New 2024 - $15,000 Tennessee Down Payment programs and First Time Home Buyer Programs
We have compiled the top first time home buyer and down payment assistance programs available in Tennessee. This information is completely free and requires no purchase. We offer this as a non-profit service to our local community. These Down Payment and Closing Cost Assistance programs can only be provided by Lenders who have been approved by the appropriate Institutional Investors. If you would like to learn more about which Realtor's and Lenders are qualified, continue reading. It's a SIMPLE and FREE process.
Many of these programs are available throughout the entire state of Tennessee with as much as $15,000 or more available in down payment assistance.2024 THDA Great Choice
- Provides qualified Tennesseans up to 5% downpayment assistance to be used with FHA, VA, USDA-Rural Development and uninsured conventional loans.
- For first time home buyers
- Requires a 640 or better credit score
- Income limits are based on size of houshold and the county you will purchasing your home the range is from 56,100 - 95,900
- The purchase price of the home is limited and varies by county and ranges from 250,000 - 375,000
2024 HHF-DPA
- Provides a flat $15,000 in down payment assistance regardless of the purchase price of the home
- Only certain zip codes are eligible
- Home purchase must be an existing home (no new construction)
- Is an extension of THDA Great choice, so other restrictions may apply
2024 USDA 100% Financing Program
- Zero down payment
- For first time home buyers
- Requires a 640 or better credit score
- Property must be located in targeted area.
- Income limits are based on size of houshold and the county you will purchasing your home the range is from 54,600 - 89,600
- The purchase price of the home is limited and varies by county and ranges from 240,000 - 275,000
- NO PMI or Private Mortgage Insurance
- Seller can pay 6% of purchase price toward closing costs
2024 Americas Home Buyer Solution
- Receive up to 2.5% Down Payment Assistance Gift Money for the purchase of a home.
- The remaining 1% down payment required can be a gift from a family member.
- This 2.5% Down Payment Assistance gift NEVER has to be paid back.
- Applies to any FHA Approved Property in the State.
- Seller can contribute for closing costs and pre-paid expenses (taxes, insurance, etc.)
- Not just for first time buyers! Current homeowners may also qualify.
- Expanded income limits based on county.
- Flexible loan approval guidelines.
- Home must be owner-occupied. No rental properties.
- Competitive interest rates.
- No pre-payment penalties.
- Credit Scores: 640 or higher
- Income Limits: Must be at or below The USDA median income limits. I can provide a copy of your county upon request.
- First Time Homebuyers Education - This online course is only $60.00
- Not limited to First Time Homebuyers Only
- The Americas Home Buyer Solution One Percent Down gift program is available for any FHA approved property including duplex, triplex or 4-plex in the states of: AZ, CA, CO, CT, FL, HI, NE, NM, OR, TN, TX, UT, WA
2024 FHA Program
- Low down payment
- For first time home buyers
- Requires a 620 or better credit score
- Kiddie condo option: Parents or family member can co-sign on loan
- Lower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
- Down payment can be 100% gift or down payment assistance or grant funds
- Check single family, condo, and 2-4 unit property loan limits FHA approved condos eligible https://entp.hud.gov/idapp/html/condlook.cfm
- Seller can pay 6% of purchase price toward closing costs
2024 - The Housing Fund
- Up to $35,000 loan for down payment
- 5% - 8% based on incometier and loan type
- Income limits are based on size of houshold and the county you will purchasing your home (up to 88,350)
- Home must be 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
- Borrowers must contribute at least 1% of sales price to the purchase
- No bankruptcy in last 3 years
More Tennessee down payment assistance programs may soon be available
NOTICE: This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states/counties.