KNOXVILLE, Tenn. (WATE) – The Tennessee Housing Development Agency is expanding its $15,000 down payment assistance program for qualified homebuyers to an additional ZIP code in South Knoxville.
Starting November 1, families buying homes in 37920 can apply for the assistance. That includes the communities of South Knoxville, Kingsley Station, Kimberlin Heights, New Hopewell and Woodfield Park. It’s the 15th ZIP code in Knoxville and Knox County to be included in the program, which targets ZIP codes that have been slow to recover from the effects of the Great Recession, especially in foreclosures and stagnate home prices.
Five other ZIP codes in East Tennessee and one in Memphis are being added to the program in November as well, bringing the number statewide to 62.
Under the program, homebuyers with moderate income can get a 30-year, fixed interest first mortgage loan. They require at least a 640 credit score and in some areas must be a first-time homebuyer.More information: Tennessee agency provides $15,000 incentive to homebuyers