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Call today to get started: 866-435-6553 toll free

Call the Government Loan Pros today to get started: 866-435-6553 toll free, or click  get started online here 

GovernmentLoanPros.com/Tennessee – Your Source for Tennessee VA & FHA Loans.

GovernmentLoanPros.com/Tennessee  –  Your Source for Tennessee VA & FHA Loans.

For many Tennessee Families,  our number one dream is owning your own home.   We are here to help you reach your goal of home ownership.

Whether you want to purchase your first home, a larger home, or refinance your current mortgage,  we are here to help.

We are your Source for Tennessee Government Loans:

  • FHA
  • VA
  • FHA Jumbo
  • VA  Jumbo
  • USDA Rural Development
  • FHA & VA 2-4 Unit Loans
  • First Time Homebuyer Loans

We offer FHA, VA, USDA, Conventional, Jumbo, Fannie Mae and Freddie Mac home loans – we offer many options to help you get the keys to your very own home.   VanDyk Mortgage is a Direct Lender offering FHA Loans and VA Loans Direct to you.  Vandyk Mortgage Corp is approved by HUD with Full Eagle Direct Endorsement status, the highest level of HUD Approval for a Lender.

The first step in the Home Purchase process is to get pre-approved with one of our Government Home Loan Professionals.  This process will give you the confidence of a cash buyer.   We will help you determine what you can comfortably afford.   In a short time, you will be on your way to making your first offer on the home of your dreams.

Our Government Loan Pro’s will work with you direct to qualify you for the mortgage loan that best meets your needs.   We prefer to offer a more personalized approach with our clients.   Our goal is to create a smooth, stress-free loan process for you.   Our Team members will help you determine the right loan program, how much you can afford, help you get Approved, and keep in contact throughout the process.

If you currently own a home and would like to explore a refinance to reduce your interest rate, or get cash out,  you’re at the right place.   There are many loan programs that may be able to help. We will help you find the right one, whether it’s VA, FHA, Jumbo, or Conventional.  You can reduce your interest rate, pay down your loan balance quicker, consolidate debts, or get cash to use toward a dream vacation, home improvement, college tuition.

Contact us today for help with any questions you may have or to get started.

 

You can get a USDA Rural Development loan in less than three years after a foreclosure

One of the problems facing Tennessee home buyers looking to purchase their home after a foreclosure is the amount of time the banks often take to complete the foreclosure process and actually retake possession of the property.  Although the foreclosure process may have started three years or more ago on their Tennessee home, the bank  may have not completed the process for one, two or in the case with a recent client the bank  waited three years to complete the process.

 

The difficulty with this reality is that in most cases the Tennessee USDA Rural Development underwriting guidelines require the three year waiting period following the completion of the foreclosure process, meaning that the bank has retaken possession of the home.  Thus, if the bank waits two or three years to complete the foreclosure process  on a home, the Tennessee home buyer would have to wait the two or three years for the completion of the foreclosure process and then wait an additional three years before they are eligible for a Tennessee USDA Rural Development loan.  The wait can be as much as six years or more due to the bank’s delay in completing the foreclosure process.

 

However, there is an exception to the rule that requires the three year waiting period to begin after the foreclosure process has been completed.  In situations where the home that has been foreclosed was included in a bankruptcy, the bankruptcy waiting periods require required for a Tennessee Rural Development loan takes priority over the foreclosure waiting period.   The benefit of this exception is immense for home buyers.  While the foreclosure process can take years to complete to complete, the bankruptcy process can be completed in just a few months.  So, although the Rural Development waiting period for both a foreclosure and bankruptcy are both three years, the three year waiting period on the bankruptcy begins as soon as the bankruptcy is discharged while the waiting period on a foreclosure can take years to begin.

 

The result is that home buyers that had a foreclosure that was part of a bankruptcy will be able to qualify for a Tennessee Rural Development loan much quicker than those borrower’s that had a foreclosure that was not part of a bankruptcy.

 

Call VanDyk Mortgage today at 865-686-8711 to answer your questions about a USDA Rural Development Loan.

 

 

What are the FHA Loan Limits in Nashville TN

The FHA loan program has been a key component to the housing recovery we have seen and are currently seeing.  The FHA loan program provides home buyers with unique situations as well as past credit problems  an alternative to the restrictive and often unavailable conventional loans.  However, the FHA loan program does have lower loan limits than conventional loans. Home buyers that ask, What are the FHA Loan Limits in Nashville TN will be happy to learn that  while conventional loans in the Nashville Tennessee area are available up to loan amounts of $417,000 for single family homes, the FHA limit is $393,000 which is $24,000 lower.  The Nashville market does enjoy a higher FHA loan limit than the rest of the state of Tennessee which is limited to a FHA loan limit of $271,050.

 

It is a good idea to get pre approved prior to beginning to look for a home to purchase with your FHA loan. While the FHA loan will allow for many more buyers to qualify for a home loan than the conventional loans you never know how the underwriter will view some of the issues. Given that the details in everyone’s situation is different, it is possible where the underwriter may be able to approve one loan with a past credit problem and not another.

This is one of the reason’s that VanDyk Mortgage decided to offer the Fast Forward loan approval. You can submit your file to underwriting for a full review and then shop with confidence, knowing that you can obtain financing for your new home once the underwriter has approved your FHA loan application.

 

FHA Loan to Help Homebuyers

Easy Loan Approval with an FHA Loan

One of the most popular loan programs for Tennessee home buyers is the FHA loan program.  It is so popular due to relaxed guidelines when compared to conventional guidelines.

FHA is the Federal Government’s answer to Private Mortgage Insurance or PMI.  FHA does not make loans; instead they insure the loan, therefore eliminating much of the risk from the lender if the borrower should default on the loan.  If that did happen, the lender would make a claim against the FHA insurance on the loan to recover their losses.

Below are some of the elements that allow the FHA loan program to enable many Tennessee homebuyers to realize their dream of owning a home.

Credit:

The media is full of commentary stating that one must have perfect credit in order to obtain a home loan in today’s market.  This is not true.  Typically one only needs to have a middle credit score of 640 or higher in order to meet the FHA credit score requirements.  Actually the minimum score set by FHA is much lower, but the lenders that make the FHA loans require the higher minimum score of 640.

FHA is also more forgiving and understanding of past credit issues for Tennessee home buyers.  Items such as bankruptcy or foreclosures which would prevent one from obtaining a conventional loan for up to seven years can be overcome in as little as 1 year for an FHA loan.

  • Chapter 13 Bankruptcy-1 year since file date (actually can get approved while still in bankruptcy)
  • Chapter 7 Bankruptcy-2 years following discharge
  • Short Sale- No waiting period in some circumstances (no late payments and the sale made due to borrower moving from the area for a work related move.
  • Foreclosure- 3 years

You can also overcome other credit issues that did not result in bankruptcy or foreclosure  in as little as 12-24 months  if you have re-established  a good credit  history.

Employment

Employment in the same field or same line of work is needed to qualify.  However, it is not required that you have the same job just that you are in the same or related field.  There are also exceptions in cases where you were able to move into a better field.

If you have been in school in the last 2 years, graduated and are employed in your field of study, then the time in school can be considered as “time on the job” and be used to satisfy the 2 year requirement.

Debt to income ratio:

Debt to Income, often referred to as DTI,  is related to your employment history.  While a consideration of your employment history will determine how much of your income can be used to qualify for a FHA loan, the DTI will use that number to make sure you can afford the monthly payment.

The old standard guidelines  for Tennessee FHA loans were 29/41 although that has been recently increased to 31/43.

This means that the total mortgage payment (principle, interest, taxes and insurances) should not be more than 31% of your gross monthly income, and that your mortgage payment AND all other monthly debt payments  (this does not include utilities such as lights, phone, cable ect..) not exceed 43% of your gross monthly income.

Although the guidelines state that maximum DTI in Tennessee  is 43%, it is possible and is common to see loans get approved with DTI of 55%

Down Payment

One of the biggest hurdles to Tennessee home buyers  is saving up for the  down payment.  Most conventional or bank loans require a larger down payment and mandate that the money come from your own funds.

FHA is beneficial because it only requires you to have a 3.5% down payment, and FHA allows the entire amount of the down payment to be given to you as a gift by a family member.  None of the down payment is required to come from your savings.

Parents, Grandparents even employers are allowed to give you a gift for the down payment.

Get Fully Pre Approved

I specialize in Government loans and love the flexibility offered by the FHA guidelines in helping Tennessee buyers like you purchase their new home .

Call me today at 865-686-8711 and I will help you get pre-approved for the purchase of your new home.

FHA Loan Limits in Tennessee for 2014

Each year the Federal Housing Administration reconsiders the loan limits for each city County and City in the state of Tennessee.  While most of the areas of the country share the same FHA loan limits, there are areas that are considered high cost areas based on the home prices in the region, and those housing markets will have higher loan limits set by FHA than the rest of the country.

For 2014 all the areas of the state of Tennessee with the exception of Nashville Metro area have the same FHA Loam Limits.

 

2014 FHA Loan limits for state of Tennessee

Single family homes the limit is $271,050

Duplex’s have a FHA loan limit of  $347,000

Triplex or three units have a loan limit of $419,425

Fourplex units have a FHA loan limit of $521,250

 

2014 FHA Loan limits for the Nashville Metro area  

Single family homes the limit is $393,300

Duplex’s have a FHA loan limit of  $503,500

Triplex or three units have a loan limit of $608,600

Fourplex units have a FHA loan limit of $756,350

 

For help with your FHA Loan,  be sure to call the pro’s at VanDyk Mortgage at 866-435-6553 toll free direct.  VanDyk Mortgage is a HUD Approved DE Lender,  the highest level of FHA Approval.