Home Buying in Tennessee>Question Details

kfd4ever2000, Renter in Bloomsburg, PA

I looking to purchase a home in Tennessee. I need a FHA loan to do so due to lack of down payment funds. How do I even statrt this process?

Asked by kfd4ever2000, Bloomsburg, PA Tue Nov 6, 2012

Help the community by answering this question:


Good morning kfd4ever2000,

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Nov 12, 2012
Hi,,well, first off I would suggest choose the area of Tennessee you want to move to first. It's a big state and is divided into 3 regions...West Tennessee (Memphis); Middle Tennessee (Nashville/Chattanooga) East Tennessee (Knoxville)

Second: get in touch with an agent in that area ( I can help there).

Third: The agent should be able to put you in touch with a lender that will provide you with ALL your options for a mortgage, including FHA loans.

Now you'd be ready to start looking for that home to purchase.

This is a GREAT and BEAUTIFUL state. Our winters are very mild compared to PA (I'm originally from New England),,and we have all 4 seasons here,,,,
I'd be happy to help you out any way I can. Just give me a call or shoot me an email,
Tina Evans, Broker
0 votes Thank Flag Link Mon Nov 12, 2012
Hi Bob,

Depending on where you're wanting to buy/live in Tennessee, you may not need a down payment if you qualify for a no money down USDA mortgage. This program is only available in rural areas so we would need to figure out if the area you want to buy in is eligible.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

I can also help with an FHA mortgage if needed.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes Thank Flag Link Wed Nov 7, 2012
e mail me at sfreeman0912@gmail.com or call me at 615-400-6311

Thank You,
Steve Freeman, CMB
Sagamore Home Mortgage
Brentwood, TN
0 votes Thank Flag Link Wed Nov 7, 2012
You need a preapproval on your loan to find out what you can afford. Then shop around for your loan. Interest rates may be the same but check the fees on different lenders. This is where you can save money. A good loan officer will explain everything. If they don't you should go to someone who will. Please let me know if I can help you!
0 votes Thank Flag Link Wed Nov 7, 2012
First of all, find a good local mortgage broker who is helpful and with whom you feel comfortable with. There is a lot of information out there. My advice is to contact a mortgage broker who works with a reputable real estate company like Coldwell Banker. Coldwell Banker is everywhere in the United States and they have a great track record! Here is a link you can be more readily informed when you seek out a broker who is skilled in handling FHA loans.

FHA / VA basics kit: http://www.realestateloans.com/fhavasetup.pdf

The best of luck to you!
Celeste Johnson von Dahm
Associate Broker
Coldwell Banker
0 votes Thank Flag Link Tue Nov 6, 2012
Thank you very much for the info. I will follow your link and hopefully take it from there. Thanks, Bob
Flag Tue Nov 6, 2012
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