Shelby County Down Payment Assistance Program

Shelby County Down Payment Assistance Program is a repayable second loan for homebuyers in Shelby County, Tennessee, administered by Shelby County Department of Housing (Division of Planning & Development). Shelby County's DPA Program assists low- and moderate-income buyers with a portion of down payment and closing costs to purchase an existing or newly constructed home anywhere within Shelby County (covering unincorporated Shelby plus Arlington, Bartlett, Collierville, Germantown, Millington; the City of Memphis runs separate programs). Up to $6,000 toward down payment and closing costs as a 3% fixed-rate loan repayable over up to 15 years. Funding comes from Federal (HUD HOME/CDBG via Shelby County).

Shelby County Down Payment Assistance Program offers up to $6,000 in assistance. Homebuyer contribution: Purchaser must invest a minimum of $500 of own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Shelby County Department of Housing (Division of Planning & Development) determines any individual award.

Shelby County Down Payment Assistance Program is a repayable second loan and is repaid under the terms set by Shelby County Department of Housing (Division of Planning & Development). Repayment is triggered by Amortizing repayment over up to 180 months (15 years). The assistance is recorded in Subordinate lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Shelby County Down Payment Assistance Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Good credit history required (no specific numeric minimum published). A homebuyer education course is required, through Certified Homebuyer Education Class (provider not specified). Residency requirement: Home must be located within Shelby County. Total debt ratios must not exceed 45%. Applicants apply via Neighborly online portal. Buyer must have good credit history and stable employment.

Shelby County Down Payment Assistance Program sets its income limit as follows: Household income limits by family size: up to 2 persons min $26,100 max $98,314; 3 or more persons min $26,100 max $113,061. 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.

Shelby County Down Payment Assistance Program caps the purchase price at $300,000. Eligible property types include single_family and new_construction. New construction is eligible.

Shelby County Down Payment Assistance Program serves homebuyers purchasing in Shelby County, Tennessee.

Applications for Shelby County Down Payment Assistance Program go through Shelby County Department of Housing (Division of Planning & Development), which publishes the current terms and the application steps on its own site. Funds are reserved through Neighborly online application portal. 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.