STATEWIDE PROGRAMS

Great Choice Plus Loan Down Payment Assistance

Assistance Available:
If you qualify for a Great Choice Plus loan you may also be eligible to receive 5% of the purchase price in downpayment assistance.

This will be a second mortgage, but there are no monthly payments and no interest accruing. You pay back the loan only when you sell and move out or refinance your first mortgage. Under certain circumstances, the downpayment assistance loan is forgivable, meaning you never repay it at all.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past three years). You must complete a homebuyers education course. You can do this online or in a classroom. You must have a minimum credit score of 640. The income and purchase price limits depend on the county in which the property is located. There are added benefits available to active and retired (honorably discharged) military.

CITY AND COUNTY PROGRAMS

City of Clarksville
First Time Homebuyer Program

Assistance Available:
The City of Clarksville administers its First Time Homebuyer Program through the Office of Housing and Community Development. It is intended to assist lower income residents with the initial costs of purchasing their first homes. The funds may be used to help defray the cost of downpayments, closing, and prepaid items.

These are 10 year, zero interest forgivable loans as long as the borrower lives in the home as an owner occupant for a minimum of 10 years. The loan is attached to the property with 2 promissory notes and a Deed of Trust.

Qualifications:
Your annual household income must fall into the 50%-80% area median range. For a family of 4, the current 50% area median income is $30,450. For a family of 4, the current 80% area median income is $48,700. You must be a first time homebuyer (have not owned a home in the past 3 years), unless you are a displaced homemaker or single parent who owned or lived in a home owned by a spouse. Your housing debt to income ratio may not exceed 30%.

Eligible properties include single family homes, condominiums, and townhomes. The property must be located in Clarksville. The maximum purchase price for an existing home is $150,000. The maximum purchase price for a new home is $227,000. All properties must be inspected. They are required to meet the City of Clarksville Housing Maintenance Code. Homes built prior to 1978 must be assessed for lead based paint.