Downpayment Assistance Program Could Make Buying A Home In Nashville More Approachable

Dated: 02/09/2017

Views: 853

by TJ Anderson


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Buying your first home is a huge accomplishment, investment and decision, and in some parts of Nashville, it’s about to get more approachable, thanks to an expanded program from the Tennessee Housing Development Agency.


News broke this week of changes to the Great Choice Plus downpayment assistance program, which helps Tennessee homebuyers with up to $15,000 toward downpayment and closing costs, via a forgivable 10-year mortgage (you make no payments, and it gains no interest, and each year starting with year six, THDA forgives 20 percent of the loan). The program will be applicable for homes in seven zip codes in Davidson County (along with parts of other Tennessee counties, including others in our part of the state). To be eligible, your income would need to fall below a maximum threshold: $82,000 for one/two-person households, or $96,000 for larger households.


The intent is not only to give Nashvillians a leg up toward homeownership, but to invest in communities, and encourage residents to stay and take pride in their homes.


Personally and professionally, I’m excited to see this program bloom, and excited to walk with some new Nashville homebuyers as they take the leap into owning their own place.


The designated zip codes here in Nashville are 37218, 37207, 37208, 37115, 37217 and 37086, spread across a large swath of the county, from parts of Bordeaux to steadily growing corners of East Nashville. To help you get a better view of what the possibilities are in those areas, I’ve picked out a few Nashville homes on the market now:


37218 (Bordeaux)

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3336 Hospital Ln

Nashville, TN 37218

$174,995

If you poll some artist/musician friends about where they’re heading as prices have risen in neighborhoods like East Nashville and The Nations, you’ll probably hear a lot of Bordeaux, which still has a cache of approachable starter homes at prices you might’ve seen Inglewood a decade ago. A good example: This 1970 3/1 ranch, updated with classic, tasteful finishes, really well kept and with a cute yard, for well under $200K.


37207 (East Nashville — Cleveland Park, Talbot’s Corner and others)

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221 Duke St

Nashville, TN 37207

$289,000

There’s a lot of movement happening on and just north/south of Trinity Lane in the East Nashville area, from condo buildings to mixed-use developments. In the next few years, that whole part of the neighborhood is poised to look markedly different, and feel markedly more bustling. That’s encouraging a renovation boom there too — like this 1925 3/2 home, that’s gotten a fresh and clean, thoroughly beautiful overhaul, top to bottom.

 


37217 (Southeast Nashville)

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1324 Saturn Dr

Nashville, TN 37217

$179,944

In Southeast Nashville, this mid-century ranch is close to the airport and Interstates, so an easy jump both in and out of town, and it’s totally renovated, from countertops and tiles to appliances. Really nice wood floors, too, and a sizable yard. If you’re not looking for projects, it’s really all set.


37115 (Madison)

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807 Berwick Trl

Madison, TN 37115

$300,000

If you have a larger family and need some significant space, but still need to stay in the $300K area, something like this mid-century split level in Madison could be worth a long look. It has a massive amount of space — 3,440 square feet, with 5 beds and 2 baths, plus just shy of an acre — and lots of options for spreading out, including two kitchens.


To learn a little more about the Tennessee Housing Development Agency incentives, head to Tennessean.com. And let me know if you have questions; I can likely point you in the right direction.


Are you ready to start hunting for your first home in Nashville, but need some help sorting out where to begin? I sincerely love helping first-time buyers achieve the dream of homeownership. Give me a call, or send me an email, and let’s talk about your wish list, and your options.


Properties are listed with their own respective real estate firms, and not under agreement with TJ Anderson and/or Benchmark Realty, LLC.

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TJ Anderson

TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....

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