Down payment assistance · Shelby County

Buying a home in Memphis, TN

13 Memphis programs, 2 county programs and 11 statewide.Memphis has 13 programs of its own, 2 more across Shelby County, and 11 statewide. Here is what each one offers, what the local market looks like, and who near you can walk you through it.

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Memphis at a glance

People: 618,980
Median home value: $169,000
Homes lived in by their owner: 44.9%
Median year built: 1970

ZIP codes

37501 · 38101 · 38103 · 38104 · 38105 · 38106 · 38107 · 38108 · 38109 · 38110 · 38111 · 38112 · 38113 · 38114 · 38115 · 38116 · 38117 · 38118 · 38119 · 38120 · 38122 · 38124 · 38125 · 38126 · 38127 · 38128 · 38130 · 38131 · 38132 · 38133 · 38134 · 38135 · 38136 · 38137 · 38140 · 38141 · 38142 · 38143 · 38145 · 38146 · 38147 · 38148 · 38150 · 38151 · 38152 · 38157 · 38159 · 38161 · 38163 · 38165 · 38166 · 38167 · 38168 · 38173 · 38174 · 38175 · 38177 · 38181 · 38182 · 38184 · 38186 · 38187 · 38188 · 38190 · 38193 · 38194 · 38195 · 38197

U.S. Census Bureau, ACS 2024 5-yearU.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Updated each year.

Only for Memphis addresses

Memphis’s own programs

First mortgageIncome limits

Hope Credit Union Affordable Home Program (TN)

Income limits · Single Family · Condo · Townhouse

Run by Hope Credit Union for homes inside Memphis. Lists single family, condo and townhouse as eligible.

Verified Jul 2026

See program details Check if it fits me

First mortgageIncome limits

United Housing Cherry Mortgage

Income limits · Single Family · Condo · Townhouse

Run by United Housing Inc. for homes inside Memphis. Lists single family, condo and townhouse as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanIncome limits

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS)

Income limits · Single Family

Run by City of Memphis Division of Housing & Community Development (HCD) for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanIncome limits

Memphis Homebuyer Program Incentive Citizens (HIPC)

Income limits · Single Family

Run by City of Memphis Division of Housing & Community Development (HCD) for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanIncome limits

Memphis Homebuyer Program Incentive Firemen (HIPF)

Income limits · Single Family

Run by City of Memphis Division of Housing & Community Development (HCD) for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanIncome limits

Memphis Homebuyer Program Incentive Police (HIPP)

Income limits · Single Family

Run by City of Memphis Division of Housing & Community Development (HCD) for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Assistance grantFirst-time homebuyersIncome limits

Rise Up Program (Memphis & West Tennessee)

First-time homebuyers · Income limits · Single Family

Run by United Housing, Inc. (in partnership with Federal Home Loan Bank of Cincinnati) for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanFirst-time homebuyersIncome limits

Targeted Area DPA (TADPA)

First-time homebuyers · Income limits · Single-family detached, condominium, townhouse, PUD, 2-unit (1 unit owner-occupied) within targeted areas.

For homes inside Memphis. Lists single-family detached, condominium, townhouse, pud, 2-unit (1 unit owner-occupied) within targeted areas. as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanFirst-time homebuyersIncome limits

Memphis Housing Authority (MHA)

First-time homebuyers · Income limits · Single-family detached, condominium, townhouse, PUD, 2-unit (1 unit owner-occupied).

For homes inside Memphis. Lists single-family detached, condominium, townhouse, pud, 2-unit (1 unit owner-occupied). as eligible.

Verified Jul 2026

See program details Check if it fits me

Gift fundsIncome limits

RISE Foundation Save Up (Matched-Savings IDA for Homeownership)

Income limits · Single Family

Run by RISE Foundation, Inc. (RISE Memphis) for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Forgivable loanFirst-time homebuyersIncome limits

Citywide DPA (CWDPA)

First-time homebuyers · Income limits · Single-family detached, condominium, townhouse, PUD, 2-unit (1 unit owner-occupied) per HUD HOME rules.

For homes inside Memphis. Lists single-family detached, condominium, townhouse, pud, 2-unit (1 unit owner-occupied) per hud home rules. as eligible.

Verified Jul 2026

See program details Check if it fits me

First mortgageFirst-time homebuyersNew constructionIncome limits

Habitat for Humanity of Greater Memphis Affordable Homeownership Mortgage

First-time homebuyers · New construction · Income limits · Single Family

Run by Habitat for Humanity of Greater Memphis for homes inside Memphis. Lists single family as eligible.

Verified Jul 2026

See program details Check if it fits me

Assistance grantFirst-time homebuyersNew constructionIncome limits

Section 8 Homeownership Program (SHAPE)

First-time homebuyers · New construction · Income limits · Single-family detached, condominium, townhouse, PUD, manufactured home on permanent foundation, cooperative. 1-unit only.

For homes inside Memphis. Lists single-family detached, condominium, townhouse, pud, manufactured home on permanent foundation, cooperative. 1-unit only. as eligible.

Verified Jul 2026

See program details Check if it fits me

Anywhere in ShelbyAnywhere in Shelby County

2 county programs2 county programs a Memphis homebuyer can also use

Up to $6,000

Shelby County Down Payment Assistance Program

Repayable second loan · New construction · Income limits

See details

Forgivable

Down Payment Assistance Program

Forgivable loan · Forgiven over 5 yrs · Income limits

See details

The Memphis marketThe Memphis housing market

Kinds of homes hereWhat’s for sale here, and what the programs accept

Kinds of homes in Memphis

59.5% single-familysingle-family
5.1% townhousetownhouse
8.7% 2–4 units2–4 units
25.5% 5+ unitscondo & apartment buildings (5+ units)
1.2% mobile & othermobile home & other

Condos count. 7 of Memphis’s 15 local and county programs accept condos.

U.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Table B25024.

When Memphis’s homes were built

pre-19401970s2020+

67%

of Memphis homes were built before 1980. Pre-1978 homes come with a federal lead-paint disclosure.of homes were built before 1980. A home built before 1978 comes with a federal lead-paint disclosure, and some programs require an inspection.

U.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Table B25034.

$92,700

County area median income, 4 people (HUD)HUD area median income, Shelby County, 4-person household (2026)

$51,736

Memphis median household incomeMedian household income in Memphis (Census, 2024)

22 of the 88 programs here set their income limit as a share of Shelby County’s area median income, adjusted for household size. See the published limits for Shelby County

Free help nearbyFree help near Memphis

7 HUD-approved counseling agencies within 15 miles7 HUD-approved housing counseling agencies within 15 miles

11 programs here ask for a homebuyer class first. Create a free account to see who’s near you and pick one.11 of the 15 local programs here ask for a homebuyer class. A HUD-approved counselor teaches it and can walk you through your options. Create a free account to see who’s near you and pick one.

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counseling agencies near Memphis, TN

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Across Tennessee and nationwide

73 statewide & federal programs11 statewide programs, plus federal options

Memphis questions

Does Memphis have its own down payment program?

Yes, 13: Hope Credit Union Affordable Home Program (TN), United Housing Cherry Mortgage, Memphis Homebuyer Incentive Program Shelby County Schools (MSCS), Memphis Homebuyer Program Incentive Citizens (HIPC), Memphis Homebuyer Program Incentive Firemen (HIPF), Memphis Homebuyer Program Incentive Police (HIPP), Rise Up Program (Memphis & West Tennessee), Targeted Area DPA (TADPA), Memphis Housing Authority (MHA), RISE Foundation Save Up (Matched-Savings IDA for Homeownership), Citywide DPA (CWDPA), Habitat for Humanity of Greater Memphis Affordable Homeownership Mortgage and Section 8 Homeownership Program (SHAPE). Each is for homes inside Memphis.

Can I use assistance on a condo in Memphis?

7 of Memphis’s 15 local and county programs accept condos. Each program’s page lists the kinds of homes it accepts, and the agency confirms it for the home you choose.

What is the income limit in Shelby County?

Each program sets its own. 22 of the programs here set theirs as a share of HUD’s area median income for Shelby County, adjusted for household size. HUD publishes the median each year; the 2026 figure is shown above and on the published limits page.

Where can I take a homebuyer class near Memphis?

HUD-approved housing counseling agencies teach homebuyer classes, and 7 agencies are within 15 miles of Memphis. Create a free account and take the 90-second match to see the ones near you.

ZIP codes

Nearby in Shelby

Sources

Sources: agency sites (July 2026), Census ACS 2024 5-year, HUD FY2026, HUD counseling list. Hey Prescott is not a lender.Programs: Hey Prescott catalog of 2,000+ programs, each verified with its agency (July 2026). Market: U.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Income: HUD FY2026 income limits. Counselors: HUD list of approved housing counseling agencies. Hey Prescott is not a lender.