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OWN IN FRAYSER

$464 - $502 - $542 - $581 - $654/ Month

 
 

Frayser CDC and its partners want to help you own a home in the Frayser community.

We have partnered with local lenders, realtors, and other housing professionals to provide you with the best possible options to realize home ownership in the Frayser community.

 
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The Frayser CDC is a HUD certified counseling agency, assisting individuals at every step of the home buying process. Navigating the home buying journey can be challenging, but no one has to do it alone. Housing counseling before, during and after you buy a home, individualizes your options and teaches you how to be successful in the long term. Studies have shown that housing counseling for first time home buyers can reduce mortgage delinquency by up to 50%. 

In preparation for obtaining your first home loan, we recommend talking to our Housing Counselor, Vee Turnage. As a certified housing counselor, she can walk you through understanding and overcoming many common obstacles to the home loan process, such as:

  • Credit Issues

  • Short Term Loans

  • Reducing Debt

  • Public Records

  • Student Loans

 Call Vee at 901.354.2778 today for more information!

 

In addition to Pre Purchase Counseling, you should take a Home Buyer Education Workshop, which will help you assess your home ownership readiness. In this 8-hour class, you will learn:

  • Is homeownership right for you

  • What can you afford

  • How to understand and improve your credit score

  • How to save for a down payment

  • Additional resources for down payment assistance and good mortgage lenders

Upon completion of this $25 class, you will receive a proof of completion certificate to take with you when you apply for a mortgage loan, or for down payment assistance. Most banks and programs require this training before you become a first time home buyer, so register below, today!

Begin your registration by filling out the form below. *YOU MUST RECEIVE A FOLLOW UP CALL FROM AN AGENCY REPRESENTATIVE BEFORE YOUR REGISTRATION IS COMPLETE.

Upcoming Workshops

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We also offer an online home ownership education course through our partner eHome America. The fee to attend an online HBE course is $99 and $50 for post-purchase course. Visit www.ehomeamerica.org/fraysercdc for more information.

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Once you have taken a Homebuyer Education Class, the next step is finding a lender.


Frayser Friendly Lenders

Shopping for a mortgage loan should be about finding the best rate and terms to support your family finances with the right lender that will take the time to understand your individual circumstances. We encourage buyers to compare different lenders and programs to make an informed decision. We have provided you with a starting point of comparing local Frayser friendly lenders and programs in the chart below. Call Vee, 901-354-2778 for more information about understanding mortgage loan programs.

Down Payment Assistance

First time home buyers living in Shelby County, TN and within Memphis City limits maybe eligible for granted funds called Down Payment Assistance (DPA) to use towards the purchase of a home.  

Each program (State, County & City) have varying rules and stipulations that must be met in order to qualify. For more information, check out the programs below.

Make sure to ask your mortgage lender about all available down payment assistance programs, to help with initial costs, like down payment requirements and closing costs.


Tennessee Housing Development Agency (THDA)

Offers a D.P. A. program to assist first time buyers with down payment &/closing costs in the form of a 0% interest second mortgage, that is forgivable over a period of time.

  • Great Choice Plus is maximum assistance of 5% of the purchase price

 

City of Memphis Down Payment Assistance

Offers several different D. P. A. programs to assist first time buyers living within the City of Memphis by providing up to $10,000 to help home buyers with down payment and closing costs to complete the purchase of a home inside city limits.

Programs are available for:

  • First-time home buyers

  • Existing homeowners wanting to sell their current homes and upgrade or downsize to a home that better fits their needs.

It is important to know that there are some local mortgage lenders that have funds that can assist you in the home buying process by covering down payment and closing costs. Refer to the above chart for additional information.

 
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Once you have established a relationship with your mortgage lender, they will tell you how much you have gotten pre-approved for, now you can shop for a home.


Find a good realtor

Hire someone who is willing to help you select the house you want in any area of the city you chose. They will help you stay within your affordability range and help guide you through the contracting process so that you get the best deal for your dollars. Below are some Frayser Friendly Realtors that we are excited to partner with:


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Wonda McGowan

Property One Realty

901-502-4402

 
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Crystell Oliver

KAIZEN Realty

901-303-7380

 
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Larry Alexander

RE/MAX

901-488-1910

 
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Wayne Moody

Berkshire Hathaway

901-466-4000


Frequently Asked Questions

I am a first time home buyer, how do I get started with buying a house in Frayser?

Get started by attending a home buyer’s education course. The top benefits of attending HBE are to; determine if homeownership is right for you, discover how much house you can afford, understand your credit score, save for a down-payment, to choose from affordable mortgage options and more. 

How do I get a mortgage loan to buy a house in Frayser?

Contact our partners the "Frayser Friendly" mortgage lenders and seek out a pre-approval letter or call Vee at 901.354.2778 to give you more information about mortgage loan programs that would fit your finances. 

How do I qualify for a mortgage loan pre-approval?

You must understand the four C's of Credit to get a mortgage loan.

  • Credit :: You must have a minimum credit score of 580 or higher along with an acceptable credit history.

  • Capacity :: Stable qualifying income for a minimum of 2 consecutive years.

  • Capital :: Have some money in the bank: savings/checking/401k

  • Collateral :: The house that you find becomes the security for the mortgage loan

I got approved for a mortgage loan to purchase a house in Frayser, now what do I do?

Now that you know what you can afford because you have worked with a mortgage lender, it is time to contact one of the "Frayser Friendly" realtors to help you find that dream house in Frayser.

My credit score is below 500. What do I do?

If your credit score is below 500, this is not the right time for you to consider buying a house. Contact Vee Turnage to find out more about strategies for rebuilding your credit, and for getting in healthy credit shape!

  • Vee Turnage

  • Phone: 901.354.2778

  • Email: vturnage@fraysercdc.org