HDA

HOME Downpayment Assistance (HDA)
A Unique opportunity for First Time Homebuyers

When these limited funds are available, The Housing Fund provides up to $10,000 downpayment, prepaids, and closing cost loans to individuals and families.  If you meet the criteria, The Housing Fund can help you reach your goal of successful homeownership.

Counties Nashville-Davidson County Montgomery Williamson All other TN counties
Maximum Amount $10,000    Not Available Not Available Not Available
Interest Rate Tier 1 Only: 0%    Not Available Not Available Not Available
Monthly Payment $0; Loan is repaid upon sale or refinance of property Not Available  Not Available   Not Available
Income Guidelines Click Here  Not applicable Not applicable Not applicable
First Mortgage may be: FHA, VA, Conventional Not applicable Not applicable Not applicable

Other Things to Know:
• Home must be the buyer’s primary residence
• Buyer must meet HUD’s definition of a First Time Homebuyer (Note:  Under certain circumstances, this may mean that buyers have previously had an ownership interest in a home)
• First mortgage lender must be FHA approved in TN
• Homebuyer Education, provided by a THDA-certified counselor, must be completed prior to closing (Click Here for list of THDA certified counselors) 
• Borrowers must contribute at least 1% of sales price to the purchase
• A clear Housing Quality Standards (HQS) Inspection of the property is required prior to closing—the cost of the inspection must be paid by the buyer; however, this amount will be credited towards the 1% downpayment requirement.
• For credit standards and underwriting guidelines, click here   (Link to Request for Loan Approval form and Underwriting Checklist)
• The Housing Fund begins the underwriting process when we have received both a completed borrower application and lender loan package

 

 

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