Memphis Down Payment Assistance Programs: A Complete Overview
Updated: Jan 31, 2022
In the past few weeks, Community Mortgage has sent out down payment assistance resources to both realtors and potential homeowners.
Our goal?
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.