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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 paymentassistance 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 anumber of homebuyer education

requirements that must be completed

prior to the home purchase.

Find out more

Dont miss the Helping Homebuyersevent, where you can learn moreabout the down payment assistance

program.

Homebuyers must meet all program requirements to be eligible for the down

payment assistance and its ongoing benets.

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Program

description

Program

repayment

requirements

for down

payment

assistance loan

Borrower

eligibility

Propertyeligibility

$, for down payment assistance for the purchase of aprimary, owner-occupied residence in the Memphis-Shelby

County area.

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years.t5IFQSPSBUFECBMBODFEVFJTSFQBZBCMFJGUIFQSPQFSUZJTTPME

renanced, foreclosured, not owner-occupied as the primaryresidence or transfers title within the rst years.

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rst mortgage to a lower interest rate. No cash out is allowedfor that renanced loan.

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must be sold prior to closing. The current home cannot berented/leased.

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Homebuyer

education

requirements

First mortgage

requirements

Homebuyer or Landlord Education is required and must beDPOEVDUFECZB)6%BQQSPWFEDPVOTFMJOHBHFODZQSJPSUP

closing.

To receive the down payment assistance, you must beapproved 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

UIBOPG"SFB.FEJBO*ODPNF".*BEKVTUFEGPSIPVTFIPMETJ[FoBTTIPXOin the chart below.

Income Limits for Memphis-Shelby County

Household size

115% 120%

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$47,600 $49,650

$54,400 $56,750

$61,200 $63,850

$67,950 $70,900

$73,400 $76,600

$78,850 $82,250

$84,300 $87,950

$89,700 $93,600