Clarksville FHA Mortgage Insured Home Loan Info

The FHA (Federal Housing Administration) is a wholly owned government corporation and was established under the National Housing Act of 1934 to make a better home financing system through insurance of mortgages. FHA was united into the HUD (Department of Housing and Urban Development).

A FHA mortgage is a mortgage loan insured by the Federal Housing Administration.
Required down payment may be around 3%. (On a $60,000 home, that's a down payment of $1,800). Such a FHA insured mortgage loan is available for single family homes and for 2-unit, 3-unit, and 4-unit properties.

Requirements to qualify are: Must have stable income. Total long term debts should be no more than 41%. Household expenses including mortgage principal, interest, hazard insurance, real estate taxes, and mortgage insurance should stay below 29%. Compensating factors may be considered. Minimum down payment formula.
Term is up to 30 years fixed.

The basic standard limits for FHA insured mortgage loans in the Clarksville tn area are: One-family: $172,632.00   Two-family: $220,992.00   Three-family: $267,120.00   Four-family: $331,968.00.
(data may have changed at the time you're reading this)

The local equivalent for a FHA mortgage is the so-called THDA mortgage for families of low or moderate incomes. THDA stands for Tennessee Housing Development Agency.
A downpayment between 0% and 5% may be necessary. Requirements to qualify are: Must be first time home buyer or have not owned a home in the past three years.
Must meet the same guidelines as VA, FHA or Conventional mortgage loan; plus the inability to rent or run a business out of home as long as this loan type remains in effect.
Term is up to 30 years fixed.

Advantage: Lower interest rates that produce a lower mortgage payment. That way allowing some people to qualify that normally would not qualify.

Just to name a few banks/institutions for a FHA insured mortgage loan you could go to the Tennessee Housing Development Agency in Nashville tn, the Fort Campbell Federal Credit Union, the Altra Federal Credit Union, the First Federal Savings Bank, the Old National or the Residential Mortgage Service in Clarksville tn, but before you do, be sure to get quotes, compare low rates, saving you on your monthly bills.

Top of this Clarksville FHA Mortgage page.