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Tennessee VA Loan

VA loans provide great benefits for Veterans and Active Service Military

Learn about the Tennessee VA loan and how you can qualify.

Veterans, active service members, and eligible spouses can apply for a Tennessee VA loan.

If you are looking for a home, you can purchase the perfect home for your family with a VA loan.

VA loans are backed by Veterans Affairs and are designed to serve the men and women who served our country. If you are a member of the military, here’s what you can expect if you purchase a home with a VA loan.

VA Loans and How They Work?

Tennessee VA Loans are provided by private lenders but backed by Veterans Affairs, enabling the lender to provide more favorable terms such as lower interest rates and no down pament.

The VA Loan program was created in 1944 as part of the GI Bill. Eligible military members can apply for this loan to ease their transition back into life after their military service.

This type of loan requires no down payment from the borrower. The federal government guarantees these loans.

How do I qualify?

You may be eligible for a TennesseeVA home loan if:

- You're an active duty service member or veteran.

- You're a qualified spouse of a deceased service member or prisoner of war.

In order to qualify for any home loan, you must also meet your lender's credit and income requirements.

Apply for a VA Loan

The Pros and Cons of VA Home Loans

Pros:

No Down Payment Required

VA Loans are easily accessible for veterans becuase they require no down payment. Over half of all houses purchased with a VA mortgage were bought without a down payment.

Unlimited Borrowing, Limited Liability

Unlike traditional and FHA loans, VA loans have no borrowing limit. However, the VA will only back 25% of your loan.

No Mortgage Insurance and No Minimum Credit Score

Private mortgage insurance (PMI) can tack hundreds of dollars onto your monthly payment. So, if you buy a house with a VA loan, you are not required to purchase PMI.

There is no minimum credit requirement, but lenders may decline your loan application if your score is below 620.

You Can Pay It Off Early

There is no prepayment penalty on a VA loan. If you pay off your first home or want to move, you'll be able to apply for another VA mortgage.

Even those who aren't in an ideal financial situation can apply for a VA home loan. If you filed for bankruptcy, you can apply for a VA mortgage in just two years.

Cons:

We've done hundreds of FHA Loans, so if you want to see if you can qualify, drop us a message today.

Here are some additional updates for qualifying for an FHA loan 2024:

The maximum FHA loan limits for 2023 are $1,149,8250 for high-cost areas and $498,257 for low-cost areas.

The minimum down payment is 3.5%, and in recent years the maximum loan amount for high-cost areas has gone up.

The FHA also offers a number of loan programs for borrowers with special needs, such as the FHA 203(k) loan for home improvement and the FHA Flex loan for borrowers with credit scores below 580.