​Down Payment Assistance

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 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:





1. Great Choice Plus

Anywhere in Tennessee, 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.

In 2017, approved homebuyers received an average of $7,144 in down payment assistance through the Great Choice Plus program.

Find out more.



2. HHF-DPA

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 down payment assistance. Other qualifications apply.

Participating ZIP Codes:

37037

37172

37321

37650

37877

38012

38111

38133

37040

37186

37323

37660

37890

38016

38115

38134

37042

37207

37354

37716

37912

38018

38116

38135

37073

37208

37404

37721

37914

38053

38118

38141

37086

37217

37406

37813

37917

38063

38122

38301

37110

37218

37411

37821

37920

38105

38125

38305

37115

37303

37412

37871

37921

38107

38127

37148

37311

37416

37874

37924

38109

38128


Find out more.
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