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.
| Minimum/Maximum Loan Amount |
$5,000/$35,000 |
| Interest Rate |
Effective Through 9/30/23, All Income Tiers 5% Interest Rate! |
| Income | Income for all counties click here |
| Monthly Payment | Varies |
| Loan Term |
$5,000-$10,000: 10 year term $10,000+: 15 year term |
| First Mortgage may be: | FHA, VA, 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