New Down Payment Assistance Program Makes Homeownership More Affordable Than Ever

For many people, the biggest obstacle to buying a home isn't the monthly payment—it's coming up with enough money for the down payment and closing costs.

The good news? A new Down Payment Assistance (DPA) program is helping more buyers become homeowners by removing many of the restrictions found in other assistance programs.

If you've been putting off buying because you thought you needed tens of thousands of dollars upfront, this program may be exactly what you've been waiting for.

Program Highlights

This Down Payment Assistance Program offers:

• 3.5% or 5% of the purchase price that can be used toward your down payment and eligible closing costs
  
  
• No first-time homebuyer requirement
  
  
• No income limits
  
  
• Minimum 580 credit score
  
  
• Compatible with FHA loans
  
  

Because many sellers are still contributing toward buyers' closing costs in today's market, some qualified buyers may be able to purchase a home with very little—or even no money due at closing.

How Is This Different from THDA?

Many buyers are familiar with Tennessee Housing Development Agency (THDA) programs, but those often come with income limits, purchase price restrictions, and first-time homebuyer requirements.

This newer program was designed to be available to a much broader range of buyers.

That means you may qualify even if:

• You've owned a home before.
  
  
• Your income exceeds THDA limits.
  
  
• You thought you made too much money to receive assistance.
  
  

Who Should Consider This Program?

This program may be a great fit if you are:

• Renting and ready to start building equity.
  
  
• Buying your next home.
  
  
• Relocating to Tennessee or Kentucky.
  
  
• A military member or veteran using an FHA loan.
  
  
• Looking to minimize your upfront cash investment.
  
  

Even if you've been told "not yet" in the past, it's worth taking another look.

Can You Really Buy a Home With Little to No Money Down?

Every buyer's situation is different, but in some cases the answer is yes.

When down payment assistance is combined with seller-paid closing costs and other available financing options, qualified buyers may have significantly less cash needed at closing than they expected.

The exact amount depends on your loan, the home you purchase, and your financial situation, but many buyers are surprised by how affordable homeownership can be.

Let's See If You Qualify

If you're curious whether this program could work for you, I'd be happy to connect you with a trusted lender who can review your options and explain exactly what you qualify for.

There is absolutely no obligation—just an opportunity to learn what's available.

If you're thinking about buying a home anywhere in Middle Tennessee or Southern Kentucky, I'd love to help you create a plan to get there.

Contact The McCormick Group RE today to learn more about this Down Payment Assistance Program and take the first step toward homeownership.