KNOXVILLE, Tenn. — The Tennessee Housing Development Agency is trying to help first-time homebuyers by making changes to the state's down payment assistance program.
Now, buyers can provide $6,000 upfront towards the down payment or closing costs with no interest and no payments, and can settle it when they sell later.
Or they can provide 6% of the purchase price toward the down payment, which helps those looking at a more expensive home and someone who can take on the additional debt.
"We think this is still an area where people are coming, where people want to live, they want to put down roots," said Ralph Perrey, the executive director of the Tennessee Housing Development Agency. "And housing prices, while they're going up, are still a little bit more reasonable here than some other parts of our state."