!

Great Choice Home Loan

The Tennessee Housing Development Agency’s Great Choice Home Loan is designed to make homeownership more accessible for eligible Tennessee buyers. The program offers a 30-year fixed-rate mortgage, and eligibility is based on factors including household income, county, and purchase price.

Great Choice is generally intended for first-time homebuyers, although certain repeat buyers may qualify depending on where they purchase or whether they meet other eligibility requirements.

Great Choice Plus Down Payment Assistance

For buyers who qualify for a Great Choice Home Loan, Great Choice Plus offers options that can help with a down payment and/or closing costs.

The current amortizing option provides assistance of up to 5% of the sales price, with a maximum of $15,000. THDA also offers a deferred option of up to $6,000 or $10,000, depending on the program terms. Buyers should review the repayment requirements carefully with a participating lender.

Homeownership for Heroes

Tennessee’s Homeownership for Heroes program provides additional benefits to eligible members of the military, law enforcement, firefighting, emergency medical services and, as of 2026, Tennessee K-12 classroom teachers. The program includes an interest-rate reduction on qualifying Great Choice loans.

Freddie Mac HFA Advantage

Another option available through THDA is the Freddie Mac HFA Advantage program, a conventional mortgage program that can also be paired with down payment and closing-cost assistance for eligible buyers. Unlike Great Choice, it does not have a first-time homebuyer requirement.

Start Exploring Your Homeownership Options With Ole South

Every program has its own income limits, purchase-price requirements, credit standards, and other eligibility rules. Beyond our own experts, a THDA-approved lender can help you determine which programs you may qualify for and how they could fit into your homebuying plans.

At Ole South Homes, finding the right home is about more than choosing a floor plan. It’s about finding a community and a home that fit the life you’re building.

When you’re ready to take the next step, explore Ole South Homes financing options and find your dream home in an Ole South community.