| 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.
For a printable summary sheet click here. (Note: Summary sheet may not represent all information. See info below for more details).
Geographic Eligibility:
CLARKSVILLE, TN - The property must be located in zips: 37040, 37042 or 37043
The first mortgage loan must be an FHA, THDA (Great Rate), VA, USDA Rural Development or conforming conventional fixed rate loan offered by an FHA TN-approved lender.
*Note: If area median income (AMI) is 120%, the first mortgage must be a conforming conventional (fixed rate), VA or USDA Rural Development loan (see income criteria below).
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The home must be located in: Clarksville, TN (in zip codes 37040, 37042 or 37043)
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The home must be the buyer’s primary residence.
Requirements:
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All NOW loans are secured by a Promissory Note and a Second Deed of Trust, subordinated only to a first mortgage
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All borrowers are required to complete Homebuyer Education classes before closing. These classes are offered by THDA approved counseling agencies. Contact Angela Belcher at 931-572-8454 to sign up for a class.
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Borrower must complete a THF Borrower Application. This can be completed at the Homebuyer Education class.
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Borrower must contribute at least 1% of the sales price from their own funds to the purchase
- All borrowers must be at or below the area median income (AMI) for the tier.
Income Criteria:
(Effective 12/1/2011)
Tier 1 (60% of area media income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Household gross (before taxes) income must be at or below:
1 person:................. $22,750
2 people:................. $26,000
3 people:................. $29,250
4 people:................. $32,500
5 people:................. $35,100
6 people:................. $37,700
7 people:................. $40,300
8 people:................. $42,900
Tier 2 (80% of area median income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Your household gross (before take-out) income is at or below:
1 person:................. $30,350
2 people:................. $34,700
3 people:................. $39,050
4 people:................. $43,350
5 people:................. $46,850
6 people:................. $50,300
7 people:................. $53,800
8 people:................. $57,250
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Clients can borrow up to $7000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 7%
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Loan will include a variable recording fee and a processing fee of $350.00
Tier 3 (100% of area median income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Your household gross (before take-out) income is at or below:
1 person:................. $37,950
2 people:................. $43,400
3 people:................. $48,800
4 people:................. $54,200
5 people:................. $58,550
6 people:................. $62,900
7 people:................. $67,250
8 people:................. $71,550
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Clients can borrow up to $5000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 8%
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Loan will include a variable recording fee and a processing fee of $350
Tier 4 (115% of area median income) - 1st mortgage can be an FHA, THDA (Great Rate), VA, USDA Rural Dev. or conforming conventional
Your household gross (before take-out) income is at or below:
1 person:................. $43,650
2 people:................. $49,900
3 people:................. $56,100
4 people:................. $62,350
5 people:................. $67,350
6 people:................. $72,350
7 people:................. $77,300
8 people:................. $82,300
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Clients can borrow up to $5000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 8%
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Loan will include a variable recording fee and a processing fee of $350
*Tier 4 (120% of area median income) - 1st mortgage must be a conforming conventional (fixed rate), VA or USDA Rural Development loan
Your household gross (before take-out) income is at or below:
1 person:................. $45,550
2 people:................. $52,050
3 people:................. $58,550
4 people:................. $65,050
5 people:................. $70,250
6 people:................. $75,450
7 people:................. $80,700
8 people:................. $85,900
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Clients can borrow up to $5000 for Closing Costs, Prepaids, and Down Payment Assistance
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The interest rate is 8%
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Loan will include a variable recording fee and a processing fee of $350
Enrollment:
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