FHA Loans in the State of Tennessee

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 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.

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.

» DISCLAIMER: The information contained in this article on 'FHA Loans in the State of Tennessee' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.