The mortgage lenders at PRMI Mt. Juliet want to help you see if you qualify for an FHA Loan. FHA home loans come with special benefits that make it easier for you to secure a mortgage to purchase a home in Nashville, Cookeville or Murfreesboro, Tennessee.
Some people erroneously believe that FHA Loans are for low-income borrowers, but in fact, there are no income restrictions for applying for an FHA Loan. The main advantage of an FHA Loan is that you can qualify for a mortgage with a lower credit score than you need to get a conventional mortgage. Additionally, the interest rate on an FHA Loan is usually competitive. The minimum down payment for an FHA Loan is 3.5%, and instead of paying PMI, you pay MIP (mortgage insurance premium). However, MIP is usually a bit less than PMI.
If you have a higher-than-average debt-to-income ratio, a bankruptcy in your past or a foreclosure, this can affect your ability to qualify for a conventional mortgage, but not an FHA Loan. FHA Loan requirements are more forgiving of past mistakes, especially if you can demonstrate improvement and a steady, reliable income.
Talk to the mortgage lenders at PRMI Mt. Juliet today to see if you can qualify for an FHA Loan to purchase a home in Nashville, Cookeville or Murfreesboro, Tennessee. Home prices and interest rates are on the rise, so the sooner you start the qualification process with our mortgage company, the better off you are.