How Hixson and Soddy Daisy, TN Buyers Can Get 100% Financing
A few years ago home buyers had plenty of 100% financing programs to choose from. Today the list has shrunk to just a handful. Most lenders can count their 100% financing programs on one hand—literally.
But, chin up, Hixson, Middle Valley and Soddy Daisy home buyers! There are some great 100% financing for our “neck of the woods”.
Let's cover them now, starting south in Hixson and working our way north.
- Hixson – Buyers of homes in the Chattanooga city limits may qualify for a grant from the Chattanooga, Neighborhood Enterprise. This grant can be in the form of a second/third mortgage at EXTREMELY low interest. It is most often combined with an FHA loan. The grant can go be high a 30% of the purchase price. It is viewed as a 30% down payment by the lender. After five years a portion is forgiven, and does not have to be repaid.
- Middle Valley – Buyers of homes in Middle Valley may qualify for THDA financing. This program is a bit like an FHA loan on the state level. Buyers can have the required down payment (up to 4%) granted to them.
- Soddy Daisy – Homes north of Thrasher Pike may qualify for Rural Development financing from the USDA. This is a straightforward 100% program. No down payment is required. And, an added benefit is this: there is no monthly mortgage insurance premium. Yeah! (If you want to know more about mortgage insurance, visit theprinciplegroup.net's buyer information section.)
This is just a very brief overview of 100% programs available to Hixson, Middle Valley and Soddy Daisy buyers. There is more you will need to know to make an informed choice. Feel free to contact me, Joel, for more details on what home, and financing is right for you.
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