When it comes to buying a home in Tennessee, one of the most important decisions you'll make is choosing a mortgage. There are a wide variety of mortgage products available, and it's important to understand the different options and how they work in order to find the best one for your needs. In this post, we'll take a closer look at some of the most common types of mortgages available in Tennessee.
Conventional mortgages: These are loans that are not insured or guaranteed by the government, and they are available from a variety of lenders, including banks, credit unions, and mortgage companies. Conventional mortgages typically require a down payment of at least 3% and are available in a range of terms and interest rates.
FHA loans: These loans are insured by the Federal Housing Administration (FHA) and are available to borrowers with lower credit scores or less money for a down payment. FHA loans require a down payment of as little as 3.5% and are available with fixed or adjustable interest rates.
VA loans: These loans are available to military service members, veterans, and their spouses, and they are guaranteed by the Department of Veterans Affairs (VA). VA loans require no down payment and are available with competitive interest rates.
USDA loans: These loans are available to borrowers in rural areas and are guaranteed by the U.S. Department of Agriculture (USDA). USDA loans also require no down payment and are available with competitive interest rates.
Jumbo loans: These loans are for larger mortgage amounts that exceed the limits set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy and sell most U.S.
If you would like to speak with a mortgage Lender in the Middle Tennessee area, give us a shout and we can connect you to the right people! https://www.ryanboggsrealestate.com/contact