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