NASHVILLE, Tenn. (WTVF) — For many people, the dream of owning a home doesn't fall apart because of the monthly mortgage — it falls apart before they ever get to that point.
"Many people can afford the mortgage. They can't afford the entry into securing the mortgage," said Jarron Springer, CEO of the Greater Nashville Realtors Association.
Upfront costs like down payments and closing costs are pushing otherwise qualified buyers out of the market.
"Our members oftentimes say that a large down payment can be the real obstacle," Springer said.
To help close that gap, Greater Nashville Realtors is investing $250,000 in The Housing Fund — an interest-bearing investment that will primarily support down payment assistance for qualified homebuyers across 11 Middle Tennessee counties.
The investment will also support The Housing Fund's shared equity program and developer financing, helping create permanently affordable housing for limited-income families in the Nashville area.
"We actually provide down payment assistance up to $35,000," said Marsall Crawford, president and CEO of The Housing Fund.
Down payment assistance has been The Housing Fund's core service for 30 years. It was founded to help buyers who were financially ready to own a home but needed help coming up with that initial chunk of money.
"Individuals had a tough time saving for down payment assistance and closing costs, and while the housing was significantly more affordable at that particular time, individuals still had the same problem," said Crawford.
"It's an issue that's closer to home than you think. It's an everybody issue," said Emma Gottlieb, communications coordinator at The Housing Fund.
The Housing Fund has historically partnered with banks and government agencies, making Greater Nashville Realtors an unconventional partner. The association typically focuses on housing policy — but its CEO says this investment was a way to put resources directly to work for people.
"I hope we do serve as an example of thinking a little differently," Springer said.
If this sounds like assistance that could help you, the first person to talk to is your Realtor. There are more options out there than you might realize, like government-backed loans that require little or no money down and local assistance from organizations like The Housing Fund.
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