Tennessee FHA loans
Of all the home loans available, the FHA mortgage is arguably the most known. Offered by the Federal Government through the Federal Housing Administration (FHA), this loan program is meant for people who may otherwise fail to qualify for traditional loans for reasons such as a poor credit score or little down payment. So, if you are worried that your savings (or lack of), or credit score might deter you from owning a home, we are glad to tell you that that’s not the case.
In Tennessee, FHA loan lenders will lend to you even if your credit score is as low as 500. In that case, you may have to put at least 10% down, but if you have a better credit score you can get approved with as little as 3.5% down. The only catch is that you will have to pay mortgage insurance.
Since Tennessee FHA loans are guaranteed by the Federal Government, lenders usually screen borrowers to ensure that they meet pre-determined standards that are set by the FHA. For instance, you should be a US citizen with a steady source of income. The home must also meet certain living conditions. General, all the guidelines are geared towards ensuring that the house is in a good condition and you can actually repay the mortgage. We have explained all these guidelines and more in details to help you determine whether you and the property you are interested in are eligible.
Do you think the FHA loan is right for you? Apply through our website and enjoy our highly rated customer service. Our staff at HomeRate Mortgage will answer any questions you might have and also ensure that your application is approved in a timely manner.
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