Chattanooga Real Estate Blog

Rural development or USDA loans have become extremely popular lately.  Other than a VA loan it’s the only one left offering 100% financing.  There are some qualifications though both in property eligibility and income eligibility.

To find out if you meet the income criteria and what areas meet eligibility requirements check out the Eligibility section of UDSA’s website.  

The Federal Housing Administration has become a primary means of financing for U.S. home buyers due in part to the low costs involved.  Those costs are headed up which is going to limit the number of buyers yet again.

The maximum loan FHA can insure is scheduled to decrease in October.  On April 18 the mortgage insurance premium on FHA loans will increase a quarter of a percent.  The minimum down payment which has already increased from 3% to 3.5% is expected by many to go up to 5%.  These changes may put home ownership out of reach for many first time home buyers which represent 75-80% of all FHA loans.

If you are thinking of buying you should get things going before these changes go into affect.

Interest rates compliments of:

Mortgage South
Melanie Huddleston
1007 Ashland Terrace
Suite 104B
Chattanooga, TN 37415
423-648-7630

Conventional Fixed Rate

30 yr  =  4.75%

20 yr = 4.625%

15 yr  =  4.25%

FHA and VA

30 yr  =  4.625%

30 yr = 4.75%

100% financing through Rural Development

Rates Subject to Change

Karen Rhodes Realtor

Karen Rhodes Realtor
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Interest rates compliments of:

Mortgage South
Melanie Huddleston
1007 Ashland Terrace
Suite 104B
Chattanooga, TN 37415
423-648-7630

Conventional Fixed Rate

30 yr  =  4.25%

20 yr = 4.25%

15 yr  =  3.625%

FHA and VA

30 yr  =  4.125%

30 yr = 4.375%

Rates subject to change

Interest rates compliments of:

Mortgage South
Melanie Huddleston
1007 Ashland Terrace
Suite 104B
Chattanooga, TN 37415
423-648-7630

Conventional Fixed Rate

30 yr  =  4.%

15 yr  =  3.875%

FHA and VA

30 yr  =  4.%

30 yr = 4.25%

Rates subject to change