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.

 


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