​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:

37040

37042

37110

37115

37148

37186

37411

37303

37311

37321

37323

37354

37404

37406

37821

37412

37416

37650

37660

37716

37721

37813

37921

37871

37874

38016

37912

37914

37917

37920

38109

38111

38012

38116

38053

38063

38105

38107

38128

38134

38115

38141

38118

38122

38125

38127

38135

38301

38305







Find out more.
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