About City of Memphis Homebuyer Assistance Programs

UP TO $25,000
Down payment & closing cost assistance

NO INCOME LIMIT

UP TO $350,000
Maximum home purchase price

1% MINIMUM BUYER INVESTMENT

5-YEAR FORGIVENESS STRUCTURE

MEMPHIS CITY LIMITS
Purchase anywhere within the City of Memphis

The City of Memphis created occupation-specific homebuyer incentive programs for police officers, firefighters and Memphis-Shelby County Schools employees as more than just housing assistance. The programs were designed to support homeownership while also serving as an employment incentive for important public-service professions.

The structure reflects that goal. Qualifying employees can receive substantial assistance toward buying a home while putting down roots in the city they serve.

In simple terms, these programs help Memphis attract, support and retain the people who protect, educate and serve our community.

The City of Memphis Homebuyer Incentive Program may provide eligible buyers with up to 10% of the home’s purchase price, with a maximum assistance amount of $25,000.

For example:

• A $200,000 home may qualify for up to $20,000
• A $250,000 home may qualify for up to $25,000
• A $350,000 home may qualify for up to $25,000

The assistance can be used toward down payment and closing costs, which can significantly reduce the amount of money a buyer needs to bring to closing.

The City assistance is structured as a deferred second lien, which means there are no monthly payments on the assistance. If the buyer meets the required residency and employment conditions for five years, the assistance may be forgiven and the lien released.

Program eligibility, funding availability, lender approval, property requirements, and other City guidelines apply.

The City of Memphis Homebuyer Incentive Program can be used toward both your down payment and closing costs.

That flexibility can make a major difference for buyers who have the income to afford a monthly mortgage payment but may not have tens of thousands of dollars available upfront for the cost of purchasing a home.

Depending on the purchase price and your financing, the City assistance may be divided between your down payment and closing costs to help reduce the amount of money you need to bring to closing.

Your lender and the City of Memphis will determine how the assistance is applied based on your individual loan and transaction.

The City of Memphis assistance is structured as a deferred second lien on the home. There are no monthly payments required on the City assistance.

To receive the full benefit of the program, the home must remain your primary residence, and you must continue to meet the applicable employment requirements for five years.

If those requirements are satisfied for the full five-year period, the City assistance may be forgiven and the lien released.

If you sell the home, move out, or no longer meet the applicable employment requirement before the five-year period is complete, you may be required to repay some of the remaining assistance.

The exact repayment amount depends on how long you have satisfied the program requirements.

The City of Memphis Homebuyer Incentive Program may be only one part of the savings available to you.

As a local Homes for Heroes affiliate, I help qualifying heroes take advantage of additional benefits when buying a home, including a Hero Rewards® check after closing.

My preferred Homes for Heroes lender may also provide an additional $750 lender credit toward closing costs for qualifying buyers.

That means some buyers may be able to combine:

• Up to $25,000 in City of Memphis assistance
• A Homes for Heroes Hero Rewards® check after closing
• A $750 lender credit toward closing costs

These are separate programs with separate eligibility requirements, but when they work together, the total benefit can be substantial.

My role is to help you understand which programs may apply to you and coordinate the pieces so you are not trying to figure everything out on your own.

For a qualifying buyer purchasing a $350,000 home, the combined benefits could look something like this:

• City of Memphis Homebuyer Assistance: up to $25,000
• Homes for Heroes Hero Rewards®: approximately $2,450
• Preferred lender credit: $750

That is a significant amount of assistance that could help reduce the upfront cost of buying a home and provide additional money back after closing.

Actual benefits depend on program eligibility, financing, property requirements, available funding, and approval by the applicable programs.

Buying a home with City of Memphis assistance does involve a few additional steps, but you do not have to navigate them alone.

We’ll talk about where you work, how long you’ve been employed there, your homebuying goals, and which programs may apply to you.

You’ll connect with a lender who understands the City of Memphis Homebuyer Incentive Program and can help determine which financing options may work best for you.

We’ll search for homes that fit your needs while also keeping the City program’s property and purchase-price requirements in mind.

Once you are under contract, you’ll complete the required homebuyer counseling and provide any documentation needed for the City’s DPA approval.

Your lender and the City will coordinate the down payment and closing cost assistance as part of the closing process.

Once financing, City approval, and all other closing requirements are complete, you’ll close on your new home.

If you also qualify for Homes for Heroes, your Hero Rewards® benefit is handled separately and is provided after closing.

No. You do not have to be a first-time homebuyer to use the City of Memphis Homebuyer Incentive Program. However, you generally cannot own another property at the time you purchase the new home using City assistance.

No. The Police, Fire, and MSCS Homebuyer Incentive Programs do not have an income limit.

The City may provide up to 10% of the home’s purchase price, with a maximum assistance amount of $25,000.

The current maximum purchase price is $350,000.

The home must be located within Memphis city limits.

Yes. The assistance may be used toward both down payment and closing costs.

The buyer must contribute at least 1% of the home’s purchase price from their own funds.

The City assistance is structured as a deferred second lien with no monthly payments. If you satisfy the applicable residency and employment requirements for the full five-year period, the assistance may be forgiven and the lien released.

You may be required to repay a portion of the remaining City assistance. The amount depends on how long you have satisfied the program requirements.

Because these occupation-specific programs include an employment requirement, leaving qualifying employment before the five-year period is complete may result in repayment of some of the remaining assistance.

The City program may be used with certain approved mortgage products, including FHA, VA, and conventional financing, subject to lender and program requirements.

Yes. The City requires approved homebuyer counseling as part of the DPA process.

Potentially, yes. The City of Memphis program and Homes for Heroes are separate programs with separate eligibility requirements. Buyers who qualify for both may be able to receive City assistance as well as a Homes for Heroes Hero Rewards® benefit after closing.

No. The assistance is applied as part of the home purchase toward eligible down payment and closing costs. It is not a cash payment handed directly to the buyer.

The City advises allowing approximately 10 business days for DPA approval and processing once the required documentation is submitted.

The easiest way to find out is to start with a conversation. I can help you identify which program may apply to you and connect you with a lender experienced with the City of Memphis Homebuyer Incentive Program.

Buying a home with down payment assistance can involve more moving parts than a traditional purchase. My job is to help make the process easier to understand and keep everyone on the same page from the beginning.

As a local Realtor and Homes for Heroes affiliate, I can help you:

• Understand which City of Memphis homebuyer program may apply to you
• Connect with a lender experienced with the City DPA process
• Search for homes that meet both your needs and the program requirements
• Structure your offer with the financing and assistance program in mind
• Coordinate with your lender, the City, title company, and other parties throughout the transaction
• Identify additional Homes for Heroes benefits you may qualify for
• Stay informed from pre-approval all the way through closing

My wife, Andrea, has been a Memphis nurse since 2006, so serving the people who care for, protect, and educate our community is personal to me.

My goal is simple: make sure you understand every benefit available to you and help you use those benefits to make homeownership as attainable as possible.

If you work for the Memphis Fire Department, Memphis Police Department, or Memphis-Shelby County Schools and are thinking about buying a home, I’d be happy to help you understand which programs may be available to you.

You do not need to have everything figured out before reaching out.

We can start with a simple conversation about:

• Where you work and how long you’ve been there
• Whether you already have a lender
• Your approximate price range
• Where you would like to live
• Which City of Memphis and Homes for Heroes benefits may apply to you

There is no pressure and no obligation.