FHA Loans|ChattanoogaTN

FHA Loans in Cleveland TN and Chattanooga TN are approved by the FHA experts at Hometown Lenders. FHA mortgage loans are issued by federally qualified lenders (ie. Hometown Lenders llc) & insured by the U.S. Federal Housing Authority ('FHA'), a division of the U.S. Department of Housing and Urban Development. FHA loans have become the most popular mortgage product on the market today. FHA loans are an attractive option for first-time home buyers, those looking to refinance, & for individuals who may need one of FHA’s three specialty products.  Let’s examine the benefits of choosing an FHA Mortgage Loan:
 



          FHA Mortgage Loans - Purchase: 

·        FHA is generally easier to qualify over conventional mortgage loans.

·         FHA Loans highest Loan-to-Value available 96.5%.

·         FHA Loans offfer lower down payment requirements 3.5%.

·         FHA Loans cannot exceed statutory loan limits $271,000 in TN.

·         FHA Loans 640 Fico Score Minimum. This is determined by using the middle of your 3 scores

FHA Mortgage Loans - Refinance:

·         FHA Loans are generally easier to qualify for than conventional mortgage loans.

·         FHA Loans Highest Loan-to-Value available 97.5%

·         FHA Loans combine multiple mortgages done at different times without being considered cash-out

·         FHA Loans low interest rates available

·         Popular FHA loans include 30 fixed rate, 15 year fixed rate, 3/1 ARM, and 5/1 ARM

·         640 Fico Score minimum. This is determined by using the middle of your 3 scores

·         FHA Loans offer higher cash out Loan-to-Value limits than conventional 85% vs. 80%

FHA Mortgage Loans - Specialty - FHA Reverse Mortgage, THDA, & 203k FHA Mortgage Loans:

·         The “Reverse Mortgage” is an FHA product that allows people age 62+ to refinance their primary residence and have no mortgage payment! For more information click our Reverse Mortgage loan option.

·         The “THDA” down payment program is an FHA mortgage that allows down payment assistance in many circumstances for the required 3.5% down payment. For more information please call us at 423.339.5583 for free information by email or conversation.

·         The “203k Home Improvement Loan” is an FHA product that allows a borrower to obtain cash-out for home improvements without being limited to the standard 85% LTV. A FHA appraiser determines the “subject to” appraisal value to determine what the home will be worth after the improvements, which allows the loan to be done as a normal rate/term refinance up to the maximum 97.75%.

Learn more about FHA mortgage loans. (Department of Housing and Urban Development)

Hometown Lenders approves FHA Mortgage Loans in Tennessee and Georgia:
Cleveland, Chattanooga, Ooltewah, Hixson, Knoxville, Murfreesboro, Nashville, Memphis, Ringold, Rome, Atlanta, Dalton 

 

Hometown Lenders www.myhometownllc.com   423.339.5583

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory

http://portal.hud.gov/hudportal/HUD?src=/federal_housing_administration

http://www.hud.gov/buying/loans.cfm

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