Down-Payment Assistance
THDA - Tennessee housing development agency
THDA - Tennessee housing development agency
THDA - Tennessee housing development agency
Great Choice Loan Program
This program is designed for low and moderate income borrowers. Great Choice offers a low interest rate loan secured by a first mortgage with the option of down payment and closing cost assistance to a maximum of 5% of the purchase price at a 0% interest rate, deferred payment, forgivable second loan secured by a second deed of trust. THDA allows the following loan types: FHA, USDA, and VA at the maximum loan limits based on insurer or guarantors guidelines. THDA also allows conventional uninsured loans with a maximum loan to value of 78%.
Great Choice Plus: Down Payment/Closing Cost Assistance Loan This loan offers down payment and closing cost assistance to first-time home-buyers at no interest but secured by a second deed of trust. This loan is available only with the THDA Great Choice first mortgage loan. The Great Choice Plus loan is a 0% interest rate, deferred payment, forgivable second lien. The second mortgage loan is forgiven at the end of the term of the Great Choice first mortgage loan.
THDA Veterans Home-ownership for the Brave Loan Program
This loan program offers a below market interest rate to qualified members of the United States military, National Guard, Veterans and some spouses. A 50 basis point rate reduction will apply to the Great Choice, based on the current rate at time of loan submission.
Shelby County down-payment assistance
THDA - Tennessee housing development agency
THDA - Tennessee housing development agency
Program Overview
Shelby County’s Down Payment Assistance (DPA) Program assists low and moderate income individuals in covering a portion of their down payment and closing costs associated with purchasing a home.
The home that you buy may be either an existing home or a newly constructed home anywhere within the boundaries of Shelby County as long as the purchase price does not exceed $200,160.
Up to $3,500 is available as a 5% loan and repayment terms can extend up to 10 years (120 months).
Program Requirements
- The purchaser must invest a minimum of $500.00 of his/her own funds.
- The home being purchased must be located within Shelby County.
- Purchasers must be able to qualify for either THDA, FHA, VA,or Conventional Financing.
- 1 to 2 member households may earn up to $60,100 annually.
- 3 or more member households may earn up to $69,115 annually.
City of Memphis Down-Payment Assistance
THDA - Tennessee housing development agency
City of Memphis Down-Payment Assistance
City Wide DPA Program
- Must be a first-time homebuyer, cannot currently own property or have had ownership interest in the last three years
- Income may not exceed 80% AMI (area median income as determined by HUD)
- Property must pass local code or HQS (MHC DPA) inspection prior to submitting file to DPA Department
- Maximum Sales Price
o Existing Home $162,000
o New Construction $255,000
- May receive up to 10% of the sales price not to exceed $10,000
- Must invest a minimum of 1% of sales price
Homebuyer Incentive Programs (HIP):
Do not have to be a first-time homebuyer but may not own other property at the time of purchase using the city’s DPA Program
- Must attend housing counseling if first-time homebuyer or have not owned property within the last three years
- May receive up to 10% of the sales price not to exceed $10,000
- Must investment minimum of 1% of sales price
- Maximum Sales Price $255,000