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 worth a maximum of 5% of the home's purchase price to help with your down payment and/or closing costs.
Great Choice Plus is a second mortgage loan on your home. There is no interest on this second loan, and you don't have to make any monthly payments on it either. You only have to pay it back when you sell, move out of, or refinance your home. And in certain circumstances, this second loan can be forgiven, meaning you don’t have to pay it back at all.
In 2018, approved homebuyers received an average of $8,000 in down payment assistance through the Great Choice Plus program.
Want to understand how a Great Choice Plus down payment assistance works? The video below can help explain in just 90 seconds!
If you qualify for a Great Choice Home Loan, you can apply for financial assistance with your down payment and/or closing costs.
Financial assistance comes in the form of a second mortgage loan on your home. This Great Choice Plus second loan has no monthly payments and no interest for as long as you own and live in your home. Here's what that means:
No Monthly Payments
You don't have to pay back a penny on this secondary loan until you decide to sell, move out of, or refinance your home.
When you decide to sell, move out of, or refinance your home, you'll only pay back exactly what you borrowed--not a penny more.
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 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.