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THDA Great Choice Plus (Deferred Option)

Tennessee Housing Development Agency offers Great Choice Plus (Deferred Option) to first-time buyers in Tennessee: up to $10,000, as a forgivable loan.

Amount
Up to $10,000
Kind of help
Forgivable loan
First-time buyers only
Yes, with exceptions
Credit score
640 or higher

Forgivable loan: 0% loan forgiven after 10 years. You repay all of it if you sell or refinance sooner.

A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.

Who qualifies for THDA Great Choice Plus (Deferred Option)?

  • Household income limits vary by county.
  • First-time buyers only: yes, with exceptions.
  • A credit score of 640 or higher.
  • A homebuyer education course before you buy.
  • It comes with a THDA Great Choice Home Loan.
  • Price limit: varies by county.

Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.

How to apply for THDA Great Choice Plus (Deferred Option)

  1. Tennessee Housing Development Agency pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
  2. The lender checks your income, credit and the home against the program's rules and reserves the money for you.
  3. The help is paid at closing, toward your down payment and closing costs.

Read the full rules and whether it is taking applications on Tennessee Housing Development Agency's page for Great Choice Plus (Deferred Option), or pick a lender from the agency's list of participating lenders.

Ask a lender about THDA Great Choice Plus (Deferred Option)

Tell us where you're buying and a lender that works with Tennessee's programs can tell you whether THDA Great Choice Plus (Deferred Option) fits you, and what you could combine with it.

Call 866-602-7460

Rather not call? Send your details and the lender will reach you.

When you send this request, you agree that one mortgage lender who works with these programs may contact you by email, phone or text, including by automated means, about this request. Agreeing is not a condition of any purchase. We are an independent guide, not a lender or a government agency; only that one lender gets your details, and it may pay us for the introduction. See our about page and privacy notice.

Other first-time buyer programs in Tennessee

All Tennessee first-time home buyer programs · Down payment assistance in every state