Memphis FHA Loans

Right now is a great time to apply for an FHA loan in Memphis, Tennessee. The housing prices have come down in recent years, while loan limits are higher than ever. This means you and your family will be able to afford an even bigger house than you ever thought possible. Plus, with an FHA loan you’ll be able to save money on the entire home buying process by taking advantage of the many benefits of the loan program.

Benefits

One of the greatest benefits of FHA loans is the low down payment feature. Right now it is possible to qualify for up to 96.5% financing on new homes in Memphis. This means you only have to provide 3.5% down, making your upfront costs much more affordable. You also won’t have to pay for private mortgage insurance (PMI), can take advantage of low interest rates and apply for streamline refinancing in the future.

Eligible Homes

The homes that are eligible for FHA loans include one to four-unit family properties that are priced below the county’s loan limits. There are also loans available for homes that need to be rehabilitated and houses that require energy efficiency upgrades. For a list of the limits, upgrades available and eligible houses, be sure to check out the website for the US Department of Housing and Urban Development (HUD).

How to Apply

To apply for an FHA loan in Memphis, you will first need to find a lending institution that participates in the FHA home loan program. Then you will need to find your house and go through all the necessary steps to procure the loan which includes providing financial documents, having the house inspected and paying all closing fees. It’s also a good idea to get pre-approved for the loan before you begin this process. This way you will know just how much house you can afford and whether or not you meet the FHA’s requirements for a new mortgage.

Get Started Today!

We have a team of FHA home loan specialists ready to help you get started today with a pre-approval. When you fill out our online form we’ll be able to get you pre-qualified in Memphis instantly and for free. Plus there’s no obligation, so what are you waiting for!

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