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Tennessee FHA Loans

Getting a new home financed in the state of Tennessee with a Federal Housing Administration loan (a.k.a. FHA loan) has its benefits and advantages. With the Federal Housing Administration fully backing up and guaranteeing the loan, mortgage companies like us in Tennessee can offer much better terms.

Why would you consider using a Tennessee FHA loan program to finance or refinance your home? The FHA loan programs in all states, including Tennessee, were created to help people just like you realize the opportunity to own a home. Perfect credit is not required, just a good credit history over the past 12 to 24 months. Credit score? Not used for underwriting! Do you have to be a first time home buyer to qualify? Absolutely not. These are some of the most important benefits offered by an FHA loan.

Indeed, even with a few past credit dings, many homeowners and home buyers who have addressed the issues and meet the other qualifying requirements can still get pre-approved for any of the FHA Home loan programs. Whether you've had some credit dings, or even if you have absolutely perfect credit, the FHA loan program offers Tennessee home buyers and homeowners an incredible opportunity to get a fixed rate loan at great low rates.

Despite the misleading reputation of the FHA loan program in the real estate market, the fact is, if you want low cost financing, the FHA loan program boasts a variety of loan options that will suit almost every borrower's particular financing needs -- whether you are wanting a short term adjustable rate mortgage or a safe secure 30 year fixed-rate loan. Consult with a loan officer and let's assess if a Tennessee FHA loan is right for you.

What are the other benefits of a Tennessee FHA loan?

  • Up to 96.5 percent financing is available.
  • Down payments of 3.5 percent of price of home are allowed.
  • Gift money can be utilized as down payment, as well as for closing costs.
  • Closing costs are FHA regulated and can be paid by the seller up to 6% or the purchase price!
  • No minimum requirements on FICO and credit score.

What is the most popular and widely used FHA loan in Tennessee?
The fixed rate loan is the most popular and most secure Tennessee FHA loan, especially among those who are buying their homes for the first time. If you have never purchased a house before, you may want to consider this type of FHA loan. The fact is, a 30 year fixed loan will keep your payments to a minimum, offer payment security, and present extremely low risk to you.

The fixed rate FHA loan will finance 96.5 percent of your loan. There are debt-to-income ratios that you will need to adhere to, but the fixed rate loan does not have a "minimum income" required to be eligible for the FHA insured program. If you are not sure about your debt-to-income data, just give us a call today for a no obligation consultation -- or feel free to use our debt ratio calculator.

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