Rural Development Loans in Clarksville TN
Clarksville the county seat of Montgomery County, Tennessee. Clarksville 5th largest city in Tennessee with a population of 132,929 in the 2010 Census. Clarksville is the 9th fastest growsing city in america among cities with populations greater than 100,000. While Clarksville is the home of Ft Campbell and members of the military qualify for VA loans which do not require a down payment, there are still many in the area that do not qualify for VA loans that still benefit from the USDA Rural Develepment loan program. The RD loan allows for the purchase of a home with no down payment which opens the door to homeownership that would be otherwise be closed to many.
The program has both income and geographic restrictions. The income limits take into account the income of everyone in the household and varies, depending on the size of the household. Households with 1-4 family members can make as much as $74,750 per year and households with 5-8 family members can earn $98,650 per year.
The geographic restriction limits the use of the program to areas that are outside of major population centers. While Clarksville is considered to be one of those areas, and you cannot use the Rural Development program in the heart of Clarksville, you do not have to go far out to find a home in an eligible area.
To the North and West of Clarksville the area that is ineligible is bordered by Dover Road and the Steawart County Line. The area below Dover road is eligible.
For most of the South and the West area of the city the border is the Cumberland River. The area on the other side of the River from the city is eligible, while the city side of the river is ineligible.
To the South, the area past Gholson Road, Ashland City Road and McAdoo Creek Road is eligible for USDA financing. The Eastern boundry is comprised primarily, from South to North, Bradbury Road, Interstate 24, International Blvd and Jim Johnson Road.
You can use the map below to see if the home you are intersted in is located in an RD eligible area, or you can Click Here to search for the address. You can give me a call at 866.435.6553 and I will be happy to research a property for you, answer any questions you may have about the Rural Development program or begin the process of getting you approved for the purchase of your new home. as well as begin the process Road.