Every mortgage is different just as every borrower is different. Everyone has their own unique situation when it comes to employment, income, credit, and affordability. So, there is no "One Size Fits All" when it comes to mortgage lending. This is why its so important to speak to a professional loan officer BEFORE you buy or if you are refinancing.
*Guidelines are lender specific and may be different from other lending institutions
FHA loans are designed for low down-payment, and are backed by HUD and the Federal Housing Administration.
As a state agency, THDA created the Great Choice Home Loan program to make homeownership available and affordable for Tennesseans of middle/moderate income.
Conventional mortgages are conforming loans that are backed by Mortgage Backed Securities. The 2 largest purchasers of mortgage backed securities are Fannie Mae and Freddie Mac.
*Conventional loans allow up to 97% on a first-time buyer program.
*Loan Limits are specific to City and County and can vary based on the number of units