Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program

Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program is a deferred second loan for homebuyers in Sullivan County, Tennessee, administered by Northeast Tennessee/Virginia HOME Consortium (Lead Entity: City of Bristol TN; delivery via First Tennessee Development District). Regional first-time homebuyer DPA from the multi-jurisdiction HOME Consortium serving Bluff City, Bristol TN, Bristol VA, Johnson City, Kingsport, Sullivan County, and Washington County. Provides a due-on-sale deferred-payment loan for down payment and/or closing costs, partnered with a mortgage lender. Between $1,000 and $15,000 in down payment and/or closing-cost assistance, amount based on need (subsidy analysis). Funding comes from Federal - HUD HOME funds (plus other grant programs).

Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program offers between $1,000 and $15,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Northeast Tennessee/Virginia HOME Consortium (Lead Entity: City of Bristol TN; delivery via First Tennessee Development District) determines any individual award.

Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program 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 (deferred payment loan; repaid on sale or transfer). The assistance is recorded in Subordinate lien (deferred, due-on-sale) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. Residency requirement: Property within the Consortium service area (Bluff City, Bristol TN, Bristol VA, Johnson City, Kingsport, Sullivan County, Washington County). Assistance amount determined by a Subsidy Analysis based on applicant need; subject to funding availability. Applicants strongly encouraged to contact the FTDD before applying.

Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program sets its income limit as follows: Low- and moderate-income households (HOME income limits; specific table not published on this page). 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.

Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program serves homebuyers purchasing in Sullivan County, Tennessee.

Applications for Northeast Tennessee Virginia HOME Consortium Affordable Home-Ownership Program go through Northeast Tennessee/Virginia HOME Consortium (Lead Entity: City of Bristol TN; delivery via First Tennessee Development District), which publishes the current terms and the application steps on its own site. 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.