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Tennessee Disaster Relief Home Loans
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Tennessee FHA 203(h) Mortgage
For Tennessee Disaster Victims, FHA catastrophe loans are popular if you’ve been affected by a natural disaster in your area. FHA home loans can be beneficial as disaster relief loans. Section 203(h) of the National Housing Act allows the Federal Housing Administration to offer a mortgage for disaster-affected homeowners.
What Does FHA do?
The Federal Housing Administration, referred to as FHA, is a division of the HUD – the Department of Housing and Urban Development. The agency was created out of the National Housing Act of 1934 and was established to help fix many of the problems and challenges faced by the mortgage industry.
The agency was created to address mortgage issues during the Great Depression. The purpose of the office was to reduce down payments on mortgages. The agency was tasked with increasing home ownership with the insurance of mortgage loans against default. Lenders are more willing to give money to borrowers that have been termed ‘high risk.’ This is due to insuring the loans against defaulting.
The Federal Housing Administration (FHA) provides approved lenders with mortgage insurance. The FHA home loan program is created for borrowers who cannot make sizable down payments, have marginal credit, and do not qualify for conventional loans. Consequently, more people can access mortgage loans easily.
It is worth noting that the Federal Housing Administration does not lend out money. The agency only insures mortgage loans issued by various lending institutions it approved.
How Does the Tennessee FHA 203(H) Work?
The FHA 203(h) loans for disaster victims have become increasingly popular due to recent natural disasters. This has consequently led to the increasing search for hurricane rehab loans in Florida, where Hurricane recently struck.
The FHA 203(h) mortgage insurance program for disaster victims is designed to assist victims of disasters. The program helps borrowers in official disaster areas declared by the President. The program was designed to help disaster victims in the above mentioned areas during the first year after the catastrophe. It helps them become new homeowners or helps people who lost their homes to the disaster to rebuild them or buy a new one.
Benefits of the Tennessee FHA 203(H) Loan?
The benefits of the FHA 203(h) loans are numerous and quite similar to what other FHA-insured mortgage loans offer.
No down payment – This benefit is one of the unique features of the 203h loan program, especially compared to other FHA loan programs. The program allows victims of disasters to finance 100 percent of the home value up to the loan limits permitted in their area.
Limited Closing Fees – Like any other FHA-insured loan program, 203(h) home loans have limits set by the Federal Housing Administration. The agency defines many of the fees that can be charged by lending institutions for processing and closing a loan.
Relaxed Credit Requirements – To help disaster victims get back on their feet as soon as possible and consider their condition after such an occurrence, the FHA offers programs to individuals with relatively marginal credit. This is unlike many conventional loans, which explains the popularity of FHA-insured loans such as the 203(h) and 203k loans.
Apply for a Tennessee FHA 203 (K) Loan?
As mentioned earlier, you can apply for the loan if you resided in a Presidentially-declared disaster area within the last twelve months and your home has been significantly affected by the disaster, you can apply for the loan.
Like other FHA-insured loans, applications for the 203h home loan and any other such loans designed for flood victims are to be made by approved lending institutions. This is so as the FHA does not provide loans directly. And as mentioned earlier, such applications must be made within the first year following the occurrence.
No one wishes for natural disasters. However, because they are beyond our control, it is advised to implement all measures to facilitate a fast recovery.
Call today (615) 549-5666 to talk to one of our Tennessee Loan Officers. We are here to assist you with disaster relief loans.
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Tennessee Mortgage Rates
Have you ever wondered why interests rates are what they are and what determines the final rate? Why borrowers receive different interest rates? Or why rates go up and down? Interest Rates are calculated using several factors.
- Demand for mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Tennessee Rehabilitation Home Loans
Capital Home Mortgage Tennessee offers a complete line of home rehabilitation mortgage programs to help all homebuyers make that the older house into a perfect home. Call today to speak with a Tennessee Rehabilitation Specialists.
Tennessee FHA 203K Home Loans
FHA 203K is a great option for makes cosmetic changes to an older home. It allows a FHA buyer to update out of date cosmetics of a home as part of purchase or refinance. Make that old home new with a Streamline 203K renovation.
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- Greater > 35K, No Restrictions
Tennessee Fannie Mae HomeStyle Home Loan
Fannie Mae Homestyle Reno is a program that allows a homeowner multiple renovations options… from a simple luxury addition, to small cosmetic updates to a full rehabilitations.
- 95% LTV Primary Residence
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- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Tennessee Freddie Mac Choice Home Loan
Freddie Mac Choice Reno is a great alternative to a new home purchase. It allows for a buyer to renovate a home as part of purchase or refinance bringing it back to life. Making your dream home come true might just be updating that older home.
- 95% LTV Primary Residence
- 97% LTV 1st Time Buyer Single Family
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- Minimum Credit Score 620
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- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
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Looking to Rehab a Tennessee Home?
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Tennessee FHA Home loans
Great 1st Time Tennessee Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
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Tennessee va Home Loans
100% Financing for Tennessee Vets
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Tennessee Conventional Home loans
Flexibility for Tennessee Homebuyers
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Tennessee USDA Home loans
100% Tennessee Rural Home Loans
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- New Manufactured Homes Allowed
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Tennessee Native american Home Loans
Tennessee Hud 184 Home Loans
- Primary Residence Only
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Tennessee Manufactured Home loans
Great Tennessee Alternative Housing
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Tennessee Reverse Mortgage Loans
Your Tennessee Home at Work
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Tennessee Non QM Home loans
Making Tennessee Mortgages Possible
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Tennessee One Time Close Home Loans
Build Your Tennessee Dream Home
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Tennessee Refinance Mortgage loans
Tennessee Rate & Term Refinance
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