City of Clarksville's First-Time Homebuyer Program
The City of Clarksville allocates a portion of its annual allocation of HOME funds to offer loans for down payments and approved closing costs to low-income applicants who want to become homebuyers. Down payment funds provided to first-time homebuyers are given as low-interest loans over a 10-year period. The closing cost will be given as a zero-interest forgivable loan forgiven after 10 years as long as the homebuyer remains the owner/occupant.
The First-Time Homebuyer Program is exclusively for applicants whose annual household income falls within 50%- 80% of the area median income for Clarksville, Tennessee. Borrowers must be first-time homebuyers or those who have not owned or held an interest in a primary residence in the last three years. All applicants are required to attend a homebuyer education class, which is free to eligible households.
Eligible property types include single-family homes, townhouses and/or condominiums that are located within the City of Clarksville. The maximum purchase price for a condominium, townhouse or single-family home is $150,000 for an existing home and $227,000 for a new home. An inspection is required on all properties and must meet the City of Clarksville Housing Maintenance Code. If the property was built prior to 1978, an assessment for lead-based paint is also required.
Applicants must fall within 50 to 80% AMI
1-person household: $21,350 to $34,100
2-person household: $24,400 to $39,000
3-person household: $27,450 to $43,850
4-person household: $30,450 to $48,700
5-person household: $32,900 to $52,600
6-person household: $35,350 to $56,500
7-person household: $37,800 to $60,400
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
First-Time Homebuyer Programs in Tennessee
The City of Clarksville's First-Time Homebuyer Program helps cover the cost of down payment and closing costs for approved applicants.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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