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10 Best Down Payment Assistance Lenders in Memphis

This ranking identifies the 10 best down payment assistance lenders serving Memphis, TN, evaluated for their DPA program visibility, local market presence, and suitability for first-time and affordability-focused homebuyers. It is designed to help Memphis-area buyers navigate a competitive housing market with limited upfront cash. Use this list to compare local specialists, community lenders, and national platforms offering assistance-friendly mortgage products.

LoanWise Editorial Team

Isometric illustration of Memphis neighborhoods with a bridge skyline, residential homes, a community bank, and small figures representing homebuyers receiving down payment assistance.

Memphis, Tennessee presents a compelling opportunity for homebuyers — particularly those purchasing for the first time or working with limited savings. The metro area combines relatively accessible home prices with a network of local, regional, and national lenders that actively promote down payment assistance (DPA) programs. Understanding which lenders are genuinely equipped to connect borrowers with this assistance is one of the most practical steps a Memphis homebuyer can take before starting the mortgage process.

Down payment assistance programs reduce one of the most significant barriers to homeownership: the upfront cash requirement. In Memphis, these programs can come from multiple sources, including the City of Memphis, the Tennessee Housing Development Agency (THDA), Shelby County, and lender-specific grant or loan structures. The key distinction is that not all lenders market or originate DPA-linked mortgages equally — some have dedicated program pages and named partnerships, while others offer general low-down-payment products without formal assistance mechanisms.

This ranking was built to reflect that distinction. Lenders were evaluated based on factors including:

  • Explicit DPA program visibility — whether the lender publicly names and promotes assistance programs
  • Memphis and Shelby County market presence — local branch access and community-specific program alignment
  • Product mix and borrower fit — suitability for first-time buyers, low-cash borrowers, and underserved homebuyer segments
  • Named program specificity — whether assistance amounts, program names, or eligibility pathways are disclosed
  • Lender platform and execution capability — local underwriting, consumer accessibility, and overall mortgage focus

Whether you are a first-time buyer exploring government-backed assistance, a repeat buyer looking to preserve cash reserves, or a borrower navigating affordability challenges in the current rate environment, this list is designed to help you identify lenders in Memphis that are positioned to help you bridge the gap between savings and homeownership.

#1

Patriot Bank

Memphis-area bank with broad local down payment assistance access

Listed Markets

5

Loan Officer Contact

(855) 562-6901

State Focus

TN

Named DPA Programs

2+

Patriot Bank stands out for Memphis-area homebuyers because it directly promotes several down payment assistance and closing cost support options, including City of Memphis and THDA-related pathways. Its strong local branch footprint and mortgage focus make it highly relevant for first-time and low-down-payment borrowers.
#2

Eagle Mortgage & Funding Inc.

Memphis direct lender with dedicated Shelby County DPA options

Office Locations Mentioned

1

Office Address

6260 Poplar Ave

Named DPA Programs

2+

Zero/Low Down Options

100% FHA

Eagle Mortgage & Funding is one of the clearest Memphis down payment assistance specialists in this group, with a dedicated DPA page, Shelby County DPA, and 100% FHA down-payment assistance. Its local in-office underwriting and closing are appealing for borrowers and referring real estate professionals who value local execution.
#3

Local Mortgage

Memphis lender pairing local service with DPA accessibility

Phone

901-504-4663

Weekday Hours Start

8am

Saturday Hours Start

9am

Sunday Hours Start

12pm

Local Mortgage earns a high ranking because it clearly features down payment assistance and maintains a strong Memphis identity with accessible contact hours. It is a practical choice for borrowers who want a local mortgage specialist with broad purchase support and easy consumer access.
4
#4

New American Funding

National mortgage platform with Memphis branch and buyer assistance

Memphis Branch Address

6000 Poplar Avenue, Ste. 250

Branch Phone

(901)203-3782

Pathway Assistance

Up to $6,000

Branches Referenced

1

New American Funding combines a visible Memphis branch presence with its Pathway to Homeownership assistance program, which offers qualified borrowers up to $6,000 in aid in select areas. Its national mortgage scale and broad product mix make it attractive for borrowers who want assistance plus a larger lending platform.
5
#5

Evolve Bank & Trust

Memphis bank lender advertising DPA alongside core mortgages

Memphis Address

6070 Poplar Avenue, Suite 100

Lobby Days Open

5

Drive-Thru Start Time

8:30am

Named Specialty Program

DPA

Evolve Bank & Trust is relevant for Memphis borrowers because its local mortgage office explicitly lists DPA programs in its lending mix. The lender pairs local banking infrastructure with standard mortgage offerings, which can help borrowers who need assistance-oriented financing from an established institution.
6
#6

Hope Credit Union

Community-oriented lender with no-down-payment and DPA connections

Financing Option

100% financing

Down Payment

No down payment

Memphis Loan Officer Phone

901-409-9030

Area Served

Greater Memphis, TN

Hope Credit Union is especially attractive for affordability-focused Memphis borrowers because it states that qualified applicants may receive 100% financing with no down payment and can be connected to down payment assistance programs. Its mission-oriented approach can be compelling for underserved and first-time buyers.
7
#7

Commercial Bank and Trust Company

West Tennessee bank with dedicated down payment assistance loans

West Tennessee Branch Markets

4

Memphis Presence

Yes

Named Product

Down Payment Assistance Loans

State Focus

TN

Commercial Bank and Trust Company is directly relevant because it offers dedicated down payment assistance loans and maintains branches in Memphis and other West Tennessee markets. For borrowers who prefer a local bank structure and assistance-specific financing, it is a credible regional option.
8
#8

SecurityNational Mortgage Company

Memphis mortgage lender with visible DPA education and support

Memphis Address

3292 Winbrook Dr

Branches Referenced

1

State Focus

TN

Named Specialty Program

Down payment assistance

SecurityNational Mortgage Company earns a spot because its Memphis presence is paired with clear educational messaging around down payment assistance programs. It is a solid option for borrowers wanting an established mortgage lender with agency-lending familiarity and first-time buyer relevance.
9
#9

Acopia Home Loans

Memphis branch lender emphasizing low-down-payment borrower solutions

Memphis Branch Address

1661 International Drive, Suite 400

Branch NMLS

1206112

Down Payment Option

0%-low down

Branches Referenced

1

Acopia Home Loans is a relevant Memphis option because its local branch markets 0% to low-down-payment options and rate buydowns, both of which align well with affordability-sensitive buyers. While its DPA emphasis is less specific than the top-ranked lenders, it fits purchase borrowers seeking flexible entry strategies.
10
#10

Guild Mortgage

National mortgage specialist with first-time buyer compatibility

Country Focus

United States

Core Use Case

First-time buyers

Product Type

Mortgage lending

DPA Fit

Assistance-friendly

Guild Mortgage makes the top 10 because of its strong national reputation with first-time buyers and broad compatibility with assistance-friendly lending structures. Although the Memphis-specific DPA evidence in the research pack is lighter than for local lenders, it remains a credible mortgage-focused option for low-down-payment buyers.

●Conclusion

Selecting the right down payment assistance lender in Memphis is not simply a matter of finding the lowest rate — it requires matching your financial profile and homeownership goals to a lender that actively supports the assistance programs you qualify for. The lenders in this ranking range from highly localized specialists with named Shelby County and City of Memphis program connections to national platforms with broader product infrastructure and published assistance amounts. Both can serve Memphis buyers well depending on your situation.

As you compare options, consider the following evaluation factors:

Program specificity and eligibility: Some lenders name exact assistance programs and dollar amounts, while others offer general low-down-payment support. The more specific a lender is about the programs they participate in, the easier it is to assess whether you qualify before investing time in an application.

Local versus national execution: Local and regional lenders often provide more hands-on support and may have deeper familiarity with city and county assistance programs. National lenders may offer greater product variety and published assistance caps, but the process can feel less personalized. Consider how much guidance you expect to need throughout the mortgage process.

Total cost of financing: Down payment assistance can significantly reduce your upfront cash requirement, but evaluate the full picture — interest rate, loan term, any second-lien structures tied to the assistance, and closing costs. Some DPA programs come as forgivable grants; others are structured as subordinate loans that must be repaid.

Borrower readiness: Most DPA programs in Memphis carry income limits, purchase price caps, and occupancy requirements. Confirming your eligibility early — ideally during your first conversation with a loan officer — will help you avoid surprises later in the process.

We recommend contacting at least two or three lenders from this list to compare program availability, quoted rates, and the overall borrower experience. The best lender for your Memphis home purchase is the one that combines genuine access to assistance programs with a mortgage process that matches your timeline, communication preferences, and financial profile.

Keywords:Mortgage