By Ashley Benkarski
NASHVILLE, TN — Residents of Tennessee are feeling mounting pressures from falling behind on their mortgages due to the hardships created by the COVID-19 pandemic and the halting of forbearance programs intended to soften the blow. To help, 501(c)3 nonprofit Affordable Housing Resources recently announced two new mortgage relief programs through the Tennessee Housing Development Agency and United Way of Greater Nashville.
Program eligibility is based on federal guidelines; homeowners affected by illness, job loss or other economic hardship due to COVID-19 can apply for assistance with their mortgage payments.
TDHA’s program, the Housing Assistance Fund (HAF), is open to all homeowners in Tennessee, while the program offered by United Way is for homeowners in Davidson County.
“Preserving your home is just as important as buying your home,” said AHR’s Eddie Latimer. He also said there are homebuyer education, financial coaching and mortgage loan programs, such as the Community Development Financial Institution (CDFI) that allows non-profit organizations and government agencies to act as a bank.
For potential buyers, loan programs are offered with low down payment rates, starting at $10,000 without debt service. Borrowers repay principal when they sell, Latimer said.
Although buying a home in today’s market is a difficult task, one piece of advice Latimer gives to people interested in buying or selling is to have a good real estate agent who specializes in your area.
Programs are expected to run throughout 2023.
Those interested in HAF Mortgage Assistance Grants can begin the process directly on the AHR website at https://ahrhousing.org/mortgage-assistance-grants/. A member of the AHR team will contact you to help you with the next steps.
Latimer also encouraged interested parties to call 615-251-0025, ext. 222.