Some Nashville Area Homes qualify for USDA Rural Development Home Loans
The United States Department of Agriculture (USDA), through it’s Rural Development authority is making loans available to Home Buyers in the Nashville area.
last year the Rural Development Home Loan program provided Loans and grants totaling over $400 million in Tennessee.
These USDA Rural Development Home Loans require no down payment and can cover up o 102% of the appraissal value of a the home. These loans are available to Home Buyers of average income.
Homes for sale in , Cheatham,Wilson, Williamson Sumner, Rutherford and Davidson counties are eligible for Rural Development loans. The homes must be on the outskirts of City Limits. To check the availability of a home go to this USDA website:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
If the home qualifies, USDA will lend up to 100% of the homes value to the buyer. In other words “Zero Down Payment”.
To qualify home buyers must earn less that 115% of the Median income in the area. As an example, a family of 4 home buyer in Wilson County could earn up to $74,000 per year and still qualify.
This Home in Wilson County on 2 Acres qualifies for a Rural Development Zero down loan.
This Home is a good example of a home that qualifies for Rural Development financing in Wilson County Tennessee. It is located in Lebanon on 2 full acres, has 3 Bedrooms, a remodeled Kitchen and 2 full baths. There is a full barn/workshop that could also be a 4 car garage. With a 5% FHA loan and Zero Down this home would have Federally Insured Fixed 30 year mortgage of approx. $795 per month.
For Details about this home or on the Rural Development 100% home loans in the Nashville Area call us at 615-347-4424.
There will be a USDA Home Loan Fair next week in Lebanon. The Fair will take place at 1-2PM , Tuesday May 19 at 925 E. Baddour Parkway., Suite 110.
July 8th, 2010 at 9:34 pm
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