Do I have to be a first-time homebuyer?

Some City programs require it, and HIPC requirements can vary. Generally, if you have not owned a home in the last 3 years, you count as a first-time buyer. Ask a City-approved lender for the current rules.

What are the income limits?

HIPC sets income limits as a share of the Area Median Income, and the limits change. Ask a participating lender for the current figures for your household.

Can I use HIPC with other down payment programs?

In many cases, yes. HIPC can often be combined with other assistance if you meet the requirements of both programs. Your lender will structure your financing to make the most of the help available.

How long does the application take?

The City reviews the file after your lender submits it complete. Ask your lender how long it is taking now, and plan extra time for the whole closing when you use assistance funds.

What happens if I sell before the affordability period ends?

You may have to repay part or all of the assistance. The terms are in the second lien agreement you sign at closing.

City of Memphis program

Memphis is investing in you

The City of Memphis Homebuyer Program Incentive (HIPC) helps eligible buyers with down payment and closing costs when they buy in a designated area.

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At a glance

What the program offers

Help with the down payment and closing costs

The City sets the amount and the share of the price. Ask a participating lender for the current figures.

Income limits

Set by the City as a share of the area median income. Ask a participating lender for the current limits for your household.

Designated areas

Homes must be in specific Memphis zip codes and neighborhoods. Use the eligibility map to check an address.

HUD counseling required

Every buyer completes HUD-certified housing counseling. Your lender will tell you the current requirement.

Where it applies

The designated areas

The program applies only in designated Memphis zip codes and neighborhoods, and the City can change them. Use the Shelby County eligibility map on the down payment page to check a specific address, and confirm with a participating lender.

Open the eligibility map

The process

Four steps

Find a property

Choose a home in one of the designated areas that fits your needs and budget.

Contact a lender

Work with a City-approved down payment assistance lender. The lender handles the HIPC application for you.

Complete HUD counseling

Finish the required HUD-certified housing counseling for homebuyers.

Submit and close

Your lender sends the final documents to the City. Once approved, the funds are provided at closing.

Questions

Good questions, plain answers

Do I have to be a first-time homebuyer?: Some City programs require it, and HIPC requirements can vary. Generally, if you have not owned a home in the last 3 years, you count as a first-time buyer. Ask a City-approved lender for the current rules.
What are the income limits?: HIPC sets income limits as a share of the Area Median Income, and the limits change. Ask a participating lender for the current figures for your household.
Can I use HIPC with other down payment programs?: In many cases, yes. HIPC can often be combined with other assistance if you meet the requirements of both programs. Your lender will structure your financing to make the most of the help available.
How long does the application take?: The City reviews the file after your lender submits it complete. Ask your lender how long it is taking now, and plan extra time for the whole closing when you use assistance funds.
What happens if I sell before the affordability period ends?: You may have to repay part or all of the assistance. The terms are in the second lien agreement you sign at closing.

The City of Memphis does not accept applications directly from individuals. All HIPC requests go through a participating lender, and funds are paid first come, first served. All benefits depend on program funding and the affordability period. Income limits, areas and amounts are set by the City of Memphis Division of Housing and Community Development and can change without notice. ROWE | WYSE Partners does not administer the funds or make loans. City of Memphis Division of Housing and Community Development, 700 North Main Street, Memphis, TN 38103, (901) 636-7474, hipc.info@memphistn.gov.

Want help with the next step?

We can point you to a participating lender and talk through your home search.

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