Pinnacle Financial Partners has pledged to The Housing Fund that it will fund $6.5 million of mortgages to the group's new Our House program for lower-income and minority families.
Pinnacle's pledge will cover 75 homes and makes the downtown-based the exclusive corporate provider of mortgages. (The Tennessee Housing Development Agency may be providing similar financing.) Our House covers a quarter of a home's cost with a second mortgage at zero percent. The buyer is responsible for a 1 percent down payment, with Pinnacle picking up the remainder.
“Affordable housing has been the centerpiece of Pinnacle’s community involvement since our founding 11 years ago,” said Hugh Queener, Pinnacle’s chief administrative officer. “Partnering with THF and Our House is a new and exciting opportunity for us to help make home ownership possible for those who currently can’t afford homes through other sources of affordable housing.”
For more info on Our House, click here.