The Rural Development guaranteed home loan program is becoming more popular in the Chattanooga market. Especially as Hamilton County growth moves out from Chattanooga. The guaranteed loan program is under the USDA, Agricultural Department, and offers 100% financing - No Down Payment.
The program is not new. I have been lending through Rural Development for 15 years. The program is not new, but it has become a more popular option for many home buyers.
Rural Development home loans are targeted for moderate income families and for defined rural areas, but you do not need to be a First Time Home Buyer.
How you can know if you are eligible for a Rural Development home loan in Hamilton County?
Of course you must be generally qualified with credit and income for a home purchase.
After basic credit and income requirements, there are two essential checks for home buyers with Rural Development home loans.
Income Limits
Rural Development has simplified the basic income guidelines. There are now just two tiers, and the same incomes qualify for all Tennessee and Georgia counties surrounding Chattanooga and Hamilton County.
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1-4 persons |
$74,050 |
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5-8 persons |
$97,750 |
The income limits apply to all household incomes. So to make certain you are income eligible, it is recommended to have an experiences loan officer to verify your incomes.
Eligible Area
Property eligibility can be checked on the Rural Development website. Some counties are completely eligible. In Tennessee, Meigs, Rhea, Marion, Sequatchie, and Polk counties completely eligible. Bradley
and Hamilton have ineligible areas.
Call me to verify if your property is eligible. It only takes a minute to check, in most cases.
The map to the right is from the Rural Development website. You can get some idea of the eligible areas, but you should confirm each address directly.
In Georgia, Catoosa, Dade, Whitfield and Walker counties all have some ineligible areas. Again, call me to verify your property eligibility.
Rural Development is one of the better loan options for qualified home buyers, because it does not require a down payment. Call or email me to see if Rural Development is the right choice for your home purchase.
UPDATE 3/3/11: Rural Development announced a new annual fee effective in October 2011.
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Thank you for visiting. This is the professional blog for |
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Richard Smith |
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Cell phone: 423-280-0345 Email: Richard@HomeLoansChattanooga.com |
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Visit my website: www.RichardSmithHomeLoans.com To start your approval Apply Here |
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Read my most recent articles in Scotsman Guide. |
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Thank you for visiting. This is the professional blog for |
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Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). |
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Stearns Lending, Inc |
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Cell phone: 423-280-0345 Email: RSmith@Stearns.com |
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Visit my website to inquiry about a home loan. |
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Read my most recent articles in Scotsman Guide. |
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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc. |
