Rural Development USDA property and income eligibility for Chattanooga

Rural Development Guaranteed home loans remain popular in the Chattanooga area, including eligible areas in Tennessee and Georgia. Home buyers and sellers are growing increasingly aware of the many benefits of this program. You can find many listings that specifically advertise the property is eligible for a Rural Development home loan. The program is also known as a USDA home loan.

The main benefit of a Rural Development home loan is that it allows for 100% financing of the home purchase.  No down payment. It also allows for closing costs and repairs to be included in the loan, up to the appraised value. I will write more repairs and closing costs in a later post.

The two key eligibity points with a Rural Development home purchase are the buyer's income and the property's location.

For the Chattanooga area, which includes surrounding counties in Tennessee and in Georgia, the basic income eligibility is for a family with 1 to 4 members is $74,050.

For families with 5 to 9 members the basic income limit is $97,750. These levels are much simpler that the previous income levels.

There are some income adjustments that are used to establish the income for determination of eligibility. You can check your income yourself on the Rural Development income eligibility page.

Rural Development income eligibility check.

The property's location is the other essential eligibity check. For the Hamilton County, the elibility boundaries are basically Thrasher Pike, Hunter Road, and Ooltewah-Ringgold Rd. The boundaries are a little more complicated in the Georgia counties that surround Chattanooga.

Several counties in Tennessee around Chattanooga are 100% eligible. These include Marion, Sequatchie, Bledsoe, Rhea, Meigs, McMinn, Polk, and Grundy.

For any area, you can check the property address to see if it is in an eligible area on the Rural Development property eligibility page.

Rural Development property eligibity calculator.

Rural Development Guaranteed Loan is an excellent home purchase loan for moderate income families. For more information about its many benefits, feel free to contace me at 423-280-0345 or to visit my website at www.RichardSmithHomeLoans.com. You can start your home purchase approval process on my website.