Matching Savings Plan

New Level CDC has received a grant from First Tennessee Bank to assist  families with down payment assistance to purchase their first home. The process is managed by New Level CDC’s Housing Counselor who will also provide First-time Home Buyer Education training and Credit Coaching. 

The Matching Savings Plan is limited to households with an annual household income of 80% of the Nashville Area Median Income, as provided by HUD. Households must have a minimum credit score of 640 or the ability to reach that score, a steady monthly income that will enable them to purchase a home, and a debt-to-income ratio of 43% or less. 

The money from the Matching Savings Plan can be combined with any of the other down payment assistance programs. 

Approved participants will sign an agreement with New Level CDC to demonstrate their willingness to consistently save money in a savings account, improve or maintain their 640 credit score and purchase a home within 12 months.

Participants are required to open a First Tennessee Bank savings account with a goal to save up to $2,000 within 3-12 months. The match is 1:1 and the participant will receive the match at the time of closing on their home. 

Participants starting in the program are required to save a minimum $100 monthly in order to save up to $2,000 in no more than 12 months. The maximum amount of the match is $2,000 resulting in $4,000 of total funds to apply at the closing of their home.

If you are interested in participating in this program, please call our office today at 615-627-0347.