Program offers free money for first-time homebuyers
By:
MEMPHIS, Tenn. – Here are two words you don’t hear very often: free money!
United Housing and the Federal Home Loan Bank of Cincinnati are joining forces to help first-time homebuyers.
“I think it’s important that we continue to provide more housing and programs that will support local homeownership,” said Amy Schaftlein, executive director of United Housing.
As FOX13 has reported time and time again, investors are snatching up homes all over Memphis.
This Realtor.com report found Memphis ranks second in the country for the share of “mega investors” who are buying homes.
The “Rise Up” program aims to help Shelby County families own Shelby County homes.
“Home ownership is about stability,” Schaftlein said. “It’s that housing stability that provides stable neighborhoods overall. It allows for kids to do better in school.”
The program provides $25,000 grants that can be used for down payments, closing costs, or principal reduction assistance.
There is about $2 million in funding available, which is enough to help about 80 families.
To apply for the program, people can contact United Housing at riseup@uhinc.orgor call 901-728-6921/901-728-6936.
“If you are a single mom and you have children and you want to become a homeowner, but you might not know how to start, you can always give us a call at United Housing,” Schaftlein said. “You want to look at your credit score. You want to see what kind of savings you might have. If you don’t think you have enough savings, you can always talk with one of our housing counselors.”
Qualifications:
- At least one borrower must be a first-generation and first-time homebuyer
- Borrowers must agree to participate in HUD-approved counseling
- Borrowers must meet income limit of 120% of the HUD-defined Multifamily Tax Subsidy Project Income Limit
- In Shelby County, that’s a limit of about $109,320 for a four-person household
About Post Author
