Loan Down Payment Assistance

Borrowers purchasing in the county selected may also be eligible to receive down payment assistance (DPA) through the FL HLP Second Mortgage Program. The FL HLP offers the following: Up to $10,000. 3% fully-amortizing, second mortgage. 15-year term. The FL HLP Second Mortgage carries a monthly payment.

Down Payment Assistance Programs: Pros: Cons: Money upfront for your down payment. Programs vary with some requiring borrowers to pay back the loan in a certain time period while others are grants that require no payback plan, assuming certain conditions are met.

Conventional loans with down payment assistance can be a great option because unlike some other loan programs, conventional loans allow you to remove the private mortgage insurance (typically on loans with less than 20% down) down the road.

Requires no monthly payments and is forgiven after 10 years Minimum loan is $1,000 Maximum loan is the higher of: $3,000; or 3% of the home purchase price (up to a maximum of $15,000). The Down Payment Assistance Loan cannot exceed the actual down payment and/or closing costs associated with the mortgage loan transaction.

Down payment assistance comes in two forms: 1. Great Choice Plus. Anywhere in Tennessee, all homebuyers who qualify for a Great Choice Home Loan can also apply for down payment assistance in the form of a Great Choice Plus second loan worth a maximum of 5% of the home’s purchase price.

Privacy - Terms and Conditions
^