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Knoxville Home Loans

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Knoxville Mortgage Lender

Home Loans In Knoxville

Known to many as the Marble City, Knoxville was the first-ever capital of Tennessee before relinquishing the title to Nashville. Its real estate market has gone through ups and downs, especially amid the pandemic. However, things are starting to heat up now, with home prices expected to grow even more in the coming months.

With an economy that is slowly but surely bouncing back, now may be a great time to look into homeownership in Knoxville. Our mortgage experts at Capital Home Mortgage help you find the best financing options if you’re thinking about purchasing a home or investment property in Knoxville. 

Let’s walk you through the main requirements for obtaining a home loan in Knoxville, TN.

6 Must-Have Requirements for Acquiring a Mortgage in Knoxville

   1. Down Payment

Your down payment is the most significant factor determining how much house you can afford. It’s also one of the most common questions we get from homebuyers. The actual amount will depend on the type of loan. 

However, if you can afford it, try to raise a down payment of at least 20% to reduce the loan amount and enjoy fringe benefits such as not paying private mortgage insurance. 

   2. Good Credit Score

Your credit score is critical for a home loan. The minimum credit score for an FHA loan is 580. The conventional loan is 620. For a VA loan, 0%. 

However, it’s still essential to get your credit score as high as possible before filing your loan application. A higher credit score will increase your chances of approval for a loan and help you get a lower interest rate.

   3. Income & Employment History

Lenders will want to see that you have a steady income and employment history. This is to ensure that you can make your monthly loan payments. W-2 forms and pay stubs are the most common documentary requirements for proof of employment. 

On the other hand, if you are currently self-employed, you’ll need to provide additional documentation, such as tax returns, business profit-and-loss statements, and bank statements. 

   4. Debt-to-Income Ratio

Your debt-to-income (DTI) ratio measures how much debt you have relative to your income. Lenders use it to determine whether or not they can afford a loan.

The maximum DTI ratio for an FHA loan is 43%. For a conventional loan, it’s 50%. And for a VA loan, it’s 41%.

   5. Closing Costs

These are fees associated with closing the deal.  They can include the following:

  • Recording fees
  • Title insurance fees
  • Processing fees
  • Inspection costs
  • Closing fees
  • Escrow fees
  • Origination fees
  • Prepaid interest
  • Survey fees

Your loan officer will explain these to you in detail and list all the fees you’re expected to pay to close the deal. 

Knoxville Mortgage Lender

At Capital Home Mortgage Knoxville, we assist you in every step of the homebuying process. Whether you’re a first-time homebuyer or a seasoned veteran, our team of experts can help you find the right loan for your needs.

We offer a variety of loan programs, including FHA loans, VA loans, and conventional loans. As a direct Knoxville mortgage lender, we own the entire process from application to funding. This allows us to help you find the best financing option for your situation and offer competitive interest rates and low fees. 

Start Your Home Loan Application In Knoxville Today!

Capital Home Mortgage understands that the home loan process can be overwhelming, especially for first-time homebuyers. Our team is here to provide any needed help to ensure a hassle-free experience.

Get started with a free quote by calling (615) 549-5666. We look forward to assisting you in your home buying journey in Knoxville.

Why Knoxville is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Knoxville Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Knoxville Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Knoxville 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 the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Capital Home Mortgage Tennessee is dedicated to offering great Tennessee Mortgage Rates and Low Fees all while providing exceptional customer service.  Our mortgage professionals are focused solely on home mortgage lending to make your experience smooth with an on time closing.  Call today to speak with a mortgage officer or request a no obligation quick rate quote.

Capital Home Mortgage Knoxville Mortgage Team

Dale Gremillion

Managing Director
NMLS 210325

Conor Hayhurst

Managing Director
NMLS 743506

Nick Underwood

Loan Officer
NMLS 264147

Kelvin Thompson

Loan Officer
NMLS 2050042

Knoxville, Tennessee Mortgage Programs

Knoxville Home Purchase

Buying a Knoxville Home?

  • Primary, 2nd, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Reno, Manufactured

Knoxville Renovation Home Loans

Knoxville Renovation Loans

  • Remodel, Renovate, Repair
  • FHA 203K Streamline or Full
  • Fannie Mae Homestyle Reno
  • Freddie Mac Choice Reno

Knoxville FHA Home Loans

1st Time Knoxville Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores Allowed

Knoxville VA Home Loans

100% Loans for Knoxville Veterans

  • Simply Qualifying
  • No Down Payments 
  • Lower Credit Scores Allowed
  • Manual Underwriting Allowed

Knoxville Conventional Home Loans

Flexibility for Knoxville Buyers

  • Primary, 2nd, Investment
  • Great Rates & Low Fees 
  • Single and Multi-Family
  • Renovation Loan Programs

Knoxville Jumbo Home Loans

Great Knoxville Rates

  • Primary & 2nd Homes
  • Higher Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Knoxville USDA Home Loans

Knoxville Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes
  • Closing Costs Can Be Rolled In

Knoxville Native American Loans

Knoxville Native American Loans

  • Primary Residence Only
  • Manual Underwrite All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Knoxville Manufactured Home Loans

Knoxville Manufactured Homes

  • Purchase or Refinance
  • New Home Purchase
  • OTC Combo Land & Home
  • FHA, VA, USDA, & HUD 184

Knoxville Reverse Mortgages

Your Knoxville Home at Work!

  • Primary Residence Only
  • Simple Qualifying
  • Credit Scores Not Applicable
  • Minimum Age 62

Knoxville Cash-Out Refinance

Knoxville Cash-Out Refinance

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Knoxville Mortgage Refinance

Knoxville Rate & Term Refinance

  • Purchase, Refi & Cash-out
  • Primary, 2nd & Investment
  • Full Doc & Alt Doc Programs
  • Corporations OK

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