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.
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
#1 IN THE SOUTHEAST
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.
Senior Mortgage Banker
Peoples Bank & Trust
FHA / VA basics kit: http://www.realestateloans.com/fhavasetup.pdf
The best of luck to you!
Celeste Johnson von Dahm