Tennessee down payment assistance programs are instrumental in providing inexpensive housing opportunities to those desiring to own a home. Subsequent or first time home buyers get a chance to purchase their dream homes by getting fixed mortgage rates, loans or grants. For first time home buyers, one typically becomes eligible if in the last three years there is no property to their name. However, this is not to say that a subsequent buyer can not qualify since they still can even if they have owned property in the last 3 years. The down payment assistance programs are attributed for their contributions to housing developments and acquisitions for many Tennesseans.
Tennesseans earning very-low, low and moderate income are the main beneficiaries of Tennessee down payment assistance programs. There are a set of conditions that the lenders use to determine one’s eligibility which include: debt history, earnings and the amount to be paid for the home. It is also advisable on the buyer’s part to ensure there are enough assets amounting to the costs of the house. Buying a home can be expensive not only in terms of cash but also in terms of time spent. Sometimes a home buyer also encounters difficulties in trying to crunch those numbers and figures. Due to these complexity that may arise, there are proficient trainers who mainly specialize in educating the buyer in making prudent decisions.
A home buyer gets pr-approved if he/she satisfies the criteria on debts and income. This assures the seller of one’s credibility and helps in knowing a price range. Although a consistent payment of debts and credit gives a buyer better chances with the lenders, an inconsistent credit history should not be a discouragement. This is because the down payment programs may have alternative mortgage lenders for such buyers. Furthermore, to buy a home there is basically no minimum down payment recommended. Tennessee down payment assistance programs are available for all type of buyers. It is therefore prudent as a home buyer to use Tennessee down payment assistance programs to get that dream home.
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Great Choice Plus Program This Tennessee down payment program offers first time home buyers a 30 year fixed rate mortgage (government or conventional) with Tennessee down payment and closing costs assistance in the form of an interest free, deferred payment second mortgage up to 4 percent of the purchase price. This second mortgage must be repaid if you sell your home or refinance your loan within 15 years. Partial forgiveness begins in the tenth year of the loan. You also must have a credit score of at least 620 and a household income within limits based on the number of people in your household and the country where you want to purchase a home.
Regardless of which type of down payment program, you will first need a mortgage. Below are mortgages that require low or no down payments:
No Down Payment Mortgages – mortgages that require no down payment
USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist 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. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.
Low Down Payment Mortgages – mortgages that require up to 3.5% down payment
FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.
Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.
The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.
More places to find assistance on down payment:
The US Department of Housing and Urban Development (HUD) offers the following programs:
The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.
To learn more about the Good Neighbor Next Door Program, click here.
The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.
Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.
To learn more about Section 184, click here.
Tennessee Housing Agencies
Tennessee housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.
- Kingsport Housing Authority
- Chattanooga Housing Authority
- Columbia Housing Authority
- Knoxville’s Community Development Corporation
- Lewisburg Housing Authority
- Maryville Housing Authority
- Morristown Housing Authority
- Metropolitan Development and Housing Agency
- Tennessee Housing Authority
- Tennessee Association of Housing and Redevelopment Authorities
- Tennessee Housing Development Agency