Unlocking Homeownership in Memphis: How Down Payment Assistance Can Help
- tlima86
- Oct 9
- 3 min read
Buying a home is one of life’s most significant milestones—but for many, the financial leap can feel just out of reach. That’s where Down Payment Assistance Programs (DPAPs) come in. These programs, offered by the City of Memphis, are designed to make homeownership more attainable for first-time buyers, community heroes, and dedicated public servants.
At Brighton Bank, we’re proud to help guide you through these opportunities and find the program that fits your journey.
Citywide Down Payment Assistance (CWDPA)
If you’re a first-time homebuyer, the Citywide DPA program could be your ticket to homeownership. To qualify, you must not have owned a home in the past three years, your income must be at or below 80% of the Area Median Income (AMI), and the program requires you to complete HUD-certified housing counseling and maintain the property as your primary residence for a five or ten-year affordability period.
Here’s what you can expect:
Up to 10% of the home’s sale price, capped at $25,000
Deferred payment loan—no monthly payments during the affordability period
Affordability period of 5 or 10 years, depending on the assistance amount
Completion of HUD-certified housing counseling is required
This program is ideal for individuals seeking to make Memphis their home while receiving substantial financial support.
Homebuyer Incentive Program (HIP)
The HIP program casts a broader net, welcoming not just first-time buyers but also current renters who don’t own other property.
It’s primarily geared toward:
Police officers
Firefighters
Paramedics
Memphis and Shelby County School employees
Key benefits include:
Up to 10% of the sale price, with a maximum home price of $350,000
Available for both new and existing homes
Deferred payment loan with no monthly payments during a 5-year affordability period
This program is an excellent fit for individuals who serve our community and wish to establish a lasting presence in Memphis.
Special Support for Community Heroes
The City of Memphis goes a step further for its frontline heroes. Police officers, firefighters, and paramedics can purchase homes anywhere within city limits—with no income restrictions. To qualify, you must maintain employment with the city for five years.
Dedicated Assistance for School Employees
Educators and school staff play a vital role in shaping our future. That’s why HIP includes a special track for employees of Memphis and Shelby County Schools.
To be eligible, you must:
Be a full-time employee for at least two years
Maintain employment during the five-year affordability period
This program ensures that those who nurture our children have the support they need to build a stable future.
Your Path to Homeownership Starts Here
These Down Payment Assistance Programs are more than financial tools—they’re stepping stones to a better future. Whether you’re buying your first home or continuing your commitment to the Memphis community, there’s a program designed to help you succeed.
At Brighton Bank, we’re here to walk with you every step of the way. Our team of mortgage professionals is ready to help you explore your options, understand the requirements, and make your dream of homeownership a reality.
Ready to Take the Next Step?
If you’re ready to start your journey toward homeownership, our Brighton Bank mortgage team can help you begin your application and explore which Down Payment Assistance Program fits your goals.
Start Your Application Here
Still Exploring Your Options?
If you’d like to learn more before applying, join our complimentary Down Payment Assistance Webinar — an educational session where our experts break down eligibility, available programs, and how to confidently move forward when the time is right.
Programs, eligibility requirements, and assistance amounts are subject to change by the City of Memphis and participating agencies. Availability may vary based on funding and applicant qualifications. Participation in the webinar does not constitute a mortgage application or pre-approval. Information shared is for educational purposes only.
Brighton Bank is an Equal Housing Lender. Member FDIC. NMLS #892951
