Downpayment Assistance

Downpayment Assistance

Successful Homeownership is still possible

The Housing Fund provides up to a $35,000 loan for downpayment, prepaids, and closing costs to individuals and families. If you meet the criteria, The Housing Fund can help you reach your goal of successful homeownership.

ONLY TIER 1 DOWNPAYMENT ASSISTANCE IS CURRENTLY AVAILABLE

Counties Nashville-Davidson County Montgomery Maury All Other TN counties
Minimum/Maximum Loan Amount

$5,000/$35,000

Interest Rate

5%-8%, based on Income Tier and loan type

 

Monthly Payment

Varies

Loan Term

$5,000-$10,000–10 year term

$10,000+–15 year term

Income Guidelines Click Here Click Here Click Here Contact us for income limits
First Mortgage may be: FHA, VA, Conventional FHA, VA, Conventional FHA, VA, Conventional FHA, VA and Conventional

To Apply, Begin Here

Other Things to Know:

  • Home must be the buyer’s primary residence
  • 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 certified counselors).  The Housing Fund also allows On-line Homebuyer Education through eHome America when combined with a 1 hour One-on-One counseling session for all clients using our Downpayment Assistance Loan.  Click here for On-line education instructions.
  • Borrowers must contribute at least 1% of sales price to the purchase
  • For credit standards and underwriting guidelines, see the 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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