Down payment assistance program

Pulling enough money together for a down payment is often a sticking point for aspiring home buyers
Help may be at hand For a limited time, if eligible, you may receive $ , for down payment assistance for the purchase of a primary, owner-occupied residence in the Memphis-Shelby County area. This amount is fully forgivable after you live in the home for ve years. Who may qualify? The program is available if you are approved for home nancing and your household income is equal to or less than % of the area median income. Whether this is your rst home or you are ready to buy again, there are a number of homebuyer education requirements that must be completed prior to the home purchase. Find out more Dont miss the Helping Homebuyers event, where you can learn more about the down payment assistance program.
Homebuyers must meet all program requirements to be eligible for the down payment assistance and its ongoing bene ts. Program description Program repayment requirements for down payment assistance loan $ , for down payment assistance for the purchase of a primary, owner-occupied residence in the Memphis-Shelby County area. years. re nanced, foreclosured, not owner-occupied as the primary residence or transfers title within the rst years. rst mortgage to a lower interest rate. No cash out is allowed for that re nanced loan. Borrower eligibility

must be sold prior to closing. The current home cannot be rented/leased. Property eligibility

Homebuyer education requirements First mortgage requirements

Homebuyer or Landlord Education is required and must be closing. To receive the down payment assistance, you must be approved for a rst mortgage loan.

 

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The Helping Homebuyers down payment assistance program is available if you are approved for home nancing and your household income is equal to or less in the chart below.

Income Limits for Memphis-Shelby County

Household size 115%
$47,600 $54,400 $61,200 $67,950 $73,400 $78,850 $84,300 $89,700

120%
$49,650 $56,750 $63,850 $70,900 $76,600 $82,250 $87,950 $93,600

  

  

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