There are a couple of down payment assitant programs in Tennessee. The first program is available for first time homebuyer or for someone who has not owned a home in three years. This program is offered through THDA (Tennesssee Housing Development Agency). THDA will actually provide you with 4% down if you qualify. 3.5% goes to your down payment and the other 1/2 percent is associated with fees for closing. If you combine the downpayment assistance with assistance from the seller in closing costs, you can usually close on a home for less than $1000.00 out of pocket costs, and sometimes it is for viturally nothing out of pocket. There are income requirements and debt ratios that have to be met. If interested, please contact me and I can put you in touch with a THDA certified lender.
The second option is through the Housing Fund. This plan provides the down payment assistance for someone other than a first time homebuyer. Once again, you do have to qualify, but they can provide you the assistance for the downpayment. The money is paid back under this plan but at a rate that will not exceed more than $50.00 a month. These are great options for getting into a home. Please call me if you have any questions or if you would like more information. My email is firstname.lastname@example.org, and my phone # is 615-289-6056.