With the Mighty Mississippi to the west, the Great Smoky Mountains to the east, and the country music capital of the world right in the middle, Tennessee is a great place to live, and a wonderful place to buy a home.
However, choosing the right financing option can seem as far-fetched as finding your perfect house. Buyers worry they may not have an adequate credit score for the loan, or sufficient savings for a down payment. This is where Tennessee FHA loans can help. Continue reading to see why an FHA loan in Tennessee can help you on your journey to your dream home.
Whether or not you’re a country music lover, purchasing a home in Tennessee is an exciting time. With a median home cost nearly $60,000 below the national average, it’s a great time to buy. When it comes to choosing a mortgage, many Tennessee residents are looking to FHA loans, and as of April 2019, the total value of FHA loans in Tennessee was over $316 million!
While there is a maximum loan limit on Tennessee FHA loans, the maximum loan limit varies from location to location, and is adjusted every year. In most of Tennessee, the baseline limit of $472,030 applies, but in a place like Nashville, the limit is $890,100 due to the relatively high cost of real estate in the area. See the link below to check the FHA loan limit in your area.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.