The two types of no money down mortgages that we offer are Veterans Affairs Mortgages (VA) and United States Department of Agriculture Loans (USDA) Both of these mortgages can be used to purchase a home with no money down. In addition, these programs also allow for the seller to pay the closing costs for you. In Clarksville, Tennessee this is key to reducing the cost of home ownership both in the long term and up front. That’s right, you can purchase a home for less money up front than first/last month’s rent and security deposits required on most rentals. Below we will outline some of the features and restrictions for each type of loan.
- Purchaser of the home must be a Veteran of the United States Armed Forces. For more detail on eligibility please visit our eligibility center at http://www.eaglehomeloanstn.com/loan-options/featured/veterans-resource-center/eligibility-information-for-va-mortgages/
- Loan amounts up to $494,500 in the state of Tennessee. To check the county loan limit for your area please visit http://www.eaglehomeloanstn.com/loan-options/featured/veterans-resource-center/tennessee-va-loan-limits-2018/
- Eligible for both Single Family and Multi-Family Home purchase as long as the Veteran or spouse intends to occupy the home immediately after purchasing.
- Must intend to occupy the property immediately after purchasing. (Can’t purchase using a USDA loan and then rent it out right away)
- Purchaser’s household income must fall within the USDA’s stated guidelines. Check your household income eligibility using this calculator https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do
- Property to be purchase must be within USDA’s approved eligibility areas. To look up a specific property please visit https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
We specialize in No Money Down Mortgages for first time home buyers. Eagle Home Loans services the Middle Tennessee and Fort Campbell communities. Contact your local expert, Anthony Quail, at 931-896-2903 to get pre-approved today or Apply Online