The Tennessee Rural Development Loan Program is designed to help home buyers outside of population areas, such as Murfreesboro, TN buy a new home without having to struggle to come up with a down payment, which is the reason that many would be homebuyers are unable to buy.
While the homes in the city limits of Murfreesboro Tennessee are not eligible Rural Development Financing, as you can see from viewing this map, you do not have to go far outside of Murfreesboro, Tennessee to find an area that is eligible for the Rural Development loan program and the no down payment opportunity. The areas that are shaded yellow are ineligible for Rural Development and the white area is all eligible.
There are many homes in the eligible areas that are close enough to the city limits of Murfreesboro to allow you be part of the community, while at the same time allow you to benefit from the No Down Payment home loan offered by the Tennessee Rural Development program.
Besides the geographical limitations, the Tennessee Rural Development Home Loan program also has income limitations based on the size of the household 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
We can make adjustments to your actual to reduce annual income calculation for things like child care expenses, the number of school age children, and having a family members with disability. These adjustments can lower your income calculation and help you qualify for the program even if you make slightly more than the program allows.
You do not have to have perfect credit to get approved for this loan program. Those with past credit issues can still be qualified to purchase their new home with the same no down payment program.
Click Here to review all Eligible areas around Nashville