No Down Payment!!!! Knoxville and East TN Loan Requires No Money Down

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Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035
https://activerain.com/droplet/RZ4

Can I buy a Home With No Down Payment in Knoxville and East Tennessee

Zero Down Home Loan Knoxville and East Tennessee

 

One of the little known benefits of buying real estate the smaller towns and rural areas outside of Knoxville, Oak Ridge and Maryville, Tennessee in is that homes in most of these areas qualify for the USDA-Rural Development Zero Down Payment Home Loan   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.

The USDA No Down Payment Prorgram in Knoxville and East Tennessee has been changed to require  monthly fee for the program.  However, the monthly fee is less than 1/3 of the fee of an FHA Loan.


On a $125,000 home, the savings is two-fold: First, borrowers saves $4,687 in respect to the required FHA down payment (3.5%) and two, borrowers save $90/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) Second, the borrower must purchase a home in a USDA-RD approved region.  I have provided a link where you can by-pass the map and type in the physical address to get instant verification - CLICK HERE to verify a USDA eligible address.(I have also included a map of the eligible areas around Knoxville below. 

(3) USDA Credit Score Guidelines. The USDA program is about as "flexible" as any home loan program available today. In some cases, borrowers may even qualify with collections or  a recent bankruptcy,

If you are interested, I offer all of my clients a Free No Obligation Mortgage Credit Analysisto formulate a clear game-plan for establishing A+ credit and detailing the home buying process.

As always, if you have any questions, please feel free to contact me directly at 865 686 8711 or visit me online

Bill McDonald 865 686 8711

Knox County, home loan, mortgage, Knoxville, Oak Ridge, Seiverville, Seymour, Powell, Clinton, Dandrdige, Walland, Spring City,White Pine, Kingston  Pigeon Forge, Wartburg, Clinton, Powell, Jefferson City, New Market, USDA Rural Development,No Down Payment, 100%, 100 per cent, USDA, RD,

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Call Today to find out about best loan for your family.

Click the Link Below to Learn about our unique Pre Approval Process 


                 

 

                    

Specializing in Government Home Loans.  FHA, VA and  USDA Rural Development

 

Alabama: License # 52935

Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadseden, Florence, Bessemer, Madison, Prichard, Phenix City, Homewood, Vestavia Hills

Georgia: License # 36362

Albany, Atlanta, Augusta, Alpharetta, Athens, Canton,  Columbus, Dalton, Dunwoody, Johns Creek, Macon, Marietta, Roswell, Sandy Springs, Savannah, Smyrna, Valdosta, Warner Robbins

Kentucky: License # MC305583

Louisville, Lexington, Bowling Green, Owensboro, Covington, Hopkinsville, Richmond, Florence, Elizabethtown, Frankfort, Paducah, Independence, Danville

Louisiana: License # 35486

Alexandria, Baton Rouge, Bossier City, Central, Denham Springs, Hammond, Houma, Kenner, Lafayette, Lake Charles, Livingston,  Marrero, Metaire, Monroe, New Iberia, New Roads New Orleans, Prairieville, Shreveport, Slidell, Walker

Tennessee:  License # 108470

Bartlett, Bristol, Chattanooga, Clarksville, Cleveland, Collierville, Columbia, Cookeville, Crossville, Fairfield Glade, Franklin, Germantown, Goodlesttsville, Hendersonville, Jackson, Jamestown, Johnson City, Karns, Kingsport, Knoxville, Memphis, Morristown, Murfreesboro, Nashville, Oakridge, Smyrna, Spring City

Texas

Abilene, Amarillo, Arlington, Austin, Beaumont, Brownsville, Carrollton, Cypress, Dallas, Denton,  El Paso,  Ft. Worth, Frisco, Garland,  Grand Prairie, Houston, Irving, Killeen,  Lubbock, McAllen, McKinney, Mesquite, Midland, Pasadena, Plano, San Antonio, Tyler, Waco, Wichita Falls

 

We offer VA Loans,  FHA Loans, USDA Loans, and more across Alabama, Louisiana, Texas and Tennessee

 

Bill McDonald NMLS # 95835

VanDyk Mortgage NMLS # 3035

 

Bill McDonald-VanDyk Mortgage

705 Gate Ln Suite 202 104

Knoxville, TN 37909

(865) 686-8711

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Tags:
usda
no money down
rural development
seymour
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Rainmaker
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Brian Skaar
VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender - San Diego, CA
VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480

Great info! Good to see there are affordable programs to help families get into homes in Tennessee!

Mar 10, 2011 07:50 AM #1
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Rainmaker
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Bill McDonald

VA, USDA, FHA Government Loans - (865) 686-8711
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