Shared Equity

When available, The Housing Fund provides downpayment assistance to homebuyers through Our House Shared Equity Program. The program provides a loan investment of up to 25% of the sales price to income-eligible buyers. The loan investment stays with the home, upon resale. As a trade-off for increased affordability, if  a homebuyer chooses to sell, a percentage of the home’s appreciated value is retained by THF to keep the home affordable for the next owner. The next buyer must meet THF income guidelines. This buyer will receive the Our House loan.

Counties Davidson County Only
Loan Investment 25% of sales price
Monthly Payment $35 monthly program fee
Interest Rate 0% Due on Sale Loan
First Mortgage Conventional:  THDA or Pinnacle 100

 

 

Who is eligible?
• First-time homebuyer criteria- THDA 1st Mortgage Loan Product: “A first-time homebuyer is considered anyone who has not owned his or her principal residence in the last three years, anyone buying in special targeted areas, or an honorably discharged or re-enlisted veteran and spouse.”
  or

First-Time homebuyer criteria- Pinnacle 100 1st mortgage loan products: Cannot own property in their name at the time of application (no waiting period).

Annual Household Income Limit: Below 120% of AMI*

# Persons 1 2 3 4 5 6 7 8
120% AMI Income $53,800 $61,500 $69,150 $76,800 $82,950 $89,100 $95,250 $101,400

 

Borrower Responsibilities:
• Attend a THDA approved First- Time Homebuyer Education Class (Click Here for a list of certified counselors)
• Secure a 30 year fixed rate mortgage with one of our Lending Partners (link to partners information)
• Contribute a minimum 1% of sales price
• Occupy the home as a primary residence

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