The Kyle Porter Team

The Kyle Porter Team The Kyle Porter Team The Kyle Porter Team

The Kyle Porter Team

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    • Home
    • First Time Buyer
    • Products/ Programs
    • Payment Calculators
    • Down Payment Assistance
    • Renovation Lending
    • Resources
    • MORE
      • The GRIND
      • Homes for Heroes
  • Home
  • First Time Buyer
  • Products/ Programs
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  • Down Payment Assistance
  • Renovation Lending
  • Resources
  • MORE
    • The GRIND
    • Homes for Heroes

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. 

Homebuyer Education

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

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The Kyle Porter Team

(901) 590-7193

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