The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you are in Tennessee and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for a Tennessee FHA loan and ensure that you qualify for it.
Qualifying for a Tennessee FHA loan is not hard. You only need to make a down payment of 3.5% of the total loan amount and have a credit score of at least 640. Ideally you want your scores at 660 or higher so you can qualify for the best rate and the lowest payment. But that will depend on your credit history and other outstanding factors, something that Moreira Team can gladly help you with.
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Other than a good credit score and down payment requirements, Tennessee FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
In the majority of Tennessee Counties, the base maximum limit for FHA loans is $356,362 but there are counties with higher limits. In Williamson and Wilson counties the limit goes up to $586,500. No matter what county you are in, if you need help applying for a Tennessee FHA loan Moreira Team can help. Give us a call or apply today.
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