Shelby County Dept of Housing - Down Payment Assistance Program

AKA:

home901; CJC Housing; Shelby County Department of Housing

Description:

Provides help for first-time low to moderate-income home buyers to cover part of down payment and closing costs when purchasing a home. Assistance is in the form of a 3% loan for amounts up to $6,000.00 with terms of the loan to fifteen years. Requires that participants invest at least $500.00 of their own money toward down payment and closing costs, and the price of the home must be below $300,000.00.

Hours:

Regular Hours: Mon - Fri 8:00 am - 4:30 pm; NO WALKINS, BY APPOINTMENT ONLY

Intake Process:

Contact a bank, mortgage company, or realtor and ask to participate in the County's Down Payment Assistance program. After you have found a home, been approved for a loan, and signed a contract on the home the lender will submit your DPA application. If approved, the lender will close on both the mortgage loan and the DPA loan. Each month the borrower makes a mortgage payment to the lender and a separate DPA loan payment to Shelby County. For further details, call and ask to speak to a Down Payment Assistance Loan counselor.

Program Fees:

A minimum of $500.00 of buyer's own money must go toward down payment and closing costs

Eligibility:

Income limits apply which are adjusted annually and follow THDA guidelines. Price of house must not exceed $300,000.00 and must be a primary single-family residence in Shelby County. Participants must have good credit history, stable employment, and the ability to obtain a mortgage. Must complete a home buyer counseling class arranged by your mortgage lender.

Is Shelter?

No

Date of Official Change:

May 23, 2024

Address Listings

Contacts

Phone Numbers

Legal Status:

City/County (Parish)