THDA Great Choice Plus - Amortizing Option

Administered by: Tennessee Housing Development Agency (THDA) · State · Repayable Loan

Funding status: Active

How much assistance

Up to 5% of the purchase price, maximum $15,000 (Repayable Loan)

Eligibility

  • Income limits: Must qualify for a THDA Great Choice Home Loan. Income limits vary by county.
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years. Veterans and buyers in targeted areas are exempt.
  • Credit score minimum: 640
  • Geographic restrictions: Must purchase within Tennessee.
  • Homebuyer education required: Yes

How to Apply for THDA Great Choice Plus - Amortizing Option

Step 1: Apply through a THDA-approved lender when applying for a Great Choice Home Loan. Must complete homebuyer education course prior to closing.

Visit program website

Notes

Repayable second mortgage at the same interest rate as the first mortgage. 30-year repayment term with monthly payments. Must be used with a THDA Great Choice Home Loan.

Available Statewide In