United Housing Cherry Mortgage

United Housing Cherry Mortgage is a first mortgage for homebuyers in Memphis, Tennessee, administered by United Housing Inc. United Housing Inc.'s Cherry Mortgage is a proprietary 30-year fixed rate first mortgage product for low-to-moderate income homebuyers in the Memphis area. Maximum loan amount is $150,000 with a 1% minimum down payment. Requires credit score of 600+, max DTI of 42%, and 24 months employment history. Deferred student loans (12+ months deferment) excluded from DTI. Homebuyer education required. Separate from and in addition to the Rise Up DPA program. 30-year fixed rate. Low 1% down payment. Student loan DTI exclusion. Accessible credit requirements. Funding comes from United Housing Inc. / CDFI capital.

United Housing Cherry Mortgage offers up to $150,000 in assistance. The program asks homebuyers to contribute 1% minimum down payment. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — United Housing Inc. determines any individual award.

United Housing Cherry Mortgage is a first mortgage and is repaid under the terms set by United Housing Inc.. 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.

United Housing Cherry Mortgage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum credit score 600. A homebuyer education course is required, through Homebuyer education required; UHI can provide or connect to HUD-approved course. Residency requirement: Owner-occupied primary residence in service area.

United Housing Cherry Mortgage sets its income limit as follows: No published income limits; owner-occupied primary residence required. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

United Housing Cherry Mortgage caps the purchase price as follows: Maximum loan amount $150,000; for properties requiring DPA above $150,000, UHI refers to Patriot Bank and First Citizens Bank. Eligible property types include Single Family, Condo, and Townhouse. New construction is not eligible. Manufactured homes are not eligible.

United Housing Cherry Mortgage serves homebuyers purchasing in Memphis, Tennessee. The program targets specific areas: Memphis metro area, Shelby County TN.

Applications for United Housing Cherry Mortgage go through United Housing Inc., which publishes the current terms and the application steps on its own site. Funds are reserved through Apply directly with United Housing Inc. 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.