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Find similar grantsGreat Choice Plus Down Payment Assistance is sponsored by Tennessee Housing Development Agency. Provides a 0% deferred second mortgage for down payment and closing cost assistance for first-time homebuyers.
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Tennessee Housing Development Agency » Down Payment Assistance - Tennessee Housing Development Agency Down Payment Assistance Available If you qualify for a Great Choice Home Loan, you can also apply for down payment assistance in the form of a Great Choice Plus second loan to help with your down payment and/or closing costs. There are two options for down payment assistance.
Deferred Option (No Payments) Down payment assistance is $6,000 in the form of a forgivable second mortgage loan. Loan is forgiven at the end of 30-year term. If the home is sold or refinanced prior to 30-year term, the loan is due in full.
Amortizing Option (Payment) Down payment assistance is up to 5% of the sales price with a maximum assistance amount of $15,000. Interest rate is the same as the first mortgage.
If Great Choice Plus sounds like a great choice to you, check out your options: Military & Veteran Homebuyers You must continue to comply with the terms and conditions of your primary Great Choice Home Loan and secondary Great Choice Plus loan or penalties may apply, including immediate repayment.
According to the current listing, eligibility includes: First-time homebuyers in Tennessee. Confirm the full requirements in the official notice before applying.
The current listing shows up to $7,500. Verify award ceilings, matching requirements, and allowable costs in the official notice.
Great Choice Plus Down Payment Assistance is funded by Tennessee Housing Development Agency. Verify program details on the funder's official page before applying.
This opportunity targets applicants in Tennessee. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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