Financing in Nashville>Question Details

Adder1, Home Buyer in Nashville, TN

Is the Neighborhood gold down payment still availble or is there any other down payment assistance options in Tennessee?

Asked by Adder1, Nashville, TN Wed Sep 7, 2011

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If you purchase a homepath property and close before Oct 31, you can get up to 3.5% closing cost paid. There are some down payment assistance programs available as mentioned in the earlier answers.

http://www.homepath.com
0 votes Thank Flag Link Wed Sep 7, 2011
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 mariaholland@comcast.net, and my phone # is 615-289-6056.
Web Reference: http://www.mariaholland.net
0 votes Thank Flag Link Wed Sep 7, 2011
You can try THDA for downpayment assistance. Certain lenders can do THDA loans. You can find more information here http://www.thda.org/

Let me know if you need anything else. I would be happy to help you out!
Web Reference: http://LiveInNashville.com
0 votes Thank Flag Link Wed Sep 7, 2011
Not sure about that one, but THDA might have some options for you. RDA and VA both still offer 100% financing if you qualify. Still, 3.5% down with standard FHA is the easiest, and most common. Down Payment Assistance isn't free, your paying for it somewhere (higher interest rate, higher closing costs, government liens, etc.I
0 votes Thank Flag Link Wed Sep 7, 2011
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