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. There is no interest on this second loan, and you don't have to 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.
Down payment assistance comes in two forms:
Great Choice Plus
All homebuyers who qualify for a Great Choice Home Loan 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.
If you’re purchasing a home with a Great Choice Home Loan in one of the participating ZIP Codes, you can apply for our HHF-DPA program, which offers $15,000 in assistance regardless of the home’s purchase price.
Participating ZIP Codes: