Down Payment Assistance Programs

Is a Down Payment Assistance Program Right for You?

A Down Payment Assistance Program (DPA) gives out a variety of loans to help low or moderate-income people buy, repair or renovate a home in a rural area.

These loans include:

  • US Department of Agriculture (USDA) Loans
  • Tennessee Housing Development Authority (THDA) Loans
  • Chenoa Funds 

These DPA loans, often referred to as rural development loans, include the single family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan. Though the terms and details of these loans differ, all offer very low effective interest rates (some are as low as 1%) and don’t require a cash down payment. However, to qualify, you need to have a decent credit history.

John Fleming of People’s Home Equity is here to make the DPA loan process a whole lot easier, with tools and expertise that will help guide you along the way.

We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.

Refinancing a down payment assistance loan? We can help with that too.

The Down Payment Assistance Program Process:

  • Connect with John to gather initial information about you
  • Receive options based on your unique criteria and scenario
  • Compare mortgage interest rates and terms
  • Choose the offer that best fits your needs
USDA Loans Knoxville

Why a DPA Loan?

Two significant benefits to a DPA loan include no down payment required and borrowers who qualify for a DPA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment. Additionally, the DPA loan allows borrowers to use a gift or grant to go toward their mortgage.

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Let us help find the right mortgage for you and your family.