In 2018 24% of all buyers delayed their home purchase by 5 years or more
while they saved for a downpayment.
The state of Tennessee & THDA (Tenn Housing Development Agency) offers multiple programs that could allow you to gain funds for the downpayment of your next home.
If you are not buying in Tennessee here is a list of other programs that could be useful in your state
Here are a few details:
For this post we are going to focus on the THDA Great Choice Plus program.
1, Property can be anywhere in Tennessee.
2. Max home's sales price varies by county, see cheat sheet above or click here for a list of all counties.
3. Min credit score 640
4. Up to 5% of the home's sales price as a 0% loan, 30 years, no payments.
5. You, the buyer, must complete an 8hr Homebuyer Counseling Class.
6. There are household income limits depending on the number of people in your household:
Example: Shelby County: 1-2 people $64,200, 3+ people $73,830