Memphis Homebuyer Incentive Program Shelby County Schools (MSCS)

What is Memphis Homebuyer Incentive Program Shelby County Schools (MSCS)?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) is a forgivable loan for homebuyers in Memphis, Tennessee, administered by City of Memphis Division of Housing & Community Development (HCD).

• The City of Memphis HCD Homebuyer Incentive Program for Memphis Shelby County Schools (MSCS) provides down payment and closing cost assistance to full-time MSCS employees with at least two years of service. Assistance is a forgivable, deferred-payment loan not exceeding $25,000 or 10% of the sales price, secured by a five-year lien with no monthly payments and no income limit. Eligible employees may purchase anywhere within Memphis city limits.
• Up to $25,000 or 10% of sales price.
• 0% interest, no monthly payments.
• Forgiven after 5 years.
• No income limit.
• Citywide purchase area.
• Dedicated to MSCS school employees.
• Funding comes from City of Memphis HCD.

How much assistance does it provide?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) offers up to $25,000 in assistance.

• Amounts are the program's published maximums, not an offer — City of Memphis Division of Housing & Community Development (HCD) determines any individual award.

Do you have to pay it back?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, or failure to maintain as primary residence before the 5-year lien term is satisfied.
• 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?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) sets its income limit as follows: No income limit.

• 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?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) caps the purchase price at $350,000.

• Eligible property types include Single Family.
• New construction is eligible.

Is there eligibility for specific groups?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) names educators among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) serves buyers purchasing in Memphis, Tennessee.

How do you apply?

Applications for Memphis Homebuyer Incentive Program Shelby County Schools (MSCS) go through City of Memphis Division of Housing & Community Development (HCD), which publishes the current terms and the application steps on its own site.

1. 1

   Contact City of Memphis Division of Housing & Community Development (HCD) to reserve funds

   Funds are reserved through Application made through the first mortgage lender., and are subject to availability.

2. 2

   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.