Rural Development 100% Financing “Rural Development lending has become a very popular loan product in the past 5 years. Rural Development, or ‘RD’ lending extends financing to homebuyers for 0% down!
You do not have to be a ‘first time homebuyer’ in order to obtain a RD loan; but, you cannot currently own another home & be eligible to purchase another one with RD financing! The seller is allowed to pay up to 6% towards ‘seller paid closing costs’ on behalf of the buyer. Buyers can only obtain a 30 year loan term on this type of product. Appraisals in Knox County for a RD loan are $425.00. Our current minimum credit score requirement for FHA is a 640. Rural Development loans for properties located in Knox County have to be eligible. There is a website that you will need to imput your property address and see if it is eligible for this type of financing. This is the link: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Another RD caveat is household income. Knox County household income limits for RD are not to exceed $74,500.00 annually. Marissa & Margo are always willing to help you work on your credit, if it’s not up to the industry standard at the date of application.”