Memphis Down Payment Assistance Programs: A Complete Overview

In the past few weeks, Community Mortgage has sent out down payment assistance resources to both realtors and potential homeowners.

Our goal?

Well, most Americans can't afford to make a down payment.

That's not fair, considering that most Americans have a decent score of at least 680.

It does our city a great service when great people can receive the money to finance a new home. And, that's why we've been promoting Memphis down payment assistance programs. Just in case you missed out on our emails and social media posts, we're going to highlight each program in this blog.

Police Officers

Overview:

This program is for police officers in Memphis, Tennessee. Basic requirements do apply. Eligible candidates can receive up to $10,000.

Requirements:

• At least 1 year minimum employment as a uniformed police officer.

• Must buy a property within Memphis city limits.

• Must contribute 1% of the home's sales price.

• Must maintain employment with MPD 5 years after closing.

• Max sales price is $254,000.

Down Payment Assistance Flyer: Click here to download.

Firefighters & 1st Responders

Overview:

This program is for firefighters, emergency medical technicians (EMTs), and paramedics in Memphis, Tennessee. Basic requirements do apply. Eligible candidates can receive up to $10,000.

Requirements:

• At least 1 year minimum employment as a firefighter or 1st responder.

• Must buy a property within Memphis city limits.

• Must contribute 1% of the home's sales price.

• Must maintain employment with MFD 5 years after closing.

• Max sales price is $254,000.

Down Payment Assistance Flyer: Click here to download.

SCS Teachers

Overview:

This program is for Shelby County School (SCS) teachers in Memphis, Tennessee. Basic requirements do apply. Eligible candidates can receive up to $10,000.

Requirements:

• At least 2 year minimum employment as a SCS teacher.

• Must buy a property within Memphis city limits.

• Must contribute 1% of the home's sales price.

• Must maintain employment with MPD 5 years after closing.

• Must complete homebuyer counseling.

Down Payment Assistance Flyer: Click here to download.

Memphis Citizens

Overview:

This program is for Memphis citizens. Income restrictions do apply. Eligible candidates can receive up to $10,000.

Requirements:

• Must buy a property within designated zip codes

• Must contribute 1% of the home's sales price.

• Must stay in the property 5 years after closing.

• Max sales price is $254,000.

Down Payment Assistance Flyer: Click here to download.

First-Time Homebuyers

Overview:

This program is for Memphis citizens. Income restrictions do apply ($38,050 to $63,000). Eligible candidates can receive up to $10,000.

Requirements:

• House counseling is required.

• Must pass local code inspections

• Must buy a property within Memphis city limits.

• Must contribute 1% of the home's sales price.

• Must stay in the property 5 years after closing.

• Max sales price is $254,000.

Down Payment Assistance Flyer: Click here to download.

What's Next?

Are you a realtor and would like to request a co-branded flyer along with your loan officer, or any other additional marketing materials?

If so, click here to submit your request.

Are you a potential homebuyer and would like to know more about how you can apply for these programs?

Simply give us a call at (901) 759-4400, or click here to Apply Now and be paired with one of our loan officers.