USDA Rural Development is an excellent home mortgage program for eligible buyers and homes. The program allows no down payment, 100% LTV mortgage. While there is mortgage insurance, the monthly premiums are less that the premiums for FHA and have actually been lowered effective 11/1/2016. See my post USDA 100% purchase program is now even better.
Buyer eligibility is based on household income limits. For a family of 5 or less the eligible household income is 75,650.
Eligible properties are single family residences in designated rural areas. For Hamilton County, the eligible areas are defined by Thrasher Pike, Hunter Road, and Ooltewah-Ringgold Road. These areas have many excellent homes and developments.
Rural Development mortgage loans have help many buyers obtain 100% financing for the purchase of their primary residence. If you have questions about income or property eligibility, please contact me.