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Great Choice Plus

Tennessee

Available Assistance

Great Choice Plus is a second mortgage that allows applicants to borrow up to an additional 5 percent of the property price, which is put toward covering down payment and closing costs. This second loan comes with no interest and no monthly payments. Borrowers don’t have to repay the loan unless they decide to sell, refinance, or move out of the property, and even in that case they only pay the amount they borrowed, with no interest payments. In some cases, the loan is forgiven completely, which means that borrowers don’t have to pay back the money at all.

Eligibility Requirements

In addition to staying compliant with the terms of the first mortgage (Great Choice Home Loan), applicants are required to attend and complete a pre-purchase homebuyer education course from a THDA-approved instructor to qualify for the Great Choice Plus program. The homebuyer course teaches applicants how to select the best house, what questions to ask when shopping for a home, how to qualify for a mortgage, and all that’s involved in maintaining a home after the purchase.

Property Guidelines

The Great Choice Plus program is available to first-time homebuyers, repeat homebuyers, and military and veteran homebuyers, as long as they are approved for a Great Choice Home Loan.

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