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Zero Down Home Loans Are Still Available
There are several Zero Down Payment / 100 percent Financing options for buyers. In most cases, the buyer will have pre-paid expenses and closing costs on top of the down payment. The good thing is these Zero Down Payment programs do allow the seller to help pay these closing costs. Also, there are down payment assistance programs that can help as well. These zero down payment options are sponsored and supported by government agencies: USDA, THDA, and VA. The United States Department of Agriculture (USDA) Home Loan Program offers a Zero Down payment option for homes in rural areas that are available to many buyers though-out Tennessee including areas near Nashville, TN such as Gallatin, Lebanon, and Ashland City. A buyer looking to purchase for Zero Down in Middle Tennessee but remain close to Nashville can visit the following web pages and request lists of affordable homes in Gallatin and Lebanon. www.ZeroDownGallatin.com and www.LebanonZeroDown.com
In addition to location restrictions, there are USDA guidelines that the buyer must meet in order to qualify for these low interest fixed rate loans. The USDA normally has a minimum 640 credit score requirement which is a higher than a typical FHA or VA program. Also, there are income eligibility restrictions which can be found on the USDA government site. I have attached a link to the site where you can look up the housing guidelines on the USDA website: https://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program.
The Tennessee Housing and Development Agency (THDA) is another source for 100 percent financing for first-time home buyers. THDA offers a Great Choice Home Loan program where the loan is usually insured by FHA which means you borrow up to 96.5% of the total price. Therefore, the buyer needs a 3.5% down payment. The borrower if purchasing in certain zip codes in Middle Tennessee, they can get down payment assistance up to $15,000 if purchasing in specific zip codes. For a complete list of zip codes in TN visit the THDA website. To learn more about THDA, you may visit their website https://thda.org/homebuyers/first-time.
The Veterans Affairs offer a home loan in which a down payment is not required. The VA loans are made through private lenders and are guaranteed by the Department of Veterans Affairs. There is no minimum credit score, but lenders typically require clients to have a satisfactory credit score. The loan is available to millions of veterans and active military members. Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military veterans who died on active duty or as a result of a service-connected disability may also apply.With these Low Down payment options, it is essential to find a real estate agent that understands these programs and is dedicated to helping buyers who may not have a traditional down payment. A knowledgeable real estate agent can likely point you to the lender hat may be best able to assist you to get that zero down payment home loan.