You can buy a home in the Columbia Tennessee area with no money down
The Tennessee Development Loan Program is designed to help home buyers outside of population centers purchase a new home without having to overcome the hurdle that keep so many from the dream of home ownership, down payment.
While the homes in the city limits of Columbia Tennessee do not qualify for Rural Development Financing, as you can see from the map below, you do not have to go far outside of Columbia to find an area that is eligible for the Rural Development loan program and the zero down payment requirements. The areas that are shaded yellow are ineligible and the white area is all eligible.
There are numerous areas that are close enough to the city limits of Columbia to allow you be a part of community, yet also allows you to take advantage of the No Down Payment home loan offered by the Tennessee Rural Development program.
Besides the geographical restrictions, the RD program also has income restrictions based on the size of the family that will be living in the home. For households of 1-4 persons the limit is $74,750 Per Year and for households of 5-8 persons the annual income limit is $98,650 Per Year
There are adjustments that can be made to your actual income to reduce annual income calculation for things like child care expenses, the number of children in school, family members that are disabled. These adjustments can lower your income calculation and help you qualify for the program even if you make slightly more than the program limits.
Give us a call today at (865) 686-8711 and let us answer your questions and help you get Pre-Approved for the purchase of your new home.
Click Here to review all Eligible areas around Nashville