FHA Loans in Knoxville
Is An FHA Loan Right for You?
An FHA loan is a type of mortgage loan that is insured by the Federal Housing Administration (FHA). The federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s, to provide mortgage lenders with adequate insurance, and to help stimulate the housing market by making loans more accessible and affordable.
203K FHA Loans
An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and make repairs to it.
Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Refinancing an FHA loan? We can help with that too.
The FHA Loan Process:
- Connect with John to gather initial information about you
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Do I Qualify?
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance are ideal candidates for FHA loans.
We proudly help customers in Knox County, Hamblen County, Anderson County, Union County, Sevier County, Blount County and more.
Let us help find the right mortgage for you and your family.