Mortgages in Tennessee
Planning to buy a home in Tennessee? Your choice of a mortgage will go a long way in ensuring that your investment is economically sensible. On top of that, if you choose a good mortgage you will find it easier to get a good home in this state. That is something you shouldn’t compromise on because other than the fact that you will be living in that house, it can possibly turn out to be your biggest investment in life. So what do you need to know about mortgages in Tennessee as you prepare to make the big leap?
First of all, you are practically spoilt for choice. There are many mortgage options for every type of borrower. You can opt to go for a government mortgage; in which case you will have three options – the FHA, VA, and USDA loans. There are also conventional mortgages in Tennessee. These are not backed by the government. Instead, they are packaged by lenders themselves under the supervision of Fannie Mae and Freddie Mac. That makes them very flexible credit options.
If you are looking to buy a high-cost property, then perhaps a jumbo mortgage will serve you better. Jumbo loans have one distinctive feature – you will get an amount that is way larger than what you can get from all other types of loans. The state of Tennessee also has its own mortgage program that is run by the state government. It is known as the Tennessee Housing Development Agency (THDA) program, and it offers homebuyers financing at competitive interest rates. The THDA also provides several types of grants to homebuyers who are deemed eligible.
Each type of mortgage comes with its own unique requirements. Luckily we have covered all that in our website to help you make a sound choice, be sure to read about each mortgage in detail. If you need more customized information about any mortgage in Tennessee, simply contact HomeRate Mortgage, and we will be glad to help. We also make it easy for borrowers to access all these mortgages under one roof – the HomeRate website. If you want to apply now, be sure to do it from our website, and we will help you get approved.
Tennessee County Mortgage Service Areas