Hope Credit Union Affordable Home Program (TN)

Hope Credit Union Affordable Home Program (TN) is a first mortgage for homebuyers in Memphis, Tennessee, administered by Hope Credit Union. Hope Credit Union's Affordable Home Program provides 100% financing (no down payment) on mortgages up to $350,000, or 97% financing (3% down) up to $425,000, with no PMI. Designed for low-to-moderate income borrowers in underserved communities. Alternative/nontraditional credit accepted; medical collections not counted. Income limits up to 120% AMI in non-target areas; no income limits in designated target areas. Available at Hope CU's 4 Memphis-area Tennessee branches. 0% down payment option. No PMI. Credit score as low as 580. Nontraditional credit accepted. Medical collections excluded. Income limits up to 120% AMI. Funding comes from Hope Credit Union / CDFI / private capital.

Hope Credit Union Affordable Home Program (TN) offers up to $425,000 in assistance. Award tiers: 100% financing up to $350,000; 97% financing (3% down) up to $425,000. The program asks homebuyers to contribute 0% down for loans up to $350,000; 3% down for loans up to $425,000. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Hope Credit Union determines any individual award.

Hope Credit Union Affordable Home Program (TN) is a first mortgage and is repaid under the terms set by Hope Credit Union. The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Hope Credit Union Affordable Home Program (TN) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum credit score 580; nontraditional/alternative credit accepted (3 lines verified credit over 12 months); medical collections not counted against borrower. A homebuyer education course is required, through Homebuyer education required; specifics at Hope CU discretion. Residency requirement: Must have membership eligibility at Hope Credit Union; TN branches in Memphis.

Hope Credit Union Affordable Home Program (TN) limits household income to 120% of the area median income, which varies by county and household size. Up to 120% AMI in non-target areas; no income limits in designated target areas. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Hope Credit Union Affordable Home Program (TN) caps the purchase price at $425,000. Eligible property types include Single Family, Condo, and Townhouse. New construction is not eligible. Manufactured homes are not eligible.

Hope Credit Union Affordable Home Program (TN) serves homebuyers purchasing in Memphis, Tennessee. The program targets specific areas: Primarily serves Deep South underserved communities; TN coverage centered on Memphis metro area through 4 branch locations.

Applications for Hope Credit Union Affordable Home Program (TN) go through Hope Credit Union, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply directly through Hope CU branch or online. 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.