Get Money Towards Your Down Payment
If you’re looking for down payment assistance in Tennessee, we’ve got great news. The Tennessee Housing Development Agency (THDA) offers money for first time property purchasers who need help coming up with the funds for the down payment.
The money comes in the form of a no-interest, no-payment loan that doesn’t need to be paid back for as long as you live in your home:
It’s pretty simple. If you qualify for a Great Choice Home Loan, you can apply for financial assistance with your down payment and/or closing costs.
Financial assistance comes in the form of a secondary loan on your home. This Great Choice Plus secondary loan has no monthly payments and no interest for as long as you own and live in your home.
No Monthly Payments
You don’t have to pay back a penny on this secondary loan until you decide to sell, move out of, or refinance your home.
When you decide to sell, move out of, or refinance your home, you’ll only pay back exactly what you borrowed–not a penny more.
Our executive director Ralph Perrey explains it like this: “Under this program, we allow qualified homebuyers to use our money to cover the down payment and some of the closing costs, but we do require them to return the money when they sell, refinance or move out of the home.”
To get complete program details, visit the THDA webpage.
More Tennesse Down Payment Assistance
In addition to the statewide down payment assistance program, you should also check to see if there are local aid programs offered in Tennessee that provide additional help which can be applied toward your down payment.