Northeast Tennessee/Virginia HOME Consortium

 

Down Payment Assistance Program

 

The Northeast Tennessee/Virginia HOME Consortium has initiated an Affordable Homeownership Program designed to increase housing opportunities for the low and  moderate income families. The Consortium has agreed to utilize Federal HOME funds from U.S. Department of Housing & Urban Development and other grant programs to provide assistance in the form of a $5,000.00 due on sale loan that can be used for down payment, closing cost or principal reduction. Such assistance will be based upon need on a case-by-case basis to expand affordable homeownership opportunities for the very low, low and moderate-income families.

 

 First Tennessee Development District will be assisting prospective homeowners in the following areas:

·        Washington County, Tennessee*

·        Sullivan County, Tennessee*

·        City of Bristol, Tennessee

·        City of Johnson City, Tennessee

·        City of Kingsport, Tennessee

 

*(Homes within the city or town limits of Bluff City and Jonesborough currently do not qualify for this program.)

 

HOMEBUYER ELIGIBILITY

 

Applicants must meet all of the following requirements:

          The household income must be at or below 80% of area median income as established by HUD.

·          Applicant(s) can not have owned a home in the last 12 months.

·          Applicant(s) must occupy the property as his/her principal residence.

·          Applicant(s) must complete a homeownership education program taught by Eastern Eight CDC prior to closing.

·          The family must obtain fee simple title to the property.

·          Applicants must have a personal investment of $500 in the transaction.

 

PROPERTY REQUIREMENTS

 

Property to be purchased using Consortium funds must meet all the following requirements:

·          The property must be a single-family site built home, condominium unit, townhouse or double-wide manufactured home that is affixed to a permanent foundation.

·          The property must not be occupied by a tenant.

·          The sales price must not exceed the HUD HOME sales price limit. (Currently $200,160 for Northeast Tennessee).

·         The property must pass a lead and visual inspection.

 

For more information about the program, visit www.ftdd.org, or contact:

Sherry Trent at the First Tennessee Development District,   423/722-5100
 

                                                                                                                       

2006 HUD Maximum Household Income Limits

(Limits are based on the number of persons living in the household regardless of relationship.)

 

 

Washington, Carter, Greene and Unicoi Counties

 

1 Person     2 Person     3 Person     4 Person     5 Person     6 Person     7 Person     8 Person  

 

$25,250       $28,900       $32,500       $36,100      $39,000       $41,900       $44,750      $47,650

 

 

 

Sullivan and Hawkins Counties and the City of Bristol, Virginia

 

1 Person     2 Person     3 Person     4 Person     5 Person     6 Person     7 Person     8 Person

 

$26,050       $29,750       $33,500      $37,200       $40,200       $43,150       $46,150       $49,100

 

 

 

Hancock and Johnson Counties

 

1 Person     2 Person     3 Person     4 Person     5 Person     6 Person     7 Person     8 Person

 

$24,350       $27,850       $31,300      $34,800       $37,600       $40,350       $43,150       $45,900