Down Payment Assistance Programs in Tennessee
When the time comes, and you’re exploring your housing options, don’t forget to ask your Realtor or lender about down payment assistance programs. Finding great representation is half the battle… without it, the process becomes tragically stressful.
There are 2 great programs for low – moderate income buyers, to assist with the cost of buying a home:
THDA (Tennessee housing development agency) offers 2 down payment/closing costs assistance programs:
– THDA will grant you 4% of the purchase price. Interest rate today is 4.55% fixed rate (subject to change).
-THDA will grant you 2% of the purchase price. Interest rate today is 4.25% fixed rate (subject to change).
See THDA for a detailed explanation of their 2 down payment assistance programs.
The second great program in TN is offered by The Nashville Housing Fund.
This is actually a LOAN, not a grant (like THDA). For $50/month, you can borrow up to $7000 to help with down payment and closing costs.
See The Nashville Housing Fund for details.
Here are 2 great options to assist with down payment and closing costs. Couple this with an FHA loan, and you’ll be a homeowner in no time!
~chrissy kirkwood | nashville real estate expert