USDA Rural Development Home Loans Tennessee, Georgia, Kentucky, Arkansas, Mississippi, North Carolina, South Caronlina, & Alabama
Rural Housing Loans Basic
If you are you looking to purchase a new home in a rural community, A USDA Rural Development Loan in Tennessee, Georgia, Kentucky, Mississippi, South Carolina, North Carolina, Arkansas, & Alabama may be your best bet. The U.S. Dept. of Agriculture (USDA) has developed a mortgage home loan guaranty program that can helps create home ownership in rural communities around the country. Established in 1994, a Rural Development mortgage home loan offers qualified borrowers a chance to find a home loan with easier qualifications and funding choices than other conventional loans. Keep in mind that the USDA Rural Development doesn’t fund the mortgage home loans. Instead, the program has partnered with a select group of lenders in all states who will lend the money with a repayment guaranty from the USDA, if ever the loan should ever default. The loan is secured by an upfront mortgage insurance premium that could be rolled into the loan (call me for details). This offers lenders confidence in allowing these loans to qualified individuals who meet the USDA Rural Development underwriting guidelines. These loans have become even more popular in the last year. This is because of the 100% financing component that is attached with this loan. This will allow for a true No Money Down Home Loan option here in Tennessee, Georgia, Kentucky, & Alabama. The downfall is that it is limited to non-metropolitan areas.
Eligibility Requirements of a Rural Development Loan
Not everyone can qualify for this rural housing loan. Income and geography plays a huge factor in a approval or denial. A few of the eligibility requirements that determine if you qualify for a USDA Rural Development Loan are:
1. The County and Zip Code you are planning to move to. (Property Eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do)
2. Income is limited to 115% of US Median Income. (take a look at the above link for this as well)
These are two of the major factors involved in qualifying for your new loan. You will have other qualifying factors but if you have a green light so far, let continue to see if this will work for you.
Benefits of a USDA Loan
1. 100% Financing – No Money Down Home Loan
2. No Mortgage Insurance
3. Low Fixed Interest Rates
4. Lenient Credit Guidelines
5. Seller of the property can contribute towards closing cost (even though this is a 100% Loan, you are still liable for the closing cost).
This is just a brief overview of this program. The actual guidelines are hundreds of pages. If you have read so far, you are interested in learning more about this loan program. Give me a call at 615-543-6749. You can also fill out the form below the video to see if you qualify. I look forward to helping you make your dream of homeownership a reality!
I have been receiving a lot of questions lately about when should I buy a home. You see a number of my clients were waiting until the 2012 to purchase a new home. I am sure by now you know with the current housing market being battered for a number of years, most of these people were waiting until the bottom hit before they pursued that purchase of that new dream home. If I only had a crystal ball, I would be a rich man. This article is to help you determine if now is the right time to buy. Better yet, I will let the expert who predicted the housing bubble in the first place to help you with your decision.
Maybe He Is Not A Prophet, But Close Enough!
A man by the name of John R. Talbott accurately predicted in 2003 that the housing market in the U.S. would crash. He even highly recommended in 2006 that if you were looking to sell your home, this would be the year to do it. Those that took his advice then made thousands of dollars on the sale of those homes. You see with the housing bubble, trillions of dollars were lost in home values across the country. Fast forward to 2012, the economy has started creating jobs. Foreclosures are currently less than they were this time last year. Lastly, an election year is ahead of us. What does all this spell? Consumer Confidence!!! Thats right, when people feel better the economy feels better. Don’t just take my word for it, visit Mr. Talbot’s post that he placed in the Huffington Post here: HOMES – BUY NOW!
Here is an excerpt:
So, run, do not walk to your neighborhood banker and either finance a new home purchase or take out the maximum amount of money he or she will lend you on a home equity loan and buy hard assets, not financial securities, with the money. When inflation comes roaring back the only perfect hedge is to be a borrower, not a lender or investor.
Are You Ready Now?
If you have been sitting on the fence waiting for the bottom of the market, it may have passed you by already. As the year progress, more and more people are going to get the word about buying a new home now. Look at it like the Great Gold Rush. By the time everyone knew that gold was out west, it was too late. Thats how it is typically when you receive information about a good investment. In this case you may be getting this information first!
To see what you can qualify for on your new home or if you just have questions about financing, give me a call at 615-294-6534. I look forward to hearing from you soon!
It Can Be Done!
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USDA Rural Development Home Loan Tennessee
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Terrence, Sorry it has taken so long to get back to you. Just wanted to say thank you for everything you done for us in purchasing our home. You were very professional in every way and answered any questions I had along the way, if you didn’t have an answer right away [...]
