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) 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 Memphis 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 at McDonald Mortgage or you can
Bill McDonald 865 686 8711
Shelby County, home loan, mortgage, Memphis, Germantown, Galloway, Piperton, Rossville, Moscow, Oakland, Hickory Withe, Galloway, Atoka, USDA Rural Development,No Down Payment, 100%, 100 per cent, USDA, RD,