With the help of a USDA Rural Development mortgage, it is possible for Knoxville home buyers to buy a home with absolutely no money down. So, what exactly is a USDA loan? And, how can you buy a Knoxville home with absolutely no money down?
USDA loans are available through the U.S. Department of Agriculture. [Keep in mind, not all mortgage lenders offer USDA loans.] With the help of a USDA loan, you can buy a Knoxville home with 100% financing and still get a very good interest rates.
The only requirement is that you buy a home in a “rural” area. Luckily, though, there are many areas in the Knoxville area that qualify for rural housing loans including: parts of Karns, Hardin Valley, Lenoir City and Loudon County, Powell, among many other areas. To see what areas of Knoxville qualify for rural housing loans, be sure to check out USDA Property Eligibility Site.
In addition, USDA loans offer many benefits as well including simpler loan approval standards and lower monthly payments. There are no pre-payment penalties or increased closing costs associated with rural housing loans. In addition, USDA loans can be used by Knoxville first time buyers or repeat home buyers.
Whether you’re a first time home buyer or a buyer hoping to put nothing down on a home, a USDA loan is a great way to buy a Knoxville home with no money down.
Are you thinking about buying a Knoxville home this year? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected]. Also, be sure to check out our Knoxville Home Search Page to see what homes are for sale in the Knoxville area.