Home Loans

Get Pre-Qualified

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 (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
  • Must have less than 2 acres of land and no barn

Eligibility

  • First Time Homebuyer
  • Income Limits
  • A minimum of 2 years of stable work history or self-employment
  • 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 the past 24 months

USDA 502 Guaranteed

Loan Terms and Benefits
  • 100% Financing (No Down Payment Required)
  • Fixed Rate
  • Low Private Mortgage Insurance
  • 30 Year Term
  • Can include Closing Costs*
  • Location and Property Qualifications
  • Must be an existing home* (must meet certain requirements)
  • Must be in an Eligible Area
  • Cannot include over 5 acres of land or a barn
Eligibility
  • Income Limits
  • Max income: $75,650 for up to 4 people; $99,850 for family 4+ people
  • A minimum of 2 years of stable work history or self-employment
  • 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 the past 24 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

Loan Terms and Benefits
  • 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

  • Down Payment varies
  • Fixed Rate

Location and Property Qualifications

  • No property or area restrictions
Eligibility
  • Acceptable credit history required
  • No Income Limits

Call 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 of 1%

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.

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Loan Services Staff

Andrea has been involved with CP since 2009 when she served her first Appalachia CARES / AmeriCorps term. She returned to CP full-time in 2014. She is responsible for and supervises the loan services department at Clinch-Powell. She is a licensed mortgage loan originator in the state of Tennessee, a USDA Rural Development Certified 502 Direct Loan Packager and is certified in Homebuyer Education.

Kelsey has been with CP since 2012 when she served her first Appalachia CARES / AmeriCorps term. She served four terms before becoming a full-time employee in 2016. She has a B.S. in Mass Communications from ETSU. She holds housing certifications in Foreclosure Prevention Counseling and Pre-Purchase Education and is the primary licensed Loan Originator with CP.

  • Candy Barbee

  • Appalachia CARES / AmeriCorps Member

  • Home Repair Intake/Small Business Loans

  • candy@clinchpowell.net

Candy is a new Appalachia CARES / AmeriCorps member. She facilitates energy efficiency service-learning through a variety of home repair programs and is involved with small business loan applications. Candy is a former employee who worked with the Enterprise Community from 1999 through 2009.

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