Rural Development: A government program offering a chance for 100% finance with excellent terms

Obtaining a 100% financing in this market whether in Cookeville, Tennessee or other places in the upper cumberland has become tough as banks tightened the restrictions on offering loans in general. Even if a home buyer in Tennessee was able to obtain a loan with less than 20% down payment, this meant an increase in the monthly payment due to mortgage insurance. There is a way however for obtaining 100% financing for home buyers in Tennessee that meet certain guidelines through a government program, namely Rural Development Housing & Community FacilitiesPrograms. To quote the official page of the program, the benefits include:

• • No Down payment is required
  • Flexible credit score guidelines.
  • No maximum purchase price limit.
  • Closing costs can come from any source including gifts.
  • Repairs and improvements can be included in the loan.
  • Competitive fixed 30-year rates.

The program has some restrictions, but in my opinion they are very flexible. Homes that qualify as rural are not really in the middle of nowhere. I have two listings in Cookeville for example that qualify for this 100% financing program in Cookeville, TN: 1733 Tyler Drive, Cookeville, TN and 1729 Tyler Drive, Cookeville, TN. These are only few minutes from Cookeville. Eligibility is easy to check.


This home qualifies for 100% finance while within 5 minutes of Jackson Plaza and
10 minutes of downtown Cookeville


A large beautiful kitchen in a brand new construction eligible for 100%