615-687-4801 [email protected]

2022 Down Payment Assistance Programs for Tennessee 1st time Home Buyers

2022 Tennessee Housing Development Agency (THDA) Great Choice for First Time Home Buyers

  • First time home buyers
  • For middle / moderate-income families
  • Requires a credit score of at least 640
  • Additional downpayment assistance is available (up to 5%) for qualified Tennesseans (HHF-DPA)
  • Household income must be $95,900 or less depending on the county and household size see income limits chart
  • The home purchase price must be $375,000 or less depending on the county see purchase price limits

2022 Hardest Hit Fund Down Payment Assistance (HHF-DPA) Program for First Time Home Buyers

  • Provides a $15,000 down payment assistance regardless of the purchase price of the home
  • Assistance is a 10-year forgivable loan at 0% interest and no monthly payments
  • Must purchase an existing home (no new construction)
  • Works in conjunction with THDA Great Choice program
  • Must complete a THDA-certified Homebuyer Education class
  • See eligible zip codes below
37037 37040 37042 37073 37086 37110 37115 37148 37172 37186 37207 37208 37217 37218 37303 37311 37321 37323 37404 37406 37411 37412 37416 37660 37716 37721 37813 37821 37871 37912 37914 37917 37921 37924 38012 38016 38018 38053 38063 38105 38107 38109 38111 38115 38116 38122 38125 38127 38128 38133 38134 38135 38141 38301 38305

2022 – The Housing Fund Down Payment Assistance for Current or First Time Home Buyers

  • Up to $35,000 loan for a down payment
  • 5 to 8 percent interest rate based on income tier and loan type
  • 10 to 15-year term based on loan amount
  • The home must be the buyer’s primary residence
  • The first mortgage lender must be FHA approved in Tennessee
  • Homebuyer Education, provided by a THDA-certified counselor, must be completed prior to closing (online class available)
  • Borrowers must contribute at least 1% of the sales price to the purchase
  • No bankruptcy in past 3 years
  • Household income must be $90,450 or less depending on county and houshold size… see income limits chart below
County AMI 1 person 2 people 3 people 4 people 5 people 6 people 7 people 8 people
Nashville-Davidson Tier 1 80% $38,400 $43,850 $49,350 $54,800 $59,200 $63,600 $68,000 $72,350
Nashville-Davidson Tier 2 100% $48,000 $54,850 $61,700 $68,500 $74,000 $79,500 $85,000 $90,450
Clarksville-Montgomery Tier 1 80% $30,200 $34,500 $38,800 $43,100 $46,550 $50,000 $53,450 $56,900
Clarksville-Montgomery Tier 2 100% $37,750 $43,150 $48,500 $53,900 $58,200 $62,500 $66,850 $71,150
Maury Tier 1 80% $31,500 $36,000 $40,500 $44,950 $48,550 $52,150 $55,750 $59,350
Maury Tier 2 100% $39,400 $45,000 $50,650 $56,200 $60,700 $65,200 $69,700 $74,200
All Other Tennessee Counties contact us

2022 USDA 100% Financing Program for First Time Home Buyers

  • For first time home buyers
  • No down payment required
  • Requires a credit score of at least 640
  • Property must be located in targeted area.
  • Maximum household income varies from $54,600 to $89,600 depending on county and houshold size
  • Maximum home purchase price varies from $240,000 to $275,000 based on county
  • PMI (Private Mortgage Insurance) not required
  • Seller can contribute up to 6% of purchase price toward closing costs

2022 America’s Home Buyer Solution for Current or First Time Home Buyers

  • For first time home buyers AND current homeowners
  • Get up to a 2.5% Down Payment Grant toward the purchase of a home (never needs to be paid back)
  • The remaining 1% down payment required can be a gift from a family member.
  • Applies to any FHA Approved Property (including duplexes, triplexes, and 4-plexes) in Tennessee
  • The seller can contribute toward pre-paid expenses and closing costs such as taxes, insurance, etc.
  • Income limits apply based on county.
  • The home must be owner-occupied. No rental properties.
  • No pre-payment penalties.
  • Requires a credit score of at least 640
  • Household income must be at or below The USDA median income limits.
  • Must complete a THDA-certified Homebuyer Education class (cost approx $60)

2022 FHA Program for First Time Home Buyers

  • For first time home buyers
  • Low down payment
  • Requires a credit score of at least 620
  • Parents or family members can co-sign a loan (kiddie condo)
  • Lower down payment than the standard FHA program is available in Tennessee if you purchase FHA Foreclosure
  • Down payment can be 100% gift, 100% down payment assistance, or 100% grant funds
  • Single-family, condo, and 2-4 unit property loan limits for FHA approved condos Find Eligible Condos
  • The seller can contribute up to 6% of the purchase price toward closing costs
More down payment assistance programs for Tennesseans may be available soon. Please visit again for updates.
The information presented on this site is deemed to be accurate at the time of writing.
We make every effort to keep our information current; however, please be advised, some programs may alter their terms/conditions or max out their funding.
 

Featured Tennessee Cities:
Athens, Bartlett, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Collierville, Columbia, Cookeville, Dickson, Dyersburg, East Ridge, Elizabethton, Farragut, Franklin, Gallatin, Germantown, Goodlettsville, Greeneville, Hendersonville, Jackson, Johnson City, Kingsport, Knoxville, Lakeland, La Vergne, Lebanon, Maryville, McMinnville, Memphis, Middle Valley, Morristown, Mount Juliet, Murfreesboro, Nashville, Oak Ridge, Sevierville, Smyrna, Soddy-Daisy, Springfield, Spring Hill, Shelbyville, Tullahoma

Featured Tennesee Counties
Anderson, Bedford, Benton, Bledsoe, Blount, Bradley, Campbell, Cannon, Carroll, Carter, Cheatham, Chester, Claiborne, Clay, Cocke, Coffee, Crockett, Cumberland, Davidson, Decatur, DeKalb, Dickson, Dyer, Fayette, Fentress, Franklin, Gibson, Giles, Grainger, Greene, Grundy, Hamblen, Hamilton, Hancock, Hardeman, Hardin, Hawkins, Haywood, Henderson, Henry, Hickman, Houston, Humphreys, Jackson, Jefferson, Johnson, Knox, Lake, Lauderdale, Lawrence, Lewis, Lincoln, Loudon, Macon, Madison, Marion, Marshall, Maury, McMinn, McNairy, Meigs, Monroe, Montgomery, Moore, Morgan, Obion, Overton, Perry, Pickett, Polk, Putnam, Rhea, Roane, Robertson, Rutherford, Scott, Sequatchie, Sevier, Shelby, Smith, Stewart, Sullivan, Sumner, Tipton, Trousdale, Unicoi, Union, Van Buren, Warren, Washington, Wayne, Weakley, White, Williamson, Wilson

 
Source:

2022 Down Payment assistance programs for Tennessee first time home buyers. (n.d.). Tennessee-First-Time-Home-Buyer.com. Retrieved March 9, 2022, from http://tennessee-first-time-home-buyer.com/

Meet Beverly Fuqua, Enbright’s Mortgage Lending Officer

Allow me to introduce myself!

My name is Beverly Fuqua and I am a Mortgage Lending Officer in your area. I’d like to get together with you to discuss your options for purchasing or refinancing; together, I know that we can achieve a fantastic new loan that will save you money—now, and in the future!

The surge of the housing market in Nashville and surrounding areas is continuing to grow and does not look as though it will change anytime soon. That is more reason to contact me to get your pre-approval letter to have when you find that New Home.

The purchase of a new home is so much more than the accumulation of property—it is an investment in your future. You’re a hard-working individual, and you deserve to get the most out of your money—and that’s exactly what financing a new home can do for you!

Financing a home doesn’t have to be a complicated procedure if you have the right professional to guide you through the process. You have my personal guarantee that you will receive unparalleled guidance and advice throughout the entire process. I work with the best team around to also help with this process.

There are probably a lot of reasons that you have or will invest in a home: security, stability, the benefits of accruing equity—and, of course, the pride of ownership.

As your Mortgage Lending Professional, I will ensure that you are fully informed as to your best possible options, and I will advise you accordingly. You can trust that I will make every effort to make your financing process a success.

Let’s talk more about this in person; give me a call at 615-687-4801 ext. 2037 or email me at [email protected] , so that we can discuss your options. After all, it’s time for you to start investing in your future! Rates are low!!

Contact Beverly

Beverly Fuqua

Enbright Credit Union Mortgage Loan Officer

NMLS# 2135615

Enbright Credit Union

270 Indian Lake Blvd

Hendersonville, TN 37075

615-687-4801 ext 2037

[email protected]

Did You Know? Enbright has programs just for 1st time homebuyers!

There are programs for 1st Time Homebuyers that make it a bit easier on the wallet when buying your first home.

With this program, you can get a 97% Loan to Value !! What that means is you only need 3% of your loan to pay down plus closing costs!!

Here is an example:
$250,000 – Home Value
$7,500 – Down Payment
$5,000 – Approx Closing Costs

$12,500 Approx. monies to purchase your 1st home. I know that is a lot of money. But if you can save to that then your house payments are most likely way less than rent in Nashville & surrounding areas.

Purchasing a Home in Tennessee? What to Know About Home Inspectors.

Wednesday, June 30, 2021 | 1:02pm

From news stories to social media, talk about Tennessee’s record-setting pace and prices for home sales seems to be everywhere. The strong interest in the Volunteer State’s housing market is proof that Tennessee has the right mix of leadership, employment and recreational opportunities when it comes to attracting prospective homebuyers.

Even as homeowners and homebuyers help bolster the Volunteer State’s economy, some consumers and real estate professionals may find themselves caught up in the breakneck pace and overlook crucial information when it comes to the role that home inspectors can play in the purchase of a home.

Home inspections are an educational asset that can help buyers make informed choices about the home they are considering purchasing. A licensed home inspector is an independent professional apart from the real estate agent or mortgage lender who provides a visual evaluation of the property.

The Tennessee Department of Commerce & Insurance’s (TDCI) Division of Regulatory Boards and TDCI’s Home Inspector Licensing Program want to help educate consumers when it comes to the role that Tennessee’s more than 2,000 home inspectors do and do not play when it comes to buying and selling a home.

Before hiring a home inspector, consumers should learn what a home inspector actually does during an inspection. During an inspection, a home inspector visually inspects a home’s structural components (foundation, floors, roof and walls), windows, heating and cooling systems, plumbing and electrical systems. When the inspector has completed his or her inspection, the inspector then creates a detailed report explaining the areas of the house that require repair or could potentially become problematic in the future.

Learning what a home inspection does not entail is equally important as many consumers mistakenly think home inspectors have more duties than they are actually required by law to include. Home inspectors are not required to:

  • Walk a home’s roof.
  • Enter a home’s crawlspace if obstructed, impassable, causes damage to the structure, or deemed to be dangerous.
  • Look for mold or microorganisms though the report might note their presence, but probably need follow-up by a specialist.
  • Offer or perform any act or service contrary to law.
  • Offer or perform any other job function requiring a license such as engineering, architectural, plumbing or electrical work.

Another misconception that some consumers may have is that a home inspection is required by law in Tennessee before a home is sold. While a home inspection is a good idea so a buyer may have a better understanding of a home’s current condition, a home inspection is not required before the sale or purchase of a home.

Additionally, some consumers mistakenly believe a home inspection is required before getting a mortgage. That is because sometimes consumers confuse a home inspection with a home appraisal. In fact, there may be some overlap in terms of an inspection and an appraisal’s information. The home inspection is for the buyer’s benefit only. A home appraisal is required before a mortgage lender approves a mortgage.

When it comes to getting a home inspection, TDCI reminds consumers to always use a licensed home inspector. Before scheduling a home inspection, visit verify.tn.gov to check the licensing status of thousands of home inspectors and other licensed professionals regulated by TDCI. Consumers or real estate professionals with questions about home inspectors should contact TDCI’s Home Inspector Licensing Program at [email protected] or file a complaint online at core/tn.gov.

By learning about the role home inspectors play, consumers can help ease uncertainty when it comes to purchasing a home and make the process of buying a home go as smoothly as possible.

Michael Schulz serves as the Executive Director of the Tennessee Home Inspector Licensing Program at the Tennessee Department of Commerce and Insurance.

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Source: https://www.tn.gov/commerce/blog/2021/6/30/purchasing-a-home-in-tennessee–what-to-know-about-home-inspectors.html 

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