Homebuyer Programs in Collierville, TN (2026)
Collierville is an affluent suburb in eastern Shelby County, consistently rated one of the best places to live in Tennessee for its top-ranked schools, historic town square, and safe neighborhoods. With a median home price around $485,000, Collierville is one of the pricier markets in the Memphis metro area, making down payment assistance especially valuable. The THDA Great Choice Plus program offers up to $15,000 in down payment assistance, and The Housing Fund provides affordable DPA loans up to $35,000 for down payment, prepaids, and closing costs. The Shelby County Down Payment Assistance Program offers up to $6,000 for homes priced under $300,000, though many Collierville homes exceed that limit. Habitat for Humanity of Greater Memphis also serves Shelby County residents. By combining state and nonprofit programs, Collierville buyers can meaningfully reduce their upfront homeownership costs.
Top Homebuyer Programs in Collierville
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Shelby County Down Payment Assistance Program | Repayable Loan | Up to $6,000 | No | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| Habitat for Humanity of Greater Memphis Homebuyer Program | Zero-Interest Loan | Affordable home purchase with zero-interest mortgage | Yes | View → |
| The Housing Fund Down Payment Assistance | Repayable Loan | Up to $35,000 | Yes | View → |
| THDA Great Choice Home Loan | Government-Insured Mortgage | 30-year fixed-rate mortgage at below-market interest rates | Yes | View → |
| THDA Great Choice Plus - Amortizing Option | Repayable Loan | Up to 5% of the purchase price, maximum $15,000 | Yes | View → |
| THDA Great Choice Plus - Deferred Option | Forgivable Loan | $6,000 forgivable second mortgage | Yes | View → |
| THDA Homeownership for Heroes | Government-Insured Mortgage | 0.5% reduced interest rate plus up to $15,000 or 5% of purchase price in DPA | No | View → |
- Type:
- Repayable Loan
- Amount:
- Up to $6,000
- First-time only:
- No
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with zero-interest mortgage
- First-time only:
- Yes
- Type:
- Repayable Loan
- Amount:
- Up to $35,000
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- 30-year fixed-rate mortgage at below-market interest rates
- First-time only:
- Yes
- Type:
- Repayable Loan
- Amount:
- Up to 5% of the purchase price, maximum $15,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- $6,000 forgivable second mortgage
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- 0.5% reduced interest rate plus up to $15,000 or 5% of purchase price in DPA
- First-time only:
- No
How to Apply
- Step 1:
Check your eligibility. Review income limits for Shelby County under the THDA Great Choice program. The Shelby County DPA has an income limit of $81,000 and a $300,000 purchase price limit, which may exclude many Collierville homes. The Housing Fund serves buyers earning up to 120% of the Area Median Income with no specific price cap.
- Step 2:
Complete homebuyer education. THDA requires a homebuyer education course from a THDA-certified counselor. The Shelby County DPA also requires a certified Homebuyer Education Class. Contact the Shelby County Department of Housing at (901) 222-7614 for information.
- Step 3:
Contact a local housing partner. Call The Housing Fund at 615-780-7000 to discuss DPA loan options up to $35,000. For the Shelby County DPA, contact Darren Bortters at the Shelby County Department of Housing at (901) 222-7614.
- Step 4:
Get pre-approved for a mortgage. Work with a THDA-participating lender to get pre-approved for a Great Choice Home Loan with down payment assistance.
- Step 5:
Find a home within program price limits. Check THDA purchase price limits for Shelby County at thda.org. If using the Shelby County DPA, the home must be priced under $300,000.
- Step 6:
Submit your application and close. Your lender will coordinate DPA funds from THDA and any additional assistance from The Housing Fund or Shelby County. Expect 30 to 60 days from contract to closing.