Blog Articles from Allegiant Mortgage, LLC

     There aren't many 100% financing loan options available these days but one choice available to Tennesseans is the THDA Great Choice PLUS Program. While this is not a true 100% mortgage, the Great Choice PLUS Program provides qualified Tennesseans up to 5% downpayment and closing costs assistance to be used with FHA, VA, USDA-Rural Development and uninsured Conventional loans.  The 5% assistance is up from the previous amount of 4%.  A factor which has not changed with the new program is that homebuyer education is still required.  The easiest way to meet this requirement is to sign up for the online class.  To register for the online course, visit

     Great Choice Plus is technically a second mortgage, but it is not as complicated as it may sound. Since it is a 0% interest, non-amortizing, deferred loan, there are no monthly payments. The second mortgage loan is forgiven at the end of the term of the Great Choice first mortgage loan. If you choose to sell your home prior to the end of the loan term, or refinance your first mortgage loan, the second mortgage balance would be due.  This is another change from the previous version of the program which had a 10 year recapture period so that under the new program the recapture period is essentially the life of the first mortgage loan.

The following list outlines the minimum qualifications needed for the Great Choice Plus Program:

  1. Satisfactory credit history. THDA currently requires a 640 credit score. To find out your credit score, contact one of our approved lenders in your area. If your score is lower than 640, our homebuyer education counselors can help you with strategies to raise your credit score or visit our credit score resources page here.
  2. Household income not above maximum limits. Great Choice Loans are designed for low to moderate income Tennesseans. Income limits are based on the size of your household and county in which you will be purchasing your home. To see a list of maximum income limits by county, please click here.
  3. Purchase Price of home not above maximum limits. The Great Choice Loan Program is meant for modest homes, therefore maximum purchase price limits are in place and vary by county. To see a list of maximum purchase price limits by county, please click here.
 TO APPLY FOR THIS LOAN VISIT: or contact our office at 615-717-3185 for more information

Posted by Rose Tignor on February 13th, 2017 8:01 AM


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