A Home Ownership NOW loan (NOW) offers low to moderate-income homebuyers in Clarksville, TN four tiers of financial assistance depending upon the total household income. This is a second mortgage loan with a low monthly payment of $50. With one phone call and a few simple forms, you will be on your way to home ownership. This program is provided by The Housing Fund, a nonprofit organization to help low and moderate income families become successful homeowners. This program is only available in the following zip codes: 37040,37042 and 37043.

Clarksville NOW Loan Guidelines

Clarksville NOW Loan Application

Tennessee Housing Development Agency (THDA)

Down Payment and Closing Cost Assistance

The Great Advantage Program -- available with or without Stimulus Loan -- offers a slightly higher interest rate loan secured by a first mortgage offering down payment and closing cost assistance of 2%. The Great Start Program offers a loan at a slightly higher interest rate, secured by a first mortgage, but offers assistance with down payment and closing costs of 4%. The Stimulus Second Mortgage Program -- available only in conjunction with Great Rate and Great Advantage -- offers assistance with down payment and closing costs of up to 3.5% of the property's purchase price.

THDA is not a direct lender. For more information on this mortgage program, please contact Anchor Mortgage.

New THDA Stimulus Second Mortgage Program

In 2009 Congress passed the American Recovery and Reinvestment Tax Act of 2009 ("2009 Tax Act"). In division B, Title I, Section 1006, there is a provision for a First Time Homebuyer Tax Credit for up to $8,000 or 10% of the purchase price. This act provides for an exception for principal residences purchased between January 1, 2009, and November 30, 2009, which enables a first time homebuyer to receive the tax credit with no repayment required if the homebuyer occupies the property for 3 years. The 2009 Tax Act also provides for use of this credit with loans purchased with proceeds of tax-exempt mortgage revenue bonds. This credit has now been extended for loans closed on or before June 30, 2010. This credit can be used with THDA's mortgage programs.

THDA implemented a new second mortgage program in early 2009, THDA Stimulus Loan Program, for down payment and closing cost assistance. This program complements THDA’s existing Homeownership Choices incorporating the tax credit. In order to be eligible for the second mortgage program, THDA MUST be providing funding for the first mortgage through the Great Rate or Great Advantage programs for the borrower(s) to purchase the home. Both the first and second mortgage must close on or before June 30, 2010. The June 30, 2010, date also applies to new construction. The new home must be complete and the loan closed on or before June 30, 2010.

Income and Cost Limits

APPLY NOW