The Housing Fund Down Payment Assistance
Funding status: Active
How much assistance
Up to $35,000 (Repayable Loan)
Eligibility
- Income limits: Up to 120% of Area Median Income (AMI)
- First-time buyer required: Yes — First-time homebuyer. Must not currently own a home.
- Credit score minimum: 600
- Geographic restrictions: Statewide Tennessee. The Housing Fund is FHA-certified to serve all of Tennessee.
- Homebuyer education required: Yes
How to Apply for The Housing Fund Down Payment Assistance
Step 1: Get pre-approved with a first-mortgage lender who is FHA-approved in Tennessee. Notify your lender you want to connect with The Housing Fund. Fill out a THF application and your lender will submit the full packet to THF. Complete homebuyer education from a THDA-certified counselor prior to closing.
Notes
CDFI established in 1996. Has assisted over 4,400 first-time homebuyers with more than $37 million in DPA loans. 5% fixed interest rate. Borrower must contribute at least 1% of the sales price. Minimum credit score is 600 for loans under $10,000 or 620 for loans between $10,000 and $35,000.