Homeownership for Heroes
Homeownership for Heroes for Tennessee firefighters
Firefighters currently employed in Tennessee qualify for THDA's Homeownership for Heroes: a rate 0.5% under Great Choice and Heroes Plus down payment options.
Who counts
Firefighters currently employed in Tennessee qualify. Your lender checks current employment and your firefighter license or certification.
Homeownership for Heroes is a THDA Great Choice home loan (FHA, VA or USDA, 30-year fixed) priced 0.5% below the standard Great Choice rate. Through Heroes Plus you can add one down payment option: a repayable 5% loan up to $15,000, a forgivable 0% loan of $6,000 or $10,000, or up to $25,000 repaid at 0% on a new-build home. You apply through a THDA-approved lender, not through THDA.
Counting your income
THDA compares total household income to your county's limit, for 1-2 people or 3+. Your lender decides how overtime and other pay are counted under THDA's rules, so give them a full picture early. Limits run from $94,900 to $162,540 by county. See the chart.
Buying a new build
If you're buying a newly built or proposed-construction home, Heroes Plus offers up to $25,000 at 0% interest, repaid over 15 years. It's a loan with a monthly payment, not a grant.
Papers to have handy
- Your Tennessee firefighter license or certification
- Proof of current employment with a Tennessee department
- Pay stubs showing base and any overtime pay
- Two years of tax returns
Things people ask
Do volunteer firefighters qualify?
THDA's rule says firefighters currently employed in Tennessee. Ask a THDA-approved lender how it treats volunteer service.
Can I use a VA loan?
Yes, if you're VA-eligible. Heroes works with FHA, VA and USDA loans.
Is there a minimum credit score?
Yes, 640 for everyone on the loan.
