Down Payment Assistance
Successful Homeownership is still possible
The Housing Fund provides up to a $35,000 loan for down payment, 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.
| Counties | Nashville-Davidson County | Montgomery | Maury | All Other TN counties |
| Minimum/Maximum Loan Amount |
$5,000/$35,000 |
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| Interest Rate |
5%-10%, based on Income Tier and loan type Effective 10/1/19, Tiers 1, 2 & 3 will be available. |
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| Monthly Payment | Varies | |||
| Loan Term |
$5,000-$10,000–10 year term $10,000+–15 year term |
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| Income Guidelines | Click Here | Click Here | Same as Nashville |
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| First Mortgage may be: | FHA, VA, Conventional | FHA, VA, Conventional | FHA, VA, Conventional | FHA, VA and Conventional |
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 Down Payment 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, see the Request for THF Loan Approval