These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Tennessee

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Tennessee Housing Development Agency (THDA) Great Choice Plus Program

  • Assistance: Provides up to $15,000 for down payment and closing costs.

  • Terms: 0% interest second loan, forgivable after 10 years.

  • Eligibility: First-time and repeat homebuyers using a THDA Great Choice home loan; income limits vary by county and household size.

  • More Information: THDA Great Choice Plus Program

THDA Homeownership for the Brave Program

  • Assistance: Offers reduced mortgage rates and down payment assistance for military members and veterans.

  • Terms: Forgivable loan after 10 years.

  • Eligibility: Active-duty military, veterans, National Guard, and reserves; income limits based on county and Area Median Income (AMI).

  • More Information: Homeownership for the Brave

City of Memphis – Down Payment Assistance Program

  • Assistance: Provides up to $10,000 for down payment and closing costs.

  • Terms: Forgivable after five years.

  • Eligibility: Homebuyers purchasing within Memphis city limits who meet income and credit requirements; income limits based on HUD guidelines.

  • More Information: Memphis Down Payment Assistance

City of Clarksville – First-Time Homebuyers Program

  • Assistance: Provides down payment and closing cost assistance for eligible first-time homebuyers.

  • Eligibility: Applicants must meet income limits and purchase within Clarksville city limits.

  • More Information: Clarksville First-Time Homebuyers Program

Additional Resources

The Housing Fund

  • Assistance: Offers affordable loans of up to $35,000 for down payment, prepaid expenses, and closing costs.

  • Eligibility: Must use the home as a primary residence, obtain approval from a first-mortgage lender, and complete homebuyer education.

  • More Information: The Housing Fund

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.