THDA Great Choice Plus - Deferred Option
Funding status: Active
How much assistance
$6,000 forgivable second mortgage (Forgivable Loan)
Forgiven at the end of the 30-year mortgage term if borrower remains in the home. If the home is sold or refinanced before the 30-year term, the full $6,000 must be repaid.
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 - Deferred 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.
Notes
0% interest rate. No monthly payments required. Must be used with a THDA Great Choice Home Loan.