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.
- For homes with a purchase price under $150,000, the amount of down payment assistance is $6,000.
- For homes with a purchase price at or over $150,000, the amount of down payment assistance is $7,500.
Great Choice Plus is a second mortgage loan on your home, that is paid in monthly payments over 15 years at an interest rate that is the same as the first mortgage rate. The loan may also be used to pay closing costs.
To qualify for down payment assistance, you must complete a Homebuyer Education course from a THDA-approved instructor. You can take this course online or in a classroom with other homebuyers like yourself.
To learn more or to enroll in one of these courses, click here.
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.