Great Start & Great Advantage Mortgage Programs

THDA's Homeownership programs are designed for low- and moderate-income borrowers. The Great Advantage program offers a slightly higher interest rate loan secured by a first mortgage offering downpayment and closing cost assistance of 2%. The Great Start program offers a loan at a slightly higher interest rate, secured by a first mortgage, but offers assistance with down payment and closing costs of 4%.

Program Details	Great Start	Great Advantage
Maximum Household Income	Varies by County (see Sales Price & Income Limits)	Varies by County (see Sales Price & Income Limits)
Maximum Sales Price (Including all incidentals)	Varies by County (see Sales Price & Income Limits)	Varies by County (see Sales Price & Income Limits)
Interest Rate	4.20% fixed rate, subject to change	3.90% fixed rate, subject to change
Loan Term	30 years (1st mortgage)	30 years (1st mortgage)
Loan Types	FHA, VA, USDA/RD, Conventional	FHA, VA, USDA/RD, Conventional
Mortgage Insurance or Guarantee	As required by loan type	As required by loan type
Buydowns	Not allowed	Not allowed
Assumable	Subject to qualifying	Subject to qualifying
Pre-Payment Penalty	No penalty	No penalty
Subject to Recapture	Yes	Yes
Required Reserve	As required by loan type	As required by loan type
Minimum Investment	As required by loan type	As required by loan type
Closing Costs and Downpayment Assistance	4% of loan amount available to borrower(s) as assistance with down payment and closing costs. The entire 4% assistance grant must be used.	2% of loan amount available to borrower(s) as assistance with down payment and closing costs. The entire 2% assistance grant must be used.
Homebuyer Education	Required	Required
Origination Fee	Up to 2% maximum	Up to 2% maximum
Discount Point	Maximum 1/4% on 1st Mortgage	Maximum 1/4% on 1st Mortgage

If you have any questions or need additional information, please contact Ed Lozier by email or at 615-815-2082.