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THDA Great Choice Plus (Amortizing Option)

Tennessee Housing Development Agency offers Great Choice Plus (Amortizing Option) to first-time buyers in Tennessee: you can get up to 5% of the price, capped at $15,000, as a repayable loan.

Amount
You can get up to 5% of the price, capped at $15,000
Type of assistance
A loan you repay
Only first time buyers
The answer is yes, though exceptions exist
Your credit score
At least 640

This repayable loan is paid monthly over 30 years and matches your main home loan's interest rate.

A repayable loan means a second, smaller mortgage, paid off month by month, most often within the payment on your main home loan.

Which buyers can get THDA Great Choice Plus (Amortizing Option)?

  • Income caps for households are county specific.
  • Only first time buyers, though some exceptions apply.
  • Your credit score needs to be at least 640.
  • You'll need a homebuyer education course before you purchase.
  • You get it together with your THDA Great Choice Home Loan.
  • The price limit depends on your county.

Your county and household size shape most limits. Our HUD income limits tool shows the median income in your area and how your household compares.

Steps to apply for THDA Great Choice Plus (Amortizing Option) help

  1. You apply through an approved lender with your home loan, and Tennessee Housing Development Agency sends this help through that lender.
  2. The lender compares your income, your credit and the home with the program's rules and sets the money aside for you.
  3. At closing, this money goes toward your down payment and closing expenses.

To see whether it is taking applications and read the full rules, go to Tennessee Housing Development Agency's page for Great Choice Plus (Amortizing Option), or choose a lender from the agency's participating lender list.

THDA Great Choice Plus (Amortizing Option): ask a lender

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

Call 866-602-7460

Want to skip the phone? Share your details and the lender will reach out.

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.

More Tennessee programs for first time buyers

See every Tennessee first time buyer program · Down payment help in all states