THDA Great Choice Plus (Amortizing Option, New Build)
Tennessee Housing Development Agency offers Great Choice Plus (Amortizing Option - Newly Built/Proposed Construction) to first-time buyers in Tennessee: up to $25,000, as a repayable loan.
- Amount
- As much as $25,000
- Type of help
- A loan you repay
- Only for first-time buyers
- Yes, though there are exceptions
- Your credit score
- At least 640
What does repaying THDA Great Choice Plus (Amortizing Option, New Build) look like?
This is a repayable loan: a 0% interest loan you pay off monthly over 15 years.
Month by month you pay off a small second mortgage, usually in one payment with your main home loan; that's what a repayable loan is.
Who's eligible for THDA Great Choice Plus (Amortizing Option, New Build)?
- The household income limits change from county to county.
- Only first-time buyers: yes, though exceptions apply.
- Your credit score needs to be 640 or more.
- You must finish a homebuyer education course before you buy.
- You get it together with a THDA Great Choice Home Loan.
- The price limit changes by county.
Your county and household size set most limits. Use our HUD income limits tool to see the median income in your area and where your household falls.
Applying for THDA Great Choice Plus (Amortizing Option, New Build)
- Because Tennessee Housing Development Agency sends this help through approved lenders, your application goes to one of those lenders with your home loan as well.
- Your lender compares your income, your credit and the home with the program's rules, then reserves the money for you.
- This help is paid at closing and goes toward your down payment and your closing costs.
The full rules and current application status are on Tennessee Housing Development Agency's page for Great Choice Plus (Amortizing Option - Newly Built/Proposed Construction), and the agency's list of participating lenders lets you choose a lender.
Discuss THDA Great Choice Plus (Amortizing Option, New Build) with 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, New Build) fits you, and what you could combine with it.
Don't want to call? Share your details and the lender will get in touch with you.
More first-time buyer programs in Tennessee
- THDA Great Choice Plus (Deferred Option):
As much as $10,000, a forgivable loan.
- THDA Great Choice Plus (Amortizing Option):
As much as 5% of the price, but never more than $15,000, as a repayable loan.
Every Tennessee first-time home buyer program · Down payment assistance in each state