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Great Choice Plus - Amortizing

Statewide, Tennessee

Last verified
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Assistance

$15,000

The maximum the program publishes — not an offer

Income limit

$160,720

The household income limit the program publishes

Price cap

$400,000

Highest purchase price the program allows

Repayment

Repayable

Repaid on the terms set by the administering agency

What is Great Choice Plus - Amortizing?

Great Choice Plus - Amortizing is a repayable second loan for homebuyers in Statewide, Tennessee.

  • THDA's 5% Great Choice Plus DPA paired with Great Choice FHA/VA/USDA first mortgage; structured as a 15-year amortizing second mortgage at the first-mortgage rate. Tiered amounts $6,000 / $7,500 / $10,000 / $15,000. 640 FICO minimum, $400K max purchase, county/HH-sized income limits ($92,300-$160,720).
  • THDA's Great Choice Plus DPA - Amortizing variant - provides 5% of the home's sales price as a second mortgage (with fixed-amount tiers $6,000 / $7,500 / $10,000 / $15,000) paired with a THDA Great Choice FHA, VA, or USDA-RD first mortgage. The DPA second is amortized over 15 years at the same interest rate as the first mortgage, with regular monthly principal and interest payments alongside the first mortgage. Funds may be applied to down payment and/or closing costs.
  • Funding comes from State, Bond, and HFA.

How much assistance does it provide?

Great Choice Plus - Amortizing offers up to $15,000 in assistance.

  • Buyer contribution: Per first-mortgage product (3.5% FHA, 0% VA/USDA).
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Great Choice Plus - Amortizing is a repayable second loan and is repaid under the terms set by the administering agency.

  • Repayment is triggered by Monthly amortizing second mortgage and P&I payments for 15 years alongside the first mortgage. Balance due in full on sale, refinance, or transfer.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Great Choice Plus - Amortizing is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: FTHB requirement waived in federally designated targeted counties/tracts and for qualified veterans / active-duty service members.
  • The home is occupied as a primary residence
  • On credit: 640 minimum FICO.
  • A completed homebuyer education course, through THDA-approved homebuyer education required (eHome America online or HUD-approved counseling agencies); certificate required at closing.
  • Residency: Property in Tennessee; primary residence.
  • Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien.
  • Borrower must obtain a THDA Great Choice first mortgage (FHA, VA, or USDA-RD). First-time homebuyer required, except in federally designated targeted areas, for veterans / active-duty service members, or for qualified prior owners per IRS rules. Minimum 640 FICO. Maximum 45% DTI. Income within THDA Great Choice household limits ($92,300-$160,720 depending on county and HH size; verify schedule at thda.org). Max acquisition cost $400,000. THDA-approved homebuyer education required.

The program excludes

  • Purchases above the $400,000 price cap
  • Households above $160,720

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Great Choice Plus - Amortizing limits household income to $160,720.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Great Choice Plus - Amortizing caps the purchase price at $400,000.

  • Eligible property types include Single-family detached, condominium (FHA/VA/USDA-eligible), townhouse, PUD, manufactured home on permanent foundation per first-mortgage product. 1-unit only.
  • New construction is eligible.
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Great Choice Plus - Amortizing names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

  • Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Great Choice Plus - Amortizing serves buyers purchasing in Statewide, Tennessee.

  • The program targets specific areas: Federally designated targeted counties/census tracts where FTHB is waived and elevated income/purchase-price limits may apply.

How do you apply?

Applications for Great Choice Plus - Amortizing go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through THDA-approved homebuyer education required (eHome America online or HUD-approved counseling agencies); certificate required at closing..

  2. Contact the administering agency to reserve funds

    Funds are reserved through THDA Lender Online portal at time of rate lock., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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