Iowa DPA Programs
Explore down payment and homebuyer assistance programs in the state of Iowa.
April 19, 2023
Copyright © 2023 AMA Resources LLC. All Rights Reserved.
Tennessee
Tennessee Down Payment Assistance (DPA) Programs
Located in the southeastern United States, Tennessee is the 16th state in the Union and is nicknamed The Volunteer State. It is home to the famous Grand Ole Opry, the County Music Hall of Fame & Museum, and Elvis Presley’s Graceland.
The state’s capital is Nashville and the largest city is Memphis. With a population of nearly 7 million people, Tennessee boasts a homeownership rate of 67.3% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Tennessee. Also, combining programs may be possible, so be sure to inquire.
In this article
Tennessee Housing Development Authority
Chattanooga Neighborhood Enterprise, Inc.
Clarksville Neighborhood & Community Services
City of Memphis Division of Housing and Community Development
East Tennessee Housing Development Corporation
City of Knoxville Housing & Neighborhood Development
Shelby County Division of Planning and Development
Murfreesboro Community Development
Tennessee Housing Development Authority (THDA)
Great Choice Home Loan Program
“THDA created Great Choice Home Loan programs to make homeownership available and affordable for Tennesseans of middle/moderate income.
Homeownership for Heroes
“Homeownership for Heroes is a type of Great Choice Home Loan that offers financial assistance along with added benefits. The program is available to: Active Duty Military, National Guard, and Veterans, State and Local Law Enforcement Officers, EMTs/Paramedics, and Firefighters.”
Repeat Homebuyers Program
“THDA created the Great Choice Home Loan program to make homeownership available and affordable for first-time homebuyers, but repeat homebuyers can participate if you meet any of the following qualifications:
- Have not lived in a home you own for at least three years
- Buying in one of 43 targeted counties or a designated areas in 15 additional counties
- Participating in the Homeownership for Heroes program”
Great Choice Plus DPA – Deferred Option
“THDA will provide $6,000 in the form of a forgivable second mortgage loan on your home. The loan has a 0% interest rate and the payments are deferred until the end of the 30 year term, at that time the loan is forgiven. The loan will be due in full at the time the home is refinanced or sold.”
Great Choice Plus DPA – Amortizing Option
“THDA will provide 6% of the sales price in the form of a second mortgage loan on your home, that is paid in monthly payments over 30 years at an interest rate that is the same as the first mortgage rate. The loan may also be used to pay closing costs.”
The Housing Fund
Downpayment Assistance Program
“The Housing Fund provides up to a $35,000 loan for downpayment, prepaids, and closing costs to individuals and families. If you meet the criteria, The Housing Fund can help you reach your goal of successful homeownership.”
Shared Equity Program
“First-time, income-eligible homebuyers are able to participate in our Shared Equity program. The Housing Fund considers you a first-time homebuyer if you haven’t had an ownership interest in a home in the last 3 years.”
Community Land Trust (CLT)
“The goal of The Housing Fund’s CLT is to build permanent, affordable housing for low- and moderate- income families in the greater Nashville area. The program’s focus is to serve as the permanent place for a community’s land and as the permanent steward for any residential or commercial buildings that are located on its land. Keeping ownership of the land allows the CLT to preserve the housing’s affordability and protect against foreclosure.”
Chattanooga Neighborhood Enterprise, Inc. (CNE)
CNE Down Payment Assistance
“CNE’s Down Payment Assistance Program is designed to help homebuyers cover closing costs and down payments included in home purchase. Down payment assistance up to $15,000 will act as a second mortgage loan becoming payable on a monthly basis after the purchase date. It will begin amortizing in year one, at a rate of the first mortgage but no less than 3%. Whether or not you qualify for this program will depend upon your household size and your income.”
City Down Payment Assistance
“CNE also offers a down payment assistance option through the City of Chattanooga. To qualify, the home must be located within Chattanooga city limits; it cannot be occupied by a tenant at time of sale; and it must go through a Housing Quality Inspection. Household income and purchase price are also qualifiers.”
ITIN Loans
“These loans allow those who do not have Social Security numbers to apply using their ITIN. Some preliminary qualifications include borrower having a down payment of 20% (payment can include gift funds); they must have an ITIN (SSN not required); no minimum credit score; they must provide at least one year of tax returns. Other conditions apply.”
Clarksville Neighborhood & Community Services
First-Time Homebuyer Program
“The City of Clarksville’s First-Time Homebuyer Program is a homeownership program designed to help income eligible households with down payment and closing cost assistance to purchase their first home within the City limits of Clarksville.”
City of Memphis Division of Housing and Community Development (HCD)
Citywide DPA (CWDPA)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Maximum income limit is 80% area median income, and may purchase anywhere in the city limits.”
Memphis Housing Authority (MHA)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Current or recently displaced MHA residents, the maximum income limit is 80% area median income, may purchase anywhere in the city limits.”
Section 8 Homeownership Program (SHAPE)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Current Housing Choice Voucher holders, the maximum income limit is 80% area median income, may purchase anywhere in the city limits.”
Targeted Area DPA (TADPA)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Must purchase a home through MHA HOPE VI Program, maximum income limit is 80% area median income.”
Homebuyer Program Incentive Citizens (HIPC)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Do not have to be a first-time homebuyer. Maximum income limit is 200% area median income; must purchase within 15 designated areas within the city!”
Homebuyer Program Incentive Police (HIPP)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Must be a uniformed officer with the City of Memphis Police Department for a minimum of one year, no income limit, may purchase anywhere in the city limits.”
Homebuyer Program Incentive Firemen (HIPF)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Must be a front-line firefighter with the City of Memphis Fire Department for a minimum of one year, no income limit, may purchase anywhere in the city limits.”
Homebuyer Incentive Program Teacher (HIPT)
“Based on funding availability, the maximum amount of assistance is up to 10% of the sales price, not to exceed $10,000. Must be a full-time classroom teacher, certified in grades K-12 with Shelby County Schools for a minimum of two years, no income limit, may purchase anywhere in the city limits.”
Down Payment and Closing Costs
“The City of Memphis is providing up to $10,000 to help homebuyers with down payment and closing costs to complete the purchase of a home inside the city limits of Memphis. Programs are available for first-time homebuyers and for existing homeowners wanting to sell their current homes and upgrade or downsize to a home that better fits their needs.”
East Tennessee Housing Development Corporation
Down Payment and Closing Cost Assistance
“We specialize in rehabilitation of existing housing, as well as new construction. We have funds to provide homeownership opportunities for families and individuals throughout Knoxville and Knox County.
We are able to assist our buyers with excellent financing packages that can help make monthly mortgage payments reasonable for families. Through various City and Bank programs, we have options for both down payment and closing cost assistance make this available to every new homebuyer.”
City of Knoxville Housing & Neighborhood Development
Downpayment Assistance Program
“Funds are available only for homes which are (or will be) developed by Home Source East Tennessee, Neighborhood Housing, Inc., & East Tennessee Housing Development Corporation. (For more about these organizations, please go to Construction of Affordable New Homes.)”
Shelby County Division of Planning and Development
Affordable Housing Assistance
“This housing program is administered through the Community Development Department and helps make the dream of homeownership a reality for low-income, first-time homebuyers in the City of Murfreesboro. Participants in the program receive homebuyer education counseling and are offered an affordable second mortgage to assist with the initial cost of purchasing a home.”
Murfreesboro Community Development
Downpayment Assistance Program
“Shelby County’s Down Payment Assistance (DPA) Program assists low and moderate income individuals in covering a portion of their down payment and closing costs associated with purchasing a home.”
United Housing
Home Loan – Cherry Mortgage
“Homeownership is possible with our Cherry Mortgage. It’s an affordable option with no down payment, a fair interest rate and simple qualifications.”
Homes For Sale
“We are dedicated to building equitable neighborhoods through housing stability, neighborhood affordability preservation, and healthy housing. Take a look at United Housing’s available properties.”
Federal Home Loan Bank (FHLBank) Cincinatti
States/Territories served: Kentucky, Tennessee, Ohio
Welcome Home Program (WHP)
“The Federal Home Loan Bank of Cincinnati (FHLB Cincinnati) offers grants of up to $15,000 for honorably discharged veterans, surviving spouses of military personnel, and active duty military homebuyers and up to $10,000 for all other homebuyers to assist with down payment and closing costs for income eligible homebuyers through the Welcome Home Program (WHP).”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
The next blog post in our series will explore down payment assistance programs in Texas.
In this article:
Tennessee Housing Development Authority
Chattanooga Neighborhood Enterprise, Inc.
Clarksville Neighborhood & Community Services
City of Memphis Division of Housing and Community Development
East Tennessee Housing Development Corporation
City of Knoxville Housing & Neighborhood Development
Shelby County Division of Planning and Development
Murfreesboro Community Development
Helpful Links:
check out some related Posts
Indiana DPA Programs
Explore down payment and homebuyer assistance programs in the state of Indiana.
April 18, 2023
Illinois DPA Programs
Explore down payment and homebuyer assistance programs in the state of Illinois.
April 17, 2023
