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 second mortgage loan on your home. There is no interest on this second loan, and you don't have to make any monthly payments on it either. You only have to pay it back when you sell, move out of, or refinance your home. And in certain circumstances, this second loan can be forgiven, meaning you don’t have to pay it back at all.
Down payment assistance comes in two forms:
One of the most effective ways Helping Hands of Tennessee can help prepare homebuyers for success is with a pre-purchase homebuyer education course. An independent study of THDA home loans shows that this course reduces the odds of foreclosure by 42%.
In order to qualify for THDA's Great Choice Plus down payment assistance program or the Homeownership for the Brave program, you must complete a pre-purchase course from an approved provider in your area.
You can attend this course online or in a classroom, whichever you prefer.
An "in-person" course takes place in a classroom with other homebuyers like yourself.
To sign up, click right here for a calendar of upcoming classes. Then follow these steps:
The advantage of an online class is that you can participate from the comfort of your own home and learn at your own pace.
To sign up, click right here to visit the Helping Hands of Tennessee section of eHome America. Then follow these steps: