HHF Down Payment Assistance Program
If you qualify for a Great Choice Home Loan and you’re purchasing an existing home in a targeted ZIP Code, you can apply for $15,000 in financial assistance for your down payment and closing costs. The Hardest Hit Fund Down Payment Assistance (HHF-DPA) program is available to Great Choice borrowers who purchase a home in a neighborhood that was hardest hit in the economic downturn and is recovering more slowly than other areas across the state.
There are 55 targeted ZIP Codes located in 30 Tennessee counties.
Participating ZIP Codes:
How It Works
If you’re approved, your financial assistance comes in the form of a forgivable $15,000 second mortgage loan on your home.
The second mortgage has a 0% interest rate and no monthly payments for the 10 year term. The loan is forgiven at 20% per year in years 6 through 10.See forgiveness schedule below.
What you owe if you sell, refinance, or move out
|0 - 5||$15,000|