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 available up to $6,000 or up to $10,000 in the form of a forgivable second mortgage loan.
- 0% interest rate
- Loan is forgiven at the end of 10-year term. If the home is sold or refinanced prior to 10-year term, the loan is due in full.
Amortizing Option (Payment)
- Down Payment Assistance is available up to 5% of the sales price with a maximum assistance amount of $15,000 in the form of a second mortgage loan.
- 30-Year term amortizing
- Interest rate is the same as the first mortgage.
Amortizing Option (Payment)- Newly Built/Proposed Construction
- Down Payment Assistance is available up to $25,000 for newly built/proposed construction in the form of a second mortgage loan.
- 15-year term amortizing
- 0% interest rate on the second mortgage
Get Approved
If Great Choice Plus sounds like a great choice to you, check out your options:
- First-time Homebuyers
- Repeat Homebuyers
- 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.