There’s good news for low-income Tennessee first time home buyers: the Tennessee Housing Development Agency has just awarded $400,000 to the Rutherford County Habitat for Humanity. The money will provide down payment assistance to 26 low-income families in the Murfreesboro, Smyrna and LaVergne communities.
The Daily New Journal reports:
“Habitat for Humanity is breaking down the affordability barrier to home ownership,” said THDA Executive Director Ralph M. Perrey. “Downpayment assistance programs like this one are an important part of getting low-income families in the door of their own home, where they can start building up equity and financial security year after year.”
Each family will be eligible for up to $14,999 to supplement its downpayment on a new home built by the nonprofit.
“As down payments go up, monthly payments go down, which is one way we ensure the mortgages we provide to low-income families are in line with their monthly budget and income,” said Rutherford County Habitat for Humanity Executive Director Terri Schultz. “Being able to provide down-payment assistance gives us confidence that the mortgage will strengthen the family’s financial situation … and not overburden them.”
Down-payment assistance from Rutherford County Habitat for Humanity takes the form of a forgivable five-year loan.
>> read the full article at dnj.com