You can buy a home in the Smyrna Tennessee area with no money down
The Tennessee Development Loan Program is designed to help home buyers outside of highly populated areas to buy a home without having to overcome the obstacle that of Down Payment that prevent many from the dream of home ownership
While the properties in the city limits of Smyrna do not qualify for the Rural Development Program, you can see on the map below, you not need to go far outside of Smyrna to find homes that are in an area that is eligible for the Rural Development loan program. The areas that are shaded in the map below are ineligible and the unshaded area is all eligible.
There are areas that are close enough to Smyrna to allow you be a part of community, while allowing 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 with 1-4 persons the limit is $74,750 Per Year and for householdswith 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