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Tennessee FHA Home Loans

FHA Mortgage Loan Programs in Tennessee
FHA Loan Requirements - 2020 FHA Loan Limits

Tennessee FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Tennessee.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Tennessee FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Tennessee.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Tennessee below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Tennessee.  To have an FHA lender contact you, request a free consultation.

2020 Tennessee FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Tennessee:

County Single Family 2 Family 3 Family 4 Family
ANDERSON $331,760 $424,800 $513,450 $638,100
BEDORD $331,760 $424,800 $513,450 $638,100
BENTON $331,760 $424,800 $513,450 $638,100
BLEDSOE $331,760 $424,800 $513,450 $638,100
BLOUNT $331,760 $424,800 $513,450 $638,100
BRADLEY $331,760 $424,800 $513,450 $638,100
CAMPBELL $331,760 $424,800 $513,450 $638,100
CANNON $563,500 $721,400 $872,000 $1,083,650
CARROLL $331,760 $424,800 $513,450 $638,100
CARTER $331,760 $424,800 $513,450 $638,100
CHEATHAM $563,500 $721,400 $872,000 $1,083,650
CHESTER $331,760 $424,800 $513,450 $638,100
CLAIBORNE $331,760 $424,800 $513,450 $638,100
CLAY $331,760 $424,800 $513,450 $638,100
COCKE $331,760 $424,800 $513,450 $638,100
COFFEE $331,760 $424,800 $513,450 $638,100
CROCKETT $331,760 $424,800 $513,450 $638,100
CUMBERLAND $331,760 $424,800 $513,450 $638,100
DAVIDSON $563,500 $721,400 $872,000 $1,083,650
DECATUR $331,760 $424,800 $513,450 $638,100
DEKALB $331,760 $424,800 $513,450 $638,100
DICKSON $494,500 $663,050 $765,200 $638,100
DYER $331,760 $424,800 $513,450 $638,100
FAYETTE $331,760 $424,800 $513,450 $638,100
FENtrESS $331,760 $424,800 $513,450 $638,100
FRANKLIN $331,760 $424,800 $513,450 $638,100
GIBSON $331,760 $424,800 $513,450 $638,100
GILES $331,760 $424,800 $513,450 $638,100
GRAINGER $331,760 $424,800 $513,450 $638,100
GREENE $331,760 $424,800 $513,450 $638,100
GRUNDY $331,760 $424,800 $513,450 $638,100
HAMBLEN $331,760 $424,800 $513,450 $638,100
HAMILTON $331,760 $424,800 $513,450 $638,100
HANCOCK $331,760 $424,800 $513,450 $638,100
HARDEMAN $331,760 $424,800 $513,450 $638,100
HARDIN $331,760 $424,800 $513,450 $638,100
HAWKINS $331,760 $424,800 $513,450 $638,100
HAYWOOD $331,760 $424,800 $513,450 $638,100
HENDERSON $331,760 $424,800 $513,450 $638,100
HENRY $331,760 $424,800 $513,450 $638,100
HICKMAN $494,500 $633,050 $765,200 $950,950
HOUSTON $331,760 $424,800 $513,450 $638,100
HUMPHREYS $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JEFFERSON $331,760 $424,800 $513,450 $638,100
KNOX $331,760 $424,800 $513,450 $638,100
LAKE $331,760 $424,800 $513,450 $638,100
LAUDERDALE $331,760 $424,800 $513,450 $638,100
LAWRENCE $331,760 $424,800 $513,450 $638,100
LEWIS $331,760 $424,800 $513,450 $638,100
LINCOLN $331,760 $424,800 $513,450 $638,100
LOUDON $331,760 $424,800 $513,450 $638,100
MACON $563,500 $721,400 $872,000 $1,083,650
MADISON $331,760 $424,800 $513,450 $638,100
MARION $331,760 $424,800 $513,450 $638,100
MARSHALL $331,760 $424,800 $513,450 $638,100
MAURY $563,500 $721,400 $872,000 $1,083,650
MCMINN $331,760 $424,800 $513,450 $638,100
MCNAIRY $331,760 $424,800 $513,450 $638,100
MEIGS $331,760 $424,800 $513,450 $638,100
MONROE $331,760 $424,800 $513,450 $638,100
MONTGOMERY $331,760 $424,800 $513,450 $638,100
MOORE $331,760 $424,800 $513,450 $638,100
MORGAN $331,760 $424,800 $513,450 $638,100
OBION $331,760 $424,800 $513,450 $638,100
OVERTON $331,760 $424,800 $513,450 $638,100
PERRY $331,760 $424,800 $513,450 $638,100
PICKETT $331,760 $424,800 $513,450 $638,100
POLK $331,760 $424,800 $513,450 $638,100
PUTNAM $331,760 $424,800 $513,450 $638,100
RHEA $331,760 $424,800 $513,450 $638,100
ROANE $331,760 $424,800 $513,450 $638,100
ROBERTSON $563,500 $721,400 $872,000 $1,083,650
RUTHERFORD $563,500 $721,400 $872,000 $1,083,650
SCOTT $331,760 $424,800 $513,450 $638,100
SEQUATCHIE $331,760 $424,800 $513,450 $638,100
SEVIER $331,760 $424,800 $513,450 $638,100
SHELBY $331,760 $424,800 $513,450 $638,100
SMITH $563,500 $721,400 $872,000 $1,083,650
STEWART $331,760 $424,800 $513,450 $638,100
SULLIVAN $331,760 $424,800 $513,450 $638,100
SUMNER $563,500 $721,400 $872,000 $950,950
TIPTON $331,760 $424,800 $513,450 $638,100
TROUSDALE $563,500 $721,400 $872,000 $1,083,650
UNICOI $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VAN BUREN $331,760 $424,800 $513,450 $638,100
WARREN $331,760 $424,800 $513,450 $638,100
WASHINGTON $331,760 $424,800 $513,450 $638,100
WAYNE $331,760 $424,800 $513,450 $638,100
WEAKLEY $331,760 $424,800 $513,450 $638,100
WHITE $331,760 $424,800 $513,450 $638,100
WILLIAMSON $563,500 $721,400 $872,000 $1,083,650
WILSON $563,500 $721,400 $872,000 $1,083,650

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