In Middle Tennessee there is a program called Home Ownership Now and is administered by The Housing Fund Inc. They offer this program to persons who want to buy a home in counties in the Nashville Metropolitan Statistical Area. These include Davidson, Williamson, Cheatham, Dickson, Robertson, Rutherford, Sumner or Wilson Counties. Prospective home buyers can borrower up to $7000.00 to be used for Closing Costs, Pre Paids and Down payment assistance. This is a second mortgage loan with a low monthly payment of $50.00 to be paid back over a period of 15 years. There are four tiers of financial assistance depending upon the total household income.
Here are the basic requirements:
- All NOW loans are secured by a Promissory Note and a Second Deed of Trust, subordinated only to a first mortgage
- All borrowers are required to complete homebuyer education classes before closing. These classes are offered by THDA approved counseling agencies. THF will assist the client in locating the most appropriate and convenient agency.
- Borrower must contribute at least 1% of the sales price from their own funds to the purchase
- All borrowers must be at or below the area median income (AMI)
The now loan can be used in conjunction with an FHA, THDA (Great Rate), VA, USDA Rural Development or conforming conventional fixed rate loan.
Borrower must complete a THF Borrower Application. This can be completed at THF or at the Homebuyer Education Agency.
For more complete information please contact The Housing Fund at:
Phone: (615) 780-7000
Fax: (615) 780-7001