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

What is 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.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal HUD HOME funds via the Northeast TN/VA HOME Consortium.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

Where does it apply?

Northeast Tennessee/Virginia HOME Consortium - Down Payment Assistance (Bristol VA) is a federal program, so it is not limited to Virginia.

• The program targets specific areas: Consortium member jurisdictions only: Bristol VA, Bristol TN, Bluff City, Johnson City, Kingsport, Sullivan County, Washington County (TN).

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HOME Consortium homebuyer requirements (housing counseling/education) via FTDD program..

2. 2

   Contact First Tennessee Development District (FTDD), on behalf of the Northeast TN/VA HOME Consortium to reserve funds

   Funds are reserved through Applicant must contact FTDD before starting application; based on applicant need and fund availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.