Full-time Tennessee K-12 teachers are now eligible for reduced interest rates on home loans through an expansion of the Tennessee Housing Development Agency’s (THDA) Homeownership for Heroes program.
The program, which previously served veterans, active-duty military personnel, firefighters, EMTs, paramedics, and law enforcement officers, now includes full-time classroom teachers employed in Tennessee public and private schools.
“Teachers play an important role in strengthening Tennessee communities, and we’ve worked to ensure our state’s educators are supported with annual pay increases and meaningful resources,” Governor Bill Lee said in announcing the expansion. “I thank the Tennessee Housing Development Agency for helping teachers achieve homeownership and build lasting roots in the communities they serve.”
The Homeownership for Heroes initiative builds on THDA’s Great Choice Home Loan program, which was created to make homeownership more affordable for Tennesseans with “middle and moderate incomes.”
Great Choice loans offer 30-year fixed-rate mortgages, a minimum credit score requirement of 640, and down payment assistance opportunities. Eligible borrowers may also qualify for financing options through FHA, USDA-RD, VA, and Freddie Mac HFA Advantage programs, according to THDA’s website.
The program is available to first-time homebuyers and certain repeat homebuyers who meet eligibility requirements.
Under the expanded Homeownership for Heroes program, eligible teachers can receive a 0.50 percent reduction on the current Great Choice loan interest rate, which THDA said can save homeowners approximately $125 per month.
THDA Executive Director Ralph Perrey said the agency was proud to launch the teacher expansion during National Teacher Appreciation Week last month.
“Educators invest every day in our children and our future, and we are excited about the opportunity to further assist teachers on their path to homeownership,” Perrey said.
Since its inception, THDA said the Homeownership for Heroes program has helped more than 5,400 public servants purchase homes across Tennessee.
The program’s recent expansion to teachers was applauded by JC Bowman, executive director of Professional Educators of Tennessee, who said, “Programs like this recognize the important role educators play in our communities and provide meaningful support as they build their futures in Tennessee.”
Educators and other eligible public servants can learn more about the program during a virtual information session set to be hosted by the U.S. Department of Housing and Urban Development (HUD) and THDA on June 17 at 11 a.m. CT.
The session will cover program benefits, eligibility requirements, available homebuyer resources, and opportunities for down payment assistance.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
