FHA Loans in Tennessee
The FHA mortgage program is one of the most popular sources of finance for home purchases in Tennessee and the US at large. But is a FHA mortgage loan for you?
FHA loans in Tennessee are meant for homebuyers who may not be able to qualify for other types of loans, like conventional mortgages. Typically, conventional loans require a higher down payment and credit score compared to FHA loans. That makes the latter the better option for first time and repeat buyers whose credit numbers and amount of savings are not so impressive. As a matter of fact, lenders will approve your FHA loan application with as little as 3.5% down.
In Tennessee, while there is no hardline requirement for a credit score, a majority of lenders prefer 580 and above, but you can still get a loan with as little as 500 if you make a bigger down payment. It’s also worth noting that the nature and terms of the deal will largely depend on how well you can shop for FHA loans in Tennessee. That might be a very hard task for a typical homebuyer. The good news is that HomeRate Mortgage can do the work for you. Simply complete the FHA mortgage loan application on our site, and we will help you get the best deal.
Our team has complied handy information about FHA loans in Tennessee to get you started. You will learn everything you need to know, including eligibility requirements, limits, current interest rates, benefits, and whether it is the best loan for you at the moment. If you are unsure about anything be sure to contact HomeRate Mortgage, we will help you through the whole application process.
Tennessee County Mortgage Service Areas