Oak Ridge Housing Authority Homebuyer Assistance Program

Oak Ridge Housing Authority Homebuyer Assistance Program is a forgivable loan for homebuyers in Oak Ridge, Tennessee, administered by Oak Ridge Housing Authority (ORHA). The Oak Ridge Housing Authority Homebuyer Assistance Program provides grant funds of up to $14,999 (based on need) to help income-eligible first-time homebuyers cover the down payment and closing costs for a home within the City of Oak Ridge. Funded by a THDA HOME grant, the assistance is a 5-year forgivable loan secured by a Grant Promissory Note and Deed of Trust. Funds are awarded first-come, first-served until depleted; qualified applicants receive a pre-approval award letter good for 120 days. Up to $14,999 toward down payment and closing costs. Fully forgivable after a 5-year compliance period. 0% interest, no monthly payments. 120-day pre-approval award letter. Assistance sent directly to closing. Funding comes from Tennessee Housing Development Agency (THDA) HOME Investment Partnerships Program grant.

Oak Ridge Housing Authority Homebuyer Assistance Program offers up to $14,999 in assistance. The program can be combined with An affordable first mortgage (rate within 1% of the THDA Great Choice rate). Amounts are the program's published maximums, not an offer — Oak Ridge Housing Authority (ORHA) determines any individual award.

Oak Ridge Housing Authority Homebuyer Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance, conversion to rental/secondary residence, or non-compliance during the 5-year period. 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.

Oak Ridge Housing Authority Homebuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB defined as not having owned a home within the past three years. A homebuyer education course is required, through Homebuyer Education Course; completed before closing. Residency requirement: Home within the City of Oak Ridge, TN (37830) city limits. FTHB = no home owned in past 3 years. Home within Oak Ridge (37830). Lender rate <=1% above THDA Great Choice. 14 days notice before closing. ORHA additional insured lienholder for the compliance period. Income limits (~80% AMI) not published on flyer; confirm with ORHA. Funds limited - confirm availability.

Oak Ridge Housing Authority Homebuyer Assistance Program sets its income limit as follows: THDA HOME low-to-moderate income limits, generally at or below 80% AMI by household size. Specific dollar limits not on the flyer; confirm with ORHA. The limit applies to total household income, not only the borrower&rsquo;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.

Oak Ridge Housing Authority Homebuyer Assistance Program can be used for Single Family.

Oak Ridge Housing Authority Homebuyer Assistance Program serves homebuyers purchasing in Oak Ridge, Tennessee.

Applications for Oak Ridge Housing Authority Homebuyer Assistance Program go through Oak Ridge Housing Authority (ORHA), which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served until depleted; pre-approval award letter good for 120 days (one 30-day extension). 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.