Great Choice Plus Program

Great Choice Plus Program This Tennessee down payment program offers first time home buyers a 30 year fixed rate mortgage (government or conventional) with Tennessee down payment and closing costs assistance in the form of an interest free, deferred payment second mortgage up to 4 percent of the purchase price. This second mortgage must be repaid if you sell your home or refinance your loan within 15 years. Partial forgiveness begins in the tenth year of the loan. You also must have a credit score of at least 620 and a household income within limits based on the number of people in your household and the country where you want to purchase a home.