Tennessee FHA Loan | Requirements | 2023 FHA Loan Limits
FHA loans are the best way to back your financial liabilities in order to buy a home in Tennessee. The FHA (Federal Housing Administration) loans were created with the only objective to offer financial aid cum support and help every average American to make their dreams of being a proud home owner come true. These loan facilities come with a number of advantages which includes a low down payment option as low as 3.5% under very lenient terms and conditions and the icing on the cake is the low credit score requirement for the same of just 500.
Tennessee FHA Loan Requirements
If you too are looking for an application for the FHA loans, below mentioned are some of the basic requirements for the same to get an FHA loan in Tennessee. If you also wish to figure out your eligibility for an FHA loan, we can help you with it. To receive a call back from an FHA lender, request a free consultation.
- Credit Score– FHA loans offer 3.5% down payment for individuals with a credit score of 580 or higher while 10% down payment for individual’s with credit score in between 500-579.
- Job History – FHA loans require a substantial proof of employment for continuous 2 years span. In case of changed jobs, consistent employment or income proof needs to be submitted.
- Financial Statements– FHA loan lenders require a set of financial statements that includes- two most recent bank statements, an individual’s pay stubs, and tax returns.
- Debt-to-Income– FHA loans hold unapplicable for individuals with higher debt-to-income ratio than 43%. Under the “compensating factors,” individuals are permitted to be eligible for the same even if they have higher debt levels but only if they have substantial money in their savings, hold a longer job history, or a great credit score.
- Primary Residence– All FHA loans are applicable only for buying a primary residence and not for any investment property, second home, or vacation home.
- Mortgage Insurance– All FHA loans, require a mortgage insurance to back itself just like the other conventional loans. There are two main types of mortgage insurances- the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). You can choose any of these and use this FHA loan calculator to calculate the estimated monthly payments and mortgage insurance costs.
- FHA Loan Limits– FHA loans limits are set as per their maximum lending limits, on the county level. Before you apply for a loan, it is better to view the 2023 FHA loan limits for all counties in Tennessee as given below.
Wish to find out if you can qualify for an FHA loan or not? We are here to help get you the best match for your mortgage lender with the best offer for FHA loans in Tennessee. To get a call back from an FHA lender, request a free consultation
2023 Tennessee FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Tennessee:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ANDERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| BEDFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 |
| BLEDSOE | $472,030 | $604,400 | $730,525 | $907,900 |
| BLOUNT | $472,030 | $604,400 | $730,525 | $907,900 |
| BRADLEY | $472,030 | $604,400 | $730,525 | $907,900 |
| CAMPBELL | $472,030 | $604,400 | $730,525 | $907,900 |
| CANNON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| CARTER | $472,030 | $604,400 | $730,525 | $907,900 |
| CHEATHAM | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| CHESTER | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAIBORNE | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 |
| COCKE | $472,030 | $604,400 | $730,525 | $907,900 |
| COFFEE | $472,030 | $604,400 | $730,525 | $907,900 |
| CROCKETT | $472,030 | $604,400 | $730,525 | $907,900 |
| CUMBERLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| DAVIDSON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| DECATUR | $472,030 | $604,400 | $730,525 | $907,900 |
| DEKALB | $472,030 | $604,400 | $730,525 | $907,900 |
| DICKSON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| DYER | $472,030 | $604,400 | $730,525 | $907,900 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| FENTRESS | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| GIBSON | $472,030 | $604,400 | $730,525 | $907,900 |
| GILES | $472,030 | $604,400 | $730,525 | $907,900 |
| GRAINGER | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 |
| GRUNDY | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMBLEN | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 |
| HARDEMAN | $472,030 | $604,400 | $730,525 | $907,900 |
| HARDIN | $472,030 | $604,400 | $730,525 | $907,900 |
| HAWKINS | $472,030 | $604,400 | $730,525 | $907,900 |
| HAYWOOD | $472,030 | $604,400 | $730,525 | $907,900 |
| HENDERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 |
| HICKMAN | $472,030 | $604,400 | $730,525 | $907,900 |
| HOUSTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HUMPHREYS | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAUDERDALE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 |
| LEWIS | $472,030 | $604,400 | $730,525 | $907,900 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 |
| LOUDON | $472,030 | $604,400 | $730,525 | $907,900 |
| MCMINN | $472,030 | $604,400 | $730,525 | $907,900 |
| MCNAIRY | $472,030 | $604,400 | $730,525 | $907,900 |
| MACON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 |
| MAURY | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| MEIGS | $472,030 | $604,400 | $730,525 | $907,900 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 |
| MOORE | $472,030 | $604,400 | $730,525 | $907,900 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| OBION | $472,030 | $604,400 | $730,525 | $907,900 |
| OVERTON | $472,030 | $604,400 | $730,525 | $907,900 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 |
| PICKETT | $472,030 | $604,400 | $730,525 | $907,900 |
| POLK | $472,030 | $604,400 | $730,525 | $907,900 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 |
| RHEA | $472,030 | $604,400 | $730,525 | $907,900 |
| ROANE | $472,030 | $604,400 | $730,525 | $907,900 |
| ROBERTSON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| RUTHERFORD | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 |
| SEQUATCHIE | $472,030 | $604,400 | $730,525 | $907,900 |
| SEVIER | $472,030 | $604,400 | $730,525 | $907,900 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 |
| SMITH | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| STEWART | $472,030 | $604,400 | $730,525 | $907,900 |
| SULLIVAN | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMNER | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| TIPTON | $472,030 | $604,400 | $730,525 | $907,900 |
| TROUSDALE | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| UNICOI | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 |
| VAN BUREN | $472,030 | $604,400 | $730,525 | $907,900 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 |
| WEAKLEY | $472,030 | $604,400 | $730,525 | $907,900 |
| WHITE | $472,030 | $604,400 | $730,525 | $907,900 |
| WILLIAMSON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |
| WILSON | $890,100 | $1,139,500 | $1,377,400 | $1,711,750 |