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Memphis Zero Down Home Loan, USDA, RD, Rural Development, First Time Home Buyer Program
Can I buy a home with zero down payment near Memphis, Tennessee?

Yes you can buy a home near Memphis with zero down payment
One of the little known benefits of buying real estate the smaller towns and rural areas outside of Memphis, Bartlett, Germantown and Millington Tennessee is that most homes in  these areas qualify for the USDA-Rural Development Zero Down Payment mortgage program.  That means that under the guidelines of this government-backed mortgage program, the borrower is not required to make a down payment nor are they required to have a monthly private mortgage insurance premium.On a $130,000 home, the savings is two-fold: First, borrowers saves $4,550 in respect to the required FHA down payment (3.5%) and two, borrowers save $97.50/month in MI (monthly mortgage insurance). These two savings make this program a great opportunity for first time homebuyers; helping them qualify for more home for less money.There are however three main requirements for qualifying for this program:
(1) The borrower must not exceed the annual household income requirements (example. a family of 1-4 must not exceed a household income greater than $74,050 per year.)  I recommend a  quick phone call to discuss your ‘total household income' under USDA guidelines.(2) ... more

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