Homeownership is wonderful achievement, but getting there can be a challenge for some. Fortunately there are programs available to help potential buyers overcome those barriers. As a non-profit lender, Clinch-Powell has access to many of these programs. Currently we have three different funding sources to offer down payment and closing cost assistance to borrowers. Through partnerships with FAHE and the Tennessee Housing Development agency, we are participating in the Welcome Home Program, The Federal HOME Grant, and Project Reinvest. We also currently have counseling grant funds from the Comprehensive Housing Counseling Grant through March 31st to assist those who would like to become homeowners but who need help with credit and debt issues, another common barrier to homeownership for many.
Beginning March 1, Clinch-Powell will be offering $5,000 to assist with down payment and closing costs through the Welcome Home program funded by the Federal Home Loan Bank of Cincinnati and our partnership with FAHE, Inc.. It is not required to be a first time homebuyer. Income limits apply. These funds are limited and will be distributed on a first come, first serve basis.
Clinch-Powell is currently offering up to $15,000 in Federal HOME Grant dollars. The funds are used to purchase and rehab an existing home. Clinch-Powell makes improvements on the structure and systems of the home, and then sells the home to a qualified lower income borrower at a discounted rate with affordable financing. The balance of the grants funds are left with the home as equity.
Additionally, as a member organization of Fahe, Inc., Clinch-Powell offers a third option for homebuyers through Project Reinvest funds. Homebuyers can qualify for a 0% interest loan up to $10,500 to offset down payment and closing costs. Income limits apply. This loan is deferred until the sale of the home and remains at no interest.
All of these programs are subject to approval based on the individual criteria.