Loan Options for First Time Buyers (aka low down payment options)
Down Payment Assistance Programs in Tennessee
There are 2 great programs for low – moderate income buyers, to assist with the cost of buying a home:
THDA (Tennessee housing development agency) offers 2 down payment/closing costs assistance programs:
- THDA will grant you 4% of the purchase price. Interest rate today is 4.55% fixed rate (subject to change).
-THDA will grant you 2% of the purchase price. Interest rate today is 4.25% fixed rate (subject to change).
See THDA for a detailed explanation of their 2 down payment assistance programs.
The second great program in TN is offered by The Nashville Housing Fund.
This is actually a LOAN, not a grant (like THDA). For $50/month, you can borrow up to $7000 to help with down payment and closing costs.
See The Nashville Housing Fund for details.
Here are 2 great options to assist with down payment and closing costs. Couple this with an FHA loan, and you’ll be a homeowner in no time!
Check out our Financing Page for Lender info.