The Tennessee Housing Development Agency is offering $15,000 in down payment assistance to help people who want to purchase a house in certain zip codes.
Couple Ryne Iseminger and Paige Martin recently got engaged and are now talking about purchasing their first home.
“That is definitely something we are discussing. Pretty much daily,” said Iseminger.
After renting a home for nine years, the couple just learned about a new incentive making buying a house in Middle Tennessee an exciting option.
The Tennessee Housing Development Agency received $60 million in federal money from the U.S. Treasury’s Hardest Hit Fund.
Eligible borrowers will have access to that money.
“We will give you $15,000 in down payment and closing costs. It is forgivable over 10 years, no interest during that time, no payments during that time,” explained THDA’s Executive Director Ralph Perrey.
THDA will forgive 20 percent of the loan each year after six years until it is gone if you stay in the house. If the borrower does not refinance, sell, or move out of the home for 10 years, the entire $15,000 loan is forgiven.
“The idea here is to improve those neighborhoods, to strengthen neighborhoods not merely with investment but by the presence of invested home owners,” said Perrey.
Martin told News 2 she is tired of renting.
“You feel like every month when you write a check, it is pretty much going out the door and you will never see it again,” said Martin.
The goal is to revitalize communities in middle Tennessee that never recovered from the economic downturn.
THDA’s $15,000 down payment assistance program is available in 55 targeted zip codes spanning parts of 30 counties across Tennessee.
“That would just be a huge relief and definitely accelerate our plans to be able to move into a neighborhood faster then what we thought,” said resident Nikki Tigg who has been house hunting with her husband.