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Home Purchase CNE achieves its mission by targeting local neighborhoods with potential for improvement and encouraging renters to become homeowners through its home purchase loan department. Qualifying Chattanooga residents are able to buy a home through CNE's financing programs in conjunction with FHA, Fannie Mae, Freddie Mac, and the Tennessee Housing Development Agency. Additionally, CNE provides educational seminars such as "FASTRAK® to Homeownership," which ensure that its clients have all the tools necessary to become responsible homeowners.
CNE offers the Second Mortgage Program that is designed
to provide down payment assistance for Chattanooga residents buying
a home. The loan's interest rate varies from two to four percent, and
the Second Mortgage loans can be used in conjunction with a mortgage
arranged by CNE or by another lender or financial institution. Products: Affordable Housing Assistance (AHA) Maximum Mortg. Amt: up to 20% of sales price Interest Rate: 2% <THDA Great Rate Term: 30 years Income Restriction: <=80% Area Median Income (AMI) Area: Citywide Property Restrictions: Primary Residence Use: Down Payment/closing costs Maximum Mortg. Amt: $25,000 - $50,000 Interest Rate: 0% - no monthly payment Term: Loan repayment upon resell/Title Income Restriction: <=80% Area Median Income (AMI) Area: Designated properties in city limits Property Restrictions: Primary Residence Use: Down Payment/closing costs Maximum Mortg. Amt: Usually $5,000-$15,000 Interest Rate: 0% - no monthly payment Income Restriction: No income restriction Area: Designated areas or properties Property Restrictions: Primary Residence for 5 years Use: Down Payment/closing costs
NOTES: ArtsMove – earn living in the artistic field
Maximum Mortg. Amt: up to 10% of sales price Interest Rate: 2% <THDA Great Rate up to 6% Term: 30 years Income Restriction: <=115% Area Median Income (AMI) Area: Citywide Property Restrictions: Primary Residence Use: Down Payment/closing costs Note: if Memorial Employer Assisted 2nd mortgages – must be employed
full time - receive a $400 grant to assist with closing costs Maximum Mortg. Amt: up to $25,000 – based on Section 8 Interest Rate: 4% Term: 10 years Income Restriction: <=80% Area Median Income (AMI) Area: Citywide Property Restrictions: Primary Residence Use: Down Payment/closing costs
CIC & Amortizing Federal FT Negley & UTC Jefferson Heights & UTC ArtsMove & UTC
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Second
Mortgage Program