Your First Home Is Closer Than You Think

Most programs define a first-time homebuyer as someone who has not owned a home or held a mortgage on a primary residence within the past three years. If you owned a home more than three years ago, you may still qualify. Some programs also have exceptions for certain professions and situations. We can review your specific history and let you know where you stand.

Down payment assistance is money provided by a government agency, nonprofit, or lender program to help cover part of your down payment or closing costs. Depending on the program, it may come as a forgivable grant, a deferred loan with no monthly payments, or a second lien that gets paid off when you sell or refinance. The right type depends on your situation, and we help you understand each option before you commit to anything.

It depends on the loan and program. Some local assistance programs start at a 580 minimum credit score, while others require 600, 620, or 640. Conventional loan products generally require a higher score than government-backed options like FHA. The best way to know where you stand is to talk with us directly. We look at your full profile, not just one number.

Some programs are limited to properties within the Memphis city limits. Others are available across Shelby County or statewide. If you are looking in DeSoto County or other surrounding areas, there may be separate programs available to you. We work with buyers across the greater Memphis metro and can help identify what applies to your target area.

Several programs, including City of Memphis and THDA programs, require a minimum of 8 hours of homebuyer education from a HUD-approved counseling agency before closing. This is typically a one-time, in-person or classroom session. We will let you know upfront if a program you are pursuing requires it and point you toward approved providers in the Memphis area.

Not necessarily. Lenders typically look for two years of employment history, but that does not mean two years at the same job. Changing employers within the same field, receiving a promotion, or advancing your career generally does not disqualify you. Where it gets more nuanced is if you have recently transitioned from being an employee to self-employed, or if your income relies heavily on commission. In those cases, a longer history helps demonstrate consistency. The best approach is to have a conversation early so we can review your specific situation.

This is one of the most overlooked parts of buying a home. Putting every available dollar into the down payment can leave you financially stretched after closing. A healthy reserve after the transaction matters just as much as the down payment itself. You will want funds available for home maintenance, unexpected repairs, and general financial stability. We factor this into our conversations with buyers because affordability is not just about qualifying for the loan. It is about being comfortable after you move in.