THDA - Tennessee Housing Development Agency

    First time home buyers or borrowers that  have not owned a
    home in the last 3 years

    Sales price limit $226,000 (depends on county)

    Income 1-2 persons $65200 

    Income 3+ persons  $74980 (depends on county)

    Great Start - 4% assistance goes to down payment and closing
                        costs(requires home buyer education class)

    Great Advantage - 2% assistance goes to down payment
                               (requires home buyer education class)

    Great Rate - no assistance toward down payment but has
                       great interest rate


The Housing Fund

    Davidson County homes only

     Repayment required

     Will provide down payment and closing costs funds up to
     $7000 for qualified borrowers

     Borrowers required to take a home buyer education class

     Income limits

     Buyers must invest minimum of 1% of the sales price

     Is secured by the property as a second mortgage

Rural Development

     100% Financing

      Property must be eligible (within RD territory - including but
      not limited to- Robertson, Cheatham, some areas of Davidson,
      and Sumner Counties)

      A portion of closing costs can be financed if the house
      appraises sufficiently (max 102% loan to value)    

      Income limits

      Does not have to be a first time buyer

      Sales price limit $417,000 (depends on County)  


Relatives

     You may also want to consider the time-honored first time home buyers down payment assistance program:

      Mom and Dad   Many parents figure their children will inherit the money eventually, so they might as well help their children buy their first home.Your parents may be willing to “gift” you the down payment you will need. If not, suggest offering to borrow the money at the going interest rate. That's a decent rate of return for them. Your lender will calculate this loan to your parents into your debt/income ratio to make sure you still qualify for the mortgage loan

Military Assistance

     If you are an active service member in the US military, a reservist, active in the National Guard or a retired veteran, you have access to further options from multiple sources. The US Department of Veteran Affairs (VA) offers up to 102.5 percent financing for qualifying service members, veterans and their spouses, which allows you to finance your entire home purchase--down payment included