Hope Credit Union Affordable Home Program (TN)

What is 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.

How much assistance does it provide?

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 buyers 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.

Do you have to pay it back?

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.

Who qualifies?

Hope Credit Union Affordable Home Program (TN) is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

Hope Credit Union Affordable Home Program (TN) serves buyers 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.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Homebuyer education required; specifics at Hope CU discretion.

2. 2

   Contact Hope Credit Union to reserve funds

   Funds are reserved through Apply directly through Hope CU branch or online, 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.