Down Payment Assistance Programs and Options
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 $375,000 (depends on county)
Income 1-2 persons $82,440
Income 3+ persons $96,180 (depends on county)
Great Choice - 30 year fixed rate, 640 minimum credit score
Great Choice Plus - 15 year 0% interest, deferred, second mortgage to provide home buyers with down payment assistance up to 5% of the purchase price. No monthly payments. This loan is designed to go with the Great Choice loan if down payment assistance is needed
The Housing Fund
Davidson County homes only
Will provide down payment and closing costs funds up to
$7000 for qualified borrowers
Borrowers required to take a home buyer education class
Buyers must invest minimum of 1% of the sales price
Is secured by the property as a second mortgage
Rural Development (USDA Home Loans)
Property must be eligible (within RD territory - including but
not limited to- Robertson, Cheatham, some areas of Davidson, Wilson, Williamson
and Sumner Counties)
A portion of closing costs can be financed if the house
appraises sufficiently (max 102% loan to value)
Does not have to be a first time buyer
Sales price limit $453,100 (depends on County)
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
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
For more information, please fill out the contact form below. In the subject line, write, Down Payment Assistance and we will be happy to put you in touch with several local lenders who can explain these programs and determine your eligibility. Then, please contact me and we can begin your home search.
Contact me directly on my cell at 615-969-1460
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Listing information last updated on August 14th, 2020 at 9:40am CDT.