By Marcus D. Williams
It’s not easy house-hunting in a seller’s market. According to The Tennessean, “with the inventory of houses on the market at a historic low and strong interest in the Nashville area unwavering, it’s now common for homes to receive 25 to 30 offers in less than a week on the market.”
Statistics like these may leave you feeling disheartened and defeated, but we encourage you not to give up. First Farmers is on a mission to provide affordable housing to the house-hunters in our local communities. We’ve partnered with The Housing Fund, Inc. to offer down payment assistance and other resources to help you achieve the goal of purchasing your next, or first, home.
Down Payment Assistance
At First Farmers, we understand that the traditional down payments are daunting for many homebuyers. Through our partnership with The Housing Fund, we’ll help ensure an initial price and closing cost that’s comfortable for you.
Here’s how it works: All loans are subject to approval, and once your application is approved, The Housing Fund may provide a loan up to $35,000 for the down payment and closing costs. The borrower is responsible for covering a minimum of just 1% of the sale to account for closing costs.
Homebuyer Education
Our program with The Housing Fund is a fantastic way for those within our communities to afford their dream home, but we also want to guide our borrowers to financial success. In addition to offering affordable down payments, The Housing Fund also provides homebuyer education courses, both in-person and virtually. All buyers are required to complete homebuyer education supplied by a THDA-Certified counselor before the closing. Purchasing a home is a significant milestone. We want to prepare our borrowers to grow in their new homes, and a big part of growth is education.
Your Partner for Life
First Farmers is a community bank committed to relational banking. The process of home-buying can be as overwhelming as it is exciting, but you are not alone. We are here for you, helping you along the way toward homeownership and providing you with resources to maintain your new home.
And, if you stumble upon any bumps in the road after you’re all moved into the house, we encourage you to reach out to us. We’re here for you through it all.
Contact us today to learn more about our work with The Housing Fund, their down payment assistance program and how we can partner with you to build your future.
