Clinch-Powell Shift to Ownership - Second Shift Loan & DPA

Clinch-Powell Shift to Ownership - Second Shift Loan & DPA is a deferred second loan for homebuyers in Newport, Tennessee, administered by Clinch-Powell RC&D Council. The SHIFT to Ownership program helps renting households transition into homeownership through a structured pathway in as little as 6 months. Includes a SHIFT Rent Until You Own path and a direct SHIFT to Ownership path. Affordable financing includes a Second Shift 0% interest, $0-payment deferred second mortgage, special down payment assistance, affordable gap loans, and shared appreciation loans. Participants receive dedicated coaching and counseling. Currently available in Cocke County TN with expansion planned. 0% interest $0-payment Second Shift deferred loan. Special DPA and gap financing. Dedicated housing coach. Rent-to-own pathway option. Available to renters with limited credit history. Funding comes from Clinch-Powell RC&D / CDFI / philanthropic / HOME / SHIFT partner network.

Clinch-Powell Shift to Ownership - Second Shift Loan & DPA is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Due on sale of home; $0 monthly payment during ownership. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Clinch-Powell Shift to Ownership - Second Shift Loan & DPA is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Borrower works through SHIFT coaching program to achieve mortgage readiness. A homebuyer education course is required, through Clinch-Powell RC&D SHIFT coaching and counseling program (6-24 month pathway to mortgage readiness). Residency requirement: Currently available in Cocke County TN; coming soon to surrounding East TN counties.

Clinch-Powell Shift to Ownership - Second Shift Loan & DPA sets its income limit as follows: Low-to-moderate income households; stable income and ability to pay fair rent required as entry criteria; contact Clinch-Powell for income thresholds. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Clinch-Powell Shift to Ownership - Second Shift Loan & DPA caps the purchase price as follows: Clinch-Powell Shift program homes or other properties in service area. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Clinch-Powell Shift to Ownership - Second Shift Loan & DPA serves homebuyers purchasing in Newport, Tennessee. The program targets specific areas: Currently Cocke County TN (Newport); expansion to surrounding East TN counties anticipated.

Applications for Clinch-Powell Shift to Ownership - Second Shift Loan & DPA go through Clinch-Powell RC&D Council, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply through Clinch-Powell Shift office in Newport TN. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.