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HOME Consortium Application

Steps

  1. 1. Step One
  2. 2. Step Two
  3. 3. Step Three
  4. 4. Step Four
  • Step One

    1. Northeast Tennessee/Virginia HOME Consortium
      Downpayment Assistance Program
      JULY 01, 2017 - JUNE 30, 2018
    2. For more information, visit www.ftdd.org , or contact:
      Donna Lewis at the First Tennessee Development District, 423-722-5122
      The Northeast Tennessee/Virginia HOME Consortium has initiated an Affordable Homeownership Program designed to increase housing opportunities for low and moderate-income families. The Consortium has agreed to utilize Federal HOME funds from the U.S. Department of Housing & Urban Development and other grant programs to provide assistance in the form of a due-on-sale deferred payment loan that can be used for down payment, closing cost, and/or principal reduction. The amount of assistance will be between $1,000 and $10,000 and will be based on the applicant’s need. A Subsidy Analysis will be prepared to determine need. Assistance is subject to availability of funding.

      The 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 Bristol, Virginia
      • City of Johnson City, Tennessee
      • City of Kingsport, Tennessee
      • Town of Bluff City, Tennessee
      * (Homes within the town limits of Jonesborough do not qualify)

      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) cannot 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 approved agency prior to closing.
      • The applicant must obtain fee simple title to the property.
      • Applicants must have a minimum 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 appraised value must not exceed the HUD HOME limits. (Currently, existing homes are $166,000 for Washington County and Johnson City, TN, $ 143,000 for City of Bristol, VA and $138,000 for all other areas. NEW Construction limit is $224,000).
      • The property must pass a lead and visual inspection.