Happy to provide some of the correspondence they sent related to the program if it's of any use.  

There is a whole subculture of scamming investors in Memphis so take the time to vet your providers. 

Since you’re building from the ground up, a hard money loan can be a great option because traditional banks tend to be slow and have stricter requirements for new construction.

I ended up hiring two lawyers who agree that is unacceptable and yet $2,500 later I'm still at ground zero with them not willing to provide documents or the latest is them asking me for $500 for "copies" - also who knows what the documents would entail after they hired some family lawyer, which was likely paid out of the HOA dues.

Higher interest rates on conventional loans may result, as the government backing currently helps keep rates low.

I used an FHA loan but I am concerned about accepting rental payments into my personal bank account. 

Hard Money loan How did you add value to the deal?

You’ll need to submit an application to the Community Development Department, undergo inspections, and comply with tenant notification and eviction rules, including providing a 90-day purchase option and relocation assistance.

@Richard Schubert can you get a 401k loan?

If you're worried about cashflow, why would you do a 15 year loan with a higher payment -> meaning negative cashflow?