HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC)

What is HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC)?

HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) is a second mortgage for homebuyers in Johnson City, Tennessee, administered by HomeWorks Community Lending, LLC (affiliate of Eastern Eight Community Development Corporation).

• HomeWorks Community Lending (affiliated with Eastern Eight CDC) offers down payment assistance as a second mortgage to homebuyers in the 8-county Northeast Tennessee service area. The DPA follows the requirements of the first mortgage product used (USDA, FHA, VA, Conventional, Home Possible, HomeReady). Available to income-qualified buyers at or below 80% AMI. Eastern Eight CDC provides homebuyer education, financial counseling, and credit coaching.
• Second mortgage DPA layered with first mortgage.
• Full suite of first mortgage products available.
• Credit coaching for pre-qualification readiness.
• Funding comes from HomeWorks Community Lending / Eastern Eight CDC / CDFI capital.

Do you have to pay it back?

HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) is a second mortgage and is repaid under the terms set by HomeWorks Community Lending, LLC (affiliate of Eastern Eight Community Development Corporation).

• Repayment is triggered by Follows requirements of first mortgage product used.
• 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.

Who qualifies?

HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) is open to buyers who will live in the home as their primary residence.

What are the income limits?

HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) limits household income to 80% of the area median income, which varies by county and household size.

• Subject to 80% Area Median Income limits for all persons on the loan (follows first mortgage income requirements).
• 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.

What kind of home can it be used for?

HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) caps the purchase price as follows: Based on first mortgage product limits.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) serves buyers purchasing in Johnson City, Tennessee.

• The program targets specific areas: Carter, Greene, Hancock, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in Northeast Tennessee.

How do you apply?

Applications for HomeWorks Community Lending Down Payment Assistance (Eastern Eight CDC) go through HomeWorks Community Lending, LLC (affiliate of Eastern Eight Community Development Corporation), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Homebuyer education may be required per first mortgage product (Eastern Eight CDC offers HBE).

2. 2

   Contact HomeWorks Community Lending, LLC (affiliate of Eastern Eight Community Development Corporation) to reserve funds

   Funds are reserved through Apply directly through HomeWorks Community Lending, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.