FHA mortgage loans are an excellent source of financing in the State of Tennessee. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at 888-275-6788 or via e-mail at info@bestnodocloans.com.The FHA loan limits in Tennessee for FHA loans are currently $200,160 for a single family residence. In the Nashville area, the FHA loan limit is $226,100 for a single family residence. On multi-family residences the loan limit is higher, and the family maximum loan amount is $384,396.
If you own a mobile home on a permanent foundation in the State of Tennesee you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.
FHA loans will allow a borrower to be approved with "alternative credit". That is, if you have little consumer debt reported on your credit report FHA will count Utility Bills, Rent, Cell Phone Bills, and other monthly payments as credit in order to get you approved for the financing you need. You will need to provide 4 sources of alternative credit paid on time for a minimum of 1 year.
FHA financing in the State of Tennesee will also allow you to qualify with a non-occupant co-borrower. You can use the income of a non-occupant co-borrower to help you qualify for the purchase of a home.
FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
