We have Options.
Clinch-Powell will match the best mortgage options to your unique situation. In addition to providing many traditional loan products, as a non-profit lender, we have access to a number of non-traditional home loan products that can provide home ownership opportunities to a greater number of people.
USDA 502 Direct
Loan Terms and Benefits
- 100% Financing Possible(No Down Payment Required)
- Fixed Rate
- 33 Year Term (38 Year Term available for very-low income borrowers)
- No Private Mortgage Insurance
- Can include Closing Costs*
Location and Property Qualifications
- Can be an existing home or new construction
- Must be in an Eligible Area
- Must pass Home Inspection
- Income producing property not allowed
Eligibility
- Income Limits (All household income counted)
- Stable work history
- Ability to repay the loan
- Acceptable credit history
- Can use Non-Traditional Credit
- Borrower must occupy home
- No foreclosure within the past 36 months
- No bankruptcy within:
- Chapter 7 - 36 months
- Chapter 13 - 12 months
USDA Guaranteed
- 100% Financing Possible(No Down Payment Required)
- Fixed Rate
- Low Private Mortgage Inurance
- 30 Year Term
- Can include Closing Costs*
- Location and Property Qualifications
- Can be existing home or new construction
- Must be in an Eligible Area
- Income Producing property not allowed
- Higher Income Limits
- Stable work history
- Ability to repay the loan
- Acceptable credit history
- Can use Non-Traditional Credit
- Borrower must occupy home
- No foreclosure within the past 36 months
- No bankruptcy within:
- Chapter 7 - 36 months
- Chapter 13 - 12 months
FHA (203b)
Loan Terms and Benefits
- 3.5% Down Payment
- Loan limits set by HUD
- Private Mortgage Insurance required
- Fixed Rate
- 30 Year Term
Location and Property Qualifications
- Must be an existing home
- Must meet certain requirements
Eligibility
- No Income Limits
- A minimum of 2 years of stable work history or self-employment
- Ability to repay the loan
- Acceptable credit history
- Borrower must occupy home for 1st year
VA
- 100% Financing (No Down Payment Required)
- No Private Mortgage Insurance
- Fixed Rate
Location and Property Qualifications
- Must be an existing home and meet certain guidelines
- Not restricted to any specific location
- No acreage limits
Eligibility
- Must have VA Eligibility
- No Income Limits
- 2 years of stable work history or self-employment
- Ability to repay
- Acceptable credit history
- Can use Non-Traditional Credit
- Borrower must occupy home
Conventional
Terms and Benefits
- Up to 100% financing
- Down Payment varies
- Fixed Rate
Location and Property Qualifications
- No property or area restrictions
- Acceptable credit history required
- No Income Limits
Call Stace at 865-274-8598 for more information as we have many different conventional loan options.
Construction Loan
Loan Terms and Benefits
- 90% Loan to Value
- 6 Month Term (Extension Available)
- Collateral Required
- Origination Fee
Location and Property Qualifications
- Contractor must be licensed
- Inspections must be completed before draws can be made against the loan (typically happens in three draws)
Eligibility
- Must be pre-approved for Permanent Financing
- 780 Credit Score
- No foreclosure within the past 48 months
- No bankruptcy within the past 48 months
Clinch-Powell also has Communities where we are promoting homeownership by improving the affordability of new construction homes!
We offer comprehensive services.
We care about our community and always promote responsible lending. We offer coaching and education services to assist you with improving your credit and provide you with the information needed to make the best choices related to topics from home loan financing to choosing a home.
