The Tennessee Down Payment Partnership helps first-time homebuyers with their down payment or closing costs. The loans are due on sale and will not be repaid until the home resells. The repaid down payment will then be available for another first-time homebuyer.
Borrowers’ annual income in combination with household size must be at or below the 80% income limits set by the U.S. Department of Housing and Urban Development (HUD).
To participate in this new and unique downpayment loan you must use a first mortgage from one of the following financial partners listed below.
First Choice Program
AHR has partnered with First Community Mortgage to launch the First Choice Program, the first program under the TN Down Payment Partnership. First Community Bank––the parent bank of First Community Mortgage––has invested in AHR to assist more than 60 first-time homebuyers with down payments to go toward their home purchases. The First Choice Program will provide first-time homebuyers with up to $10,000 toward their down payment and/or closing costs.
To find out if you qualify for the First Choice Program, click on this link of First Community Mortgage, or call AHR at (615) 251-0025 ext. 0 and ask about the Tennessee Down Payment Partnership.