FHA-Insured Tennessee Home Mortgage Remains the Most Popular Home Loan

Many mortgage companies are confident in providing FHA home loans because this type of loan is insured. Basically an insurance, the FHA will cover most of the potential losses of a mortgage company in case of default. This allows most borrowers to get pre-approved for a home loan quickly if the FHA is insuring the loan. Tennessee home mortgage companies like Churchill Mortgage offer this type of loan to first-time home buyers, especially to those with bad credit.

FHA Tennessee home loans are suitable for single and multi-family homes in the country. The loan limit may vary by state and depend greatly on the borrower's qualifications. In Tennessee alone, loan limit is different for each city, requiring each borrower to follow a distinct process for pre-approval.

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Get Pre-approved for Tennessee Mortgage Loans for Easier Home Buying

Home loan pre-approval may take up to 90 days depending on the documents you submitted and your credit potential. Expect a long-term loan, given the tight protocol to protect the lender's interest. However, some home loan providers like Churchill Mortgage provide easy options even for those with bad credit rating. FHA funded loans, for instance, allow a borrower to pay a low down payment and low monthly rate.

Today's Tennessee mortgage loans are the key to fulfilling part of the American dream, which is to own a home. Getting pre-approved is a step closer to this goal. Home loan providers ensure an almost hassle-free process of buying everyone's dream home minus the worries in the long run.

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Improving Tennessee Mortgage Numbers Could Mean Good News to Buyers

This could be a sign that more people in the state are finally having more stable, high-paying jobs to pay for their mortgages, or mortgage in Tennessee is simply becoming more affordable. Regardless of the reason, things look optimistic for new homeowners or people who wish to refinance their homes, at least for the first few months of 2014. Of course, they still shouldn’t forget about working with reliable mortgage brokers, like Churchill Mortgage, who can help finance their homes by finding the best mortgage rates in their locale.

Not only that, lenders are still quite picky when it comes to their clients; a broker would be useful in finding a mortgage that would suit a person with limited financial means. Credit scores still remain to be the biggest concern of mortgage lenders because this gives them an idea of the person’s ability to meet the loan payments. A credit score of about 800 means that the borrower is highly likely to pay the dues in full and on time, which translates to low risk for the lenders. Those with not-so-good scores will have a hard time looking for lenders willing to work with them.

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The Best Tennessee Mortgage Broker Can Adapt to Federal Shutdowns

While things are getting back to normal, now that the shutdown has been resolved, the lessons of how the federal shutdown can affect mortgages shouldn’t be forgotten, especially with a lot of people relying on FHA and VA loans. People who want to refinance their loans or are first-time buyers who want the best rates will benefit from mortgage brokers who know the ins and outs of the industry. In other words, Tennesseans who want to refinance their loans to an FHA or VA loan should work with a renowned Tennessee mortgage broker, like Churchill Mortgage, who specializes in those loans.

These government-insured loans are quite appealing; not only do they have either a low down payment or none at all, they are also more flexible than other types of mortgages. Aside from that, FHA loans have no income limit, which means theoretically anyone can sign up for it, while VA loans can be financed up to 100 percent. On the downside, these loans also have limitations unique to them. FHA loans involve paying insurance premiums, which the FHA collects should the borrower default on it; while VA loans, obviously, require that the lender be a veteran of the U.S. military.

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