💰 Down Payment Assistance
The money most buyers never claim
Every year, down payment assistance goes unused because buyers don’t know it exists. The Tennessee Housing Development Agency (THDA) offers Great Choice Plus second-mortgage assistance that can cover down payment and closing costs for eligible buyers — paired with a Great Choice first mortgage (FHA, VA, USDA, or conventional). Income and purchase-price limits apply.
Is this you?
Down Payment Assistance tend to be a great fit for…
- First-time buyers (and some repeat buyers in targeted areas)
- Households within THDA income and purchase-price limits
- Buyers who qualify on income but are short on savings
- Anyone told “come back when you’ve saved more”
Questions buyers actually ask
Down Payment Assistance: straight answers
How does down payment assistance work in Tennessee?
THDA offers Great Choice Plus assistance as a second loan alongside a Great Choice first mortgage — the deferred version has no monthly payment and is repaid when you sell, refinance, or pay off the home, while the amortizing version carries a small monthly payment. Jerri-Lynn is experienced with these programs and handles the pairing for you.
Do I have to be a first-time buyer to get assistance?
THDA’s Great Choice program is primarily for first-time buyers (defined as not owning a home in the last three years), though buyers in targeted areas, veterans, and some repeat buyers can also qualify. Income and purchase-price limits apply and vary by county.
Is down payment assistance free money or a loan?
It’s typically a loan — but often a deferred one with no monthly payment, repaid only when you sell, refinance, or pay off the first mortgage. Jerri-Lynn will walk you through exactly what your version costs, in plain English, before you commit.
Keep exploring
Conventional Loans
The workhorse of home financing — flexible terms, competitive costs, and down payments as low as 3% for first-time buyers.
Learn more →FHA Loans
The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.
Learn more →VA Loans
For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.
Learn more →Not sure if down payment assistance are right for you?
That’s literally what Jerri-Lynn is for. One conversation, all your options side by side, zero pressure to move forward.