Four 100% financing options in Hamilton County and Chattanooga Tennessee

Four 100% financing options in Hamilton County Tennessee

100% financing

Looking to purchase a home? Contrary to belief there are some programs that still exist to allow you to purchase a home and not put a down payment on the property. One program that is a great way to buy a home is the USDA financing program. This program is only available to buyers who do not currently own a home, buy in certain geographical areas (rural), make within the income limits and qualifying credit scores and history.  Another great feature about this home is that it allows the buyer not to pay PMI (private mortgage insurance) this could mean an additional savings per month and allow the buyer to buy a little more house.
The rates for USDA tend to be very competitive with the current FHA rates. Another financing program that offers 100% financing is THDA. This program is allows a buyer to purchase a home anywhere in Hamilton county, it also has income limits, and qualifying credit scores. THDA gives the buyer a up to a 4% grant and this grant can be used for down payment or closing cost. THDA rates are slighter higher than the current FHA rates and the loan also has a clause that says you have to live a certain number of years in the home before you sell the home.
The third program that offers 100% is CNE which stands for Chattanooga Neighborhood Enterprise and being a real estate agent selling Chattanooga homes I can help you with this loan.  This program is a little unique because instead of one mortgage this program gives you a second mortgage that you can use for down payment and/or closing cost. CNE does have income and credit requirements. The program only gives a 20% down payment assistance at a interest rate of around 2%. So with CNE you would have a first mortgage with a company (i.e Regions, Suntrust, Mortgage Investors Group) and then a second mortgage with CNE.

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The last 100% program is a interesting program with REGIONS that allows you to purchase a home with no PMI and 100% down payment.  This program does have income requirements, and you cannot currently own a home. This is a great program that allows you to buy a home with no down payment and financing the whole purchase price. Rates on this program are slightly higher than the rates on a FHA loan, but given the fact that there is no PMI on the loan you might be able to purchase a little more house for the money.

If you have any questions about this loans, please feel free to contact me at and I will help you get touch with a loan officer that can help you with financing. It is a great time to buy so why not take advantage of these great programs.


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