THDA Great Choice and Great Choice Plus

The THDA Great Choice program, established by the Tennessee Housing Development Agency to assist first-time homebuyers in Tennessee, is designed to create new pathways for homeownership. On this page, we break down the benefits and the qualifications for the program.

You can use Stairs Financial today to see if you qualify for up to $15,000 in down payment assistance from the THDA Great Choice and Great Choice Plus.

What is the term of the THDA Great Choice Home Loan?

THDA Great Choice Home Loans come with a 30 year Term and a fixed interest rate.

What is the Minimum Credit Score for Great Choice Home Loan?

The minimum credit score for THDA Great Choice is 640. Many lenders will take the middle score of the buyer with the lower credit score.

What are the income and purchase price limits for Great Choice Home Loans?

The income limits and purchase price limits for Great Choice Home Loans depend on county and family size. Income limits range from $83,800 to $139,720. Purchase price limits for Great Choice Home Loans are $400,000.

What is the minimum down payment for Great Choice Home Loans?

Most Great Choice Home Loans are FHA loans, so the minimum down payment is 3.5%.

What down payment assistance is available with Great Choice Home Loans?

Home buyers who use Great Choice Home Loans can pair the first mortgage with a THDA Great Choice Plus second loan for down payment assistance.

There are two types of down payment assistance available: deferred payment (no payments) and amortizing (payments). Under deferred option, you can get $6,000 in the form of a forgivable second mortgage. Under the amortizing option, you can 5% of the sales price with a maximum of $15,000, but you have to pay interest.

How do I find a lender to see if I qualify for a Great Choice Home Loan?

Stairs Financial can help you find a lender to see if you qualify for Great Choice Home Loans and many other loan products with down payment assistance and other benefits for home buyers.