Your Chattanooga Home Could Be Closer Than You Think

Your Chattanooga Home Could Be Closer Than You Think

Saving for the upfront costs of buying a home can feel overwhelming. Between a down payment and closing expenses, you may wonder how much you need before taking that first step.

The good news? You may have more options than you realize.

The City of Chattanooga’s Down Payment Assistance Program offers eligible first-time homebuyers up to $15,000 in assistance, helping bridge the gap between available savings and the funds needed to close.

TVFCU is proud to be an approved participating lender for the program, helping buyers explore their options and understand the steps toward homeownership.

How does the assistance work?

The City’s assistance is a separate loan secured by your home, with 0% interest and no monthly payments. The balance can be forgiven after 30 years if all program requirements are met. Repayment may be required sooner if you sell or transfer the home, refinance for cash out, stop using it as your primary residence, or fail to meet other program terms.

Who may qualify?

Program requirements include:

• Being a first-time homebuyer, generally meaning you have not owned a home within the past three years.
• Meeting household income limits based on household size.
• Purchasing an eligible primary residence within Chattanooga city limits.
• Meeting the program’s property value limits and applicable credit and mortgage requirements.
• Completing approved homebuyer education and a professional home inspection.
• Contributing at least $1,000 of your own funds toward the purchase.

Could you bring no additional money to closing?

For some qualified buyers, that may be possible.

TVFCU offers up to 100% financing on eligible mortgage products and covers the appraisal fee on qualifying loans. These options can help reduce upfront expenses. Your mortgage loan originator can review whether your selected mortgage can be combined with the City’s assistance under all applicable guidelines.

Depending on approved financing, eligible assistance, closing costs and amounts already paid, you could potentially arrive at closing with no additional funds due. Every purchase is different, and this outcome is not guaranteed.

Let’s explore what is possible

You don’t have to figure it all out on your own. TVFCU’s mortgage team can help you understand your financing options, review potential eligibility and prepare for the costs involved.

Visit TVFCU’s Down Payment Assistance page to get started or explore the City of Chattanooga’s program information.

Your next chapter could begin with a simple conversation and lots of savings.

Disclaimer: All loans are subject to credit approval, underwriting and applicable program requirements. Assistance is subject to eligibility, approval and funding availability. Up to 100% financing and appraisal coverage are available on qualifying loans; restrictions apply. Combining benefits is subject to applicable mortgage and assistance program limits.