Tennessee FHA Loans

If you are thinking about relocating to Tennessee, right now is a great time to apply for an FHA loan. The Federal Housing Administration (FHA) makes the loan process incredibly simple and affordable for all Americans who qualify. The FHA has made this possible by extending really great benefits to all borrowers. Since the more than seventy years the FHA has been in operation, they have helped over a million people afford the homes of their dreams. Take a look at the few great benefits associated with Tennessee FHA loans:

Low Down Payment

When you apply for an FHA loan in Tennessee, you will be eligible for up to 96.5% financing. This means you will only have to pay 3.5% for a down payment on a new home. Compare this to the 20% down payment you would expect to pay for a conventional loan and you can see how much of a difference this makes. Now, even young couples and families with very little savings put away will still be able to afford new homes.

No Insurance

The FHA insures your privately issued loan for you – they do not actually lend any money. This makes you a very secure borrower who can then take advantage of great benefits like not having to pay for private mortgage insurance (PMI). PMI greatly increases people’s monthly payments and makes conventional loans much more expensive overall.

Low Interest Rates

Another great benefit you will get to take advantage of with a Tennessee FHA loan is a low interest rate on the mortgage. With an FHA guaranty, you are a very desirable borrower, so lenders are often willing to offer you very competitive interest rates. You may even be able to negotiate with your lender for a rate that is below the current mortgage market rate.

Streamline Refinancing

Once you have your FHA loan in Tennessee, it’s very easy to refinance to a lower interest rate in the future. With an FHA streamline refinance you won’t have to pay for any out-of-pocket expenses or provide any additional paperwork.

Get Started Today!

You can get started today by filling out our secure online form. The process is free, fast and has no obligation. Getting pre-approved for a Tennessee FHA loan has never been easier!

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