FHA loans in Tennessee are one of the most popular loan programs for First time home buyers as well as repeat home buyers. FHA stands for Federal Housing Administration. It insures loans for owner occupied 1-4 unit, condos and PUDS and is part of the Department of Housing and Urban Development (HUD).
FHA loans to purchase or refinance a property has been an option for many home buyers and homeowners for years now. In part because FHA Rates and terms are very favorable for home buyers and homeowner’s. What most don’t know is how to get around one obstacle that can still exist…The condition of the property. That could limit many from obtaining an FHA loan. There is a solution though to help you and that is the FHA 203k Loan for renovations and repairs.
An FHA Home Loan can help you purchase or refinance a property but with the FHA 203k loan it can be purchased or refinanced in its present condition then turned into the home you always wanted all in one mortgage loan. You will have a choice of either the FHA 203k streamline for home improvements under $35,000 without any structural changes or the full 203k version for your larger projects and room additions over $35,000.
Both types of FHA Home Loans with or without renovations have the same minimum down payment of 3.5% and the same FHA loan limits apply.
Tennessee Home buyers:
 Purchase less-than-perfect homes in great locations;
Purchase foreclosures & other distressed properties;
Cover the cost of major & minor improvements;
Finance the cost to rent another home during renovations.
Tennessee Homeowners:
Make enhancements to increase your home's value;
Upgrade or make repairs without tapping into savings;
Enjoy tax benefits -; interest on renovation costs may be tax deductible (consult a tax advisor).
If an FHA Loan is in your future then an FHA 203k renovation loan should also be an option for you. Don’t let a property’s condition stop you in your tracts by working with FHA lenders who don’t offer all the options you need. Start your loan process once without having to start over again by working with someone who can handle all your Tennessee FHA loans.
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