Home Financing in West Knoxville: Best Options For You

Are you looking for home financing in West Knoxville?

Whether it’s your first time buying a home or not, finding the best financing scheme that fits your preferences is essential. It also helps to know the requirements, scout for mortgage lenders with flexible terms, and seek professional assistance.

West Knoxville mortgage rates are around 6.12% as of March 2023. You may borrow from the Home Federal of Tennessee,  Mortgage Investors Group and Regions Bank. They offer conventional, VA, jumbo, and FHA loans. Explore more about home financing in West Knoxville below.

Home Financing in West Knoxville

Conventional Loans

You can pay conventional home loans with fixed rates for 15 or 30 years. However, the interest rates vary for different types of buyers. First-time home buyers need a down payment of 3%, while previous homeowners need a 5%-20% downpayment. When choosing a conventional home loan, you must consider the fees, Annual Percentage Rates (APRs), and closing costs.

VA Loans

VA home loans are for active military members or honorably-discharged military members and their spouses. The Department of Veterans Affairs backs the loan and gives 100% financing to qualified members. They don’t require a down payment but only a funding fee. However, if military personnel has disabilities, they can waive the funding fee. Also, they have low fixed interest rates for members. For VA loans, you may check the U.S. Department of Veterans Affairs, Mortgage Investors Group.

Jumbo Loans

It’s called a jumbo loan whenever it exceeds the limits Fannie Mae and Freddie Mac set. You will need this type of loan if you choose a high-value property. Jumbo loans also require a higher downpayment and credit score. They usually cost more than conventional loans and have higher interest rates. Regions Bank 

FHA Loans

The Federal Housing Administration lends to low-income and moderate-income earners. They offer lower interest rates and flexible credit score requirements.

When going for an FHA home loan, choose FHA-approved lenders on FHAloans.guide. Aside from placing a down payment, FHA loans require mortgage insurance premiums for the duration of the loan. SM Home Loans and Knoxville Mortgage Brokers offer this type of loan.

The Big Orange Press

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