Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA)

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) is a deferred second loan for homebuyers in Bristol, Virginia, administered by First Tennessee Development District (FTDD), on behalf of the Northeast TN/VA HOME Consortium. The Northeast Tennessee/Virginia HOME Consortium, administered by the First Tennessee Development District, offers down payment and closing-cost assistance to income-eligible first-time homebuyers in member jurisdictions including the City of Bristol, Virginia. Assistance is a 0% due-on-sale deferred-payment loan of $1,000-$15,000 based on applicant need, partnered with a private first-mortgage lender. Separate from the Virginia DHCD/People Inc. DPA that also serves Bristol VA. 0% interest, no monthly payments. $1,000-$15,000 based on need. Due only on sale of the home. Covers down payment and/or closing costs. Available to Bristol VA first-time buyers. Funding comes from Federal HUD HOME funds via the Northeast TN/VA HOME Consortium.

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) offers between $1,000 and $15,000 in assistance. Amounts are the program's published maximums, not an offer — First Tennessee Development District (FTDD), on behalf of the Northeast TN/VA HOME Consortium determines any individual award.

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) 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 upon sale or transfer of the home. The assistance is recorded in Subordinate (second) lien 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 - Down Payment Assistance (Bristol VA) 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. A homebuyer education course is required, through HOME Consortium homebuyer requirements (housing counseling/education) via FTDD program.

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) limits household income to 80% of the area median income, which varies by county and household size. Low- and moderate-income (HOME program) limits; <=80% AMI typical for HOME homebuyer activities. Specific dollar figures not published on the program page. 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.

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) serves homebuyers purchasing in Bristol, Virginia. The program targets specific areas: Consortium member jurisdictions only: Bristol VA, Bristol TN, Bluff City, Johnson City, Kingsport, Sullivan County, Washington County (TN).

Applications for Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) go through First Tennessee Development District (FTDD), on behalf of the Northeast TN/VA HOME Consortium, which publishes the current terms and the application steps on its own site. Funds are reserved through Applicant must contact FTDD before starting application; based on applicant need and fund availability. 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.