USDA Rural Development Guaranteed Home Loan is one of the most popular home loans in today's market. The main reason for its popularity is that the loan program does not require a down payment and the seller can pay most or all of the closing costs.
The second reason for the program's popularity is that the monthly fee is sigificantly lower than the mortgage insurance for an FHA loan.
Property eligibility is a key for qualifying for a Rural Development loan. Potential qualified home buyers must consider the property location if they are interested in this program.
USDA has defined eligible areas in which the home must be located. The lines defining eligible areas are established and available on the USDA website. Here is the USDA home loan property elibility link.
The easiest way to use this site is to type in the property address. The boundaries in Hamilton County are fairly easy to remember. Properties outside Thrasher Pike, Hunter Road, and Ooltewah-Ringgold Road are typically eligible. These boundaries include some excellent homes and subdivisions.
The shaded areas are not eligibile. The boundaries above the river are on Thrasher Pike, and below the river follow generally along Hunter Road.
If you have any home purchase questions in general, call me. Especially if you are interested in qualifying for a USDA Rural Development home purchase call me at 423-280-0345.
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