DPA Grants For Tennessee First Time Home Buyers

The Tennessee Housing Development Agency (THDA) provides down payment assistance grants to help low to moderate income Tennesseans first time home buyers purchase modest homes.

Tennessee First Time Home Buyer GrantsFor first-time homebuyers, one of the greatest obstacles in the struggle to obtain homeownership is saving the money to cover the downpayment and closing costs. The Great Choice Loan Program provides qualified Tennesseans up to 4% downpayment assistance in the form of a no-interest, no-payment loan that becomes a grant after you reside in your home for a specified length of time.

Even though Great Choice Plus is a second mortgage,it is not as complicated as it may sound. Since it is a 0% interest, non-amortizing, deferred loan, there are no monthly payments. The term of the second mortgage loan is 15 years with a forgiveness feature that begins after year 10. The loan is fully forgiven at the end of year 15. If you choose to sell your home before the 15-year period has passed, or choose to refinance, you will repay the balance of the Great Choice Plus loan at the closing.

To investigate all the details of this Tennessee first time home buyer grant, visit the THDA webpage here, read the fact sheet, or contact them directly at:

Andrew Jackson Building Third Floor
502 Deaderick St., Nashville, TN 37243
General Information: 615-815-2200
Toll Free: 800-228-THDA