UP TO $15,000 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.
- 0% interest rate
- 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.
- 30-Year term amortizing
- Interest rate is the same as the first mortgage.
Homebuyer Education
To qualify for down payment assistance, you must complete a pre-purchase Homebuyer Education course from a THDA-approved instructor. You can take this course online or in a classroom style (virtual/in-person) with other homebuyers like yourself.
To learn more or to enroll in one of these courses, click here.
Get approved
If Great Choice Plus sounds like a great choice to you, check out your options:
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.
