Down Payment Assistance - Tennessee
Down Payment Assistance Options for Tennessee
Freddie HFA Advantage DPA
THDA offers a down payment assistance program that pairs well with the Freddie Mac HFA Advantage® loan. Covers 3% down payment requirement, as well as the closing costs for the sale.
Requirements:
- Minimum FICO score of 640
- Total household qualifying income limits based on county and family size
- Available for first-time homebuyers, repeat buyers in targeted areas, or military veterans
- Must complete Pre-Purchase Homebuyer Education Course
DPA Funding Options
Deferred Plus
- Flat $6,000 amount
- 0% interest with zero monthly payments
- 100% forgiven if used as primary residence for the full duration of term
Amortizing Plus
- Up to 6% of the home's total price
- 15-year term
- Fully repayable loan