FHA mortgage Tennessee is one of the best propositions among the leading home purchase programs in this southern state. It is one of the only three programs, including those by the United States Department of Agriculture (USDA) and the Veteran Affairs (VA) that provide over 97 percent of Loan-to-Value (LTV) margin. LTV is the amount of payment that remains after subtracting the little down payment of 3 ½ percent. FHA Home Loan Group, your facilitator when applying for this home purchase scheme also gives you relevant information including simple credit guidelines you need to meet below:
Credit Score Guidelines
If you have a credit score of 620, which is the lowest in the market, you are eligible for FHA mortgage TN. The major exceptions you may enjoy include:
- Ability to find a lender accepting applicants with a credit score going down to 580.
- A credit report also contains all debts that you ought to have not exceeded in late payment for more than one month.
If you do not currently have a credit report, we can help you to avail one from the three national agencies that provide a mean score that you can use to qualify for FHA mortgage Tennessee.
Other Past Credit Obligations
If you do not have any existing debts, you can apply via FHA Home Loan Group. However, you ought to meet these guidelines on past debts:
- If you have had a bankruptcy, you ought to have closed the debt account in the forgoing 24 months.
- In case of a past foreclosure on your property, you should wait for a grace period of two to three years before applying for FHA mortgage TN.
Indeed, this is the only program that accepts homebuyers who have had a previous bankruptcy record.
Who Is Eligible for the Program?
FHAhomeloangroup.com recommends that you meet these few stipulations before applying for the product:
- You intend to use the current home as your primary residence.
- You have an employment history dating to the previous 24 months with an equally stable income.
- You have not breached on any other debt in the past 30 days.
Current AMI Limits
Area Median Income (AMI) refers to the collective yearly earnings of your county. The current AMI for various counties includes the national average for low-cost counties at $271050 for majority of the jurisdictions. There are also high-cost counties like Cannon and Cheatham that come with a base amount for the single family unit of $432500. Davidson, which is home to the metropolis of Nashville, is also in this group.
How to Apply for FHA mortgage Tennessee
- 1. Send your request and pass our pre-qualification stage.
- 2. Select a lender offering a competitive interest rate.
- 3. Gain approval from the Housing Department (HUD).
- 4. Begin the process of repayment after settling the closing costs.
On the latter score, we can assist you to negotiate with the seller to settle 6% of the closing costs on FHA mortgage Tennessee.
If you have met all credit stipulations above, you need not worry about a new home. We will safely steer you to owning your first ever residence.
Start today by calling [888] 202-4479