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No Down Payment for Tennessee Home Loans, USDA Rural Development
USDA still offers their no down payment home loans are available for most areas of the state of Tennessee.  The " RD " is a great loan, in fact it is one of the only loan programs that has remain virtually unchanged through the recent upheavel in the mortgage industry.
 The program has relaxed credit score requirements when compared with conventional loan programs, as the minimum score requirement is only 620.  This allows for buyers that have had credit issues in the past, but has overcome them, to qualify for the purchase of a new home sooner.
Besides the greater opportunity for borrowers with past credit issues, the RD loan allows for a much cheaper cost when purchasing a new home.  Besides the obvious benefit of being able to buy a home without a down payment, buyers do not have to worrry about increasing their mortgage payment but $100 or more to pay for mortgage insurance;RD loans do not have mortgage insurance. (update: USDA loans now require a nominal monthly mortgage insurance.  About 1/4 of the mortgage insurance required on FHA Loans)
Another characteristic of RD loans that sets them apart from conventional and FHA loans is that the seller can ... more

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