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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
As much as $10,000
Type of assistance
A loan that can be forgiven
Only first-time buyers qualify
Generally yes, though some exceptions apply
The credit score you need
At least 640

It's a 0% loan, forgiven once 10 years have passed. Sell or refinance before that and you repay the full amount.

Keep the home and the first mortgage for the years required by the program, and this forgivable loan goes away.

THDA Great Choice Plus (Deferred Option): who can qualify?

  • Depending on the county, household income limits vary.
  • Limited to first-time buyers: yes, though some exceptions apply.
  • Your credit score needs to be at least 640.
  • Before buying, you'll take a homebuyer education course.
  • A THDA Great Choice Home Loan comes with it.
  • Your county affects the price limit.

Your county and household size determine most limits. Use our HUD income limits tool to see the median income in your area and how your household compares.

THDA Great Choice Plus (Deferred Option): how to apply

  1. You apply through one approved lender with your home loan, since Tennessee Housing Development Agency works through those lenders.
  2. Your income, credit and the home are checked by the lender against the program's rules, then the money is set aside for you.
  3. At closing, the money goes toward your closing costs and down payment.

Find every rule and current application status on Tennessee Housing Development Agency's page for Great Choice Plus (Deferred Option); you can also choose from the agency's approved lender list.

THDA Great Choice Plus (Deferred 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 (Deferred Option) fits you, and what you could combine with it.

Call 866-602-7460

Don't want to call? Share your information, 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.

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