Great Choice Loan Program
This program is designed for low and moderate income borrowers. Great Choice offers a low interest rate loan secured by a first mortgage with the option of down payment and closing cost assistance to a maximum of 5% of the purchase price at a 0% interest rate, deferred payment, forgivable second loan secured by a second deed of trust. THDA allows the following loan types: FHA, USDA, and VA at the maximum loan limits based on insurer or guarantors guidelines. THDA also allows conventional uninsured loans with a maximum loan to value of 78%.
Great Choice Plus: Down Payment/Closing Cost Assistance Loan This loan offers down payment and closing cost assistance to first-time home-buyers at no interest but secured by a second deed of trust. This loan is available only with the THDA Great Choice first mortgage loan. The Great Choice Plus loan is a 0% interest rate, deferred payment, forgivable second lien. The second mortgage loan is forgiven at the end of the term of the Great Choice first mortgage loan.
THDA Veterans Home-ownership for the Brave Loan Program
This loan program offers a below market interest rate to qualified members of the United States military, National Guard, Veterans and some spouses. A 50 basis point rate reduction will apply to the Great Choice, based on the current rate at time of loan submission.
Shelby County’s Down Payment Assistance (DPA) Program assists low and moderate income individuals in covering a portion of their down payment and closing costs associated with purchasing a home.
The home that you buy may be either an existing home or a newly constructed home anywhere within the boundaries of Shelby County as long as the purchase price does not exceed $200,160.
Up to $3,500 is available as a 5% loan and repayment terms can extend up to 10 years (120 months).
City Wide DPA Program
o Existing Home $162,000
o New Construction $255,000
Homebuyer Incentive Programs (HIP):
Do not have to be a first-time homebuyer but may not own other property at the time of purchase using the city’s DPA Program
The Kyle Porter Team
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