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Guide to Tennessee Mortgages
Maybe you are buying your first home in Tennessee, or perhaps you're relocating to Tennessee from another state. Then again, you may be a long-time Tennessee resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Tennessee home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Tennessee:
The median price of a home in Tennessee is $211,500. Recently, homes in Tennessee have been appreciating at rates well above the national average. As a result, income levels in many parts of Tennessee are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Tennessee are below the national average, Tennessee has one of the lowest levels of home affordability in the nation.
In Tennessee, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Tennessee's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Tennessee law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Tennessee law enacted a set of anti-predatory lending laws in order to help protect Tennessee homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Tennessee, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Tennessee FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Tennessee's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Tennessee also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Tennessee's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Tennessee Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Tennessee Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Tennessee |
United States |
| Total housing units |
2,637,441 |
n/a |
| Owner-occupied housing units |
69.3% |
66.9% |
| Renter-occupied housing units |
30.7% |
33.1% |
| Vacant housing units |
10.3% |
10.8% |
| Average Home Value |
$114,000 |
$167,500 |
| Average Mortgage Payment |
$990.00 |
$1,295.00 |
| Average Rental Payment |
$277 .00 |
$388.00 |
| Total Population |
5,810,590 |
n/a |
| Percentage Male |
48.8% |
49.0% |
| Percentage Female |
51.2% |
51.0% |
| Median Age |
37.3 |
36.4 |
| Under 5 years |
6.7% |
7.0% |
| 18 years and over |
76.2% |
74.6% |
| 65 years and over |
12.2% |
12.1% |
|
1 Year Market Value Change for Tennessee |
| 1yr | 5yr | 10yr |
 |
|
Popular Tennessee Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Bartlett |
40,543 |
$66,369 |
| Bristol |
24,821 |
$30,039 |
| Chattanooga |
155,554 |
$32,006 |
| Clarksville |
103,455 |
$37,548 |
| Cleveland |
37,192 |
$30,098 |
| Collierville |
31,872 |
$80,575 |
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| Home Equity Mortgage, LLC |
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Home Equity Mortgage, LLC is a reputable mortgage lender committed to helping those in their community to realize their homeownership dreams. Our goal is to provide you the most affordable loan programs to aid you in reaching your objectives, regardless of your circumstances. Our representatives are readily available to assist you throughout the process because we understand that purchasing a home or refinancing your existing mortgage is a huge financial obligation. We also understand that the loan process can be quite confusing and stressful so we try to eliminate the stress and make the loan process as easy, efficient and stress-free as possible. Whether it is a purchase loan, debt consolidation, or one of the many other loan programs we offer, our representatives will pledge their time in researching what is right for you. Here is a list of the loan programs that Home Equity Mortgage, LLC provides, making sure that there is a loan program for any particular financial situation: Conventional Loans, Conforming Loans, FHA Loans, VA Loans, RHS Loan Programs, State and Local Housing Programs, Jumbo Loans, B/C Loans, Location Efficient Mortgage (LEM), Fixed Rate Mortgage, Adjustable Rate Mortgage (ARM) and Combined/Hybrid ARM's Home Equity Mortgage, LLC
2670 Memorial Blvd. Suite C
Murfreesboro, TN 37129
Main Number: 866 450 6650
Fax Number: 615 867 6926 Home Equity Mortgage, LLC is a real estate broker licensed by the TN Dept of Real Estate License
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| Mortgage PRO |
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Choosing the appropriate loan for your home purchase is one of the most important decisions that you will ever make, along with selecting the right mortgage lender who understands your needs. No one understands the needs of today's homebuyers, sellers, brokers, Realtors, and builders better than Mortgage PRO. Our wide array of loan options surpasses the competition. Purchase, refinance home equity, debt consolidation, jumbo, first time home buyer, and zero down payment home loan options are just a few of the loans that Mortgage PRO specializes in processing and offers. Zerotoclose.com Home Loans is a general informational web site only providing marketing information service for the select lenders. The lenders associated with this site are committed to providing a full line of lending services to ensure customers: loan approvals, competitive interest rates and timely closings. Local and national mortgage company professionals doing business with integrity, efficiency, and personal service offer these home loan program options. To top it off, you will receive terrific customer service, great rates low fees and an experienced mortgage lender who is readily available to answer your questions, keep you up-to-date, and do whatever it takes to make your first time home buyer experience amazingly easy, efficient and stress-free. Get the first time homebuyer loan program you want with low mortgage rates! MortgagePRO
417 Welshwood Drive
Nashville, TN 37211
1-888-503-8903 - Toll Free (Pre-Qualify by phone in 5 minutes) Mortgage PRO is a real estate broker licensed by the TN Dept of Real Estate License
Get a no-obligation Tennessee mortgage quote today!
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| Lending One, Inc. |
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Here at Lending One, Inc. our focus is to do whatever it takes to make sure you obtain the right loan and the right terms to fit your situation. A mortgage is one of life's biggest commitments and you need an experienced professional guiding you through the process, answering your questions so that you will know with confidence, that you made the right choice on selecting the correct loan product. We have many flexible loan programs that can put you into your new home easier than you might expect. Is the down payment a stumbling block? Some of our programs do not require a down payment and also cover some of your closing costs. Here is just a short list of loan options that we provide: Fixed Rate Mortgage, Adjustable Rate Mortgage, Jumbo Mortgages, FHA and Construction. Our organization is founded on the belief that we are providing a service and not just a product. We do not just originate your loan but rather we guide and advise you through the mortgage process, avoiding the pitfalls and capitalizing on the opportunities for you. Our loan officers will give you the personalized attention that you deserve to ensure that you find the right loan product for you. That and we go beyond the call of duty to make sure that all of your questions are answered you are satisfied with your loan. Maybe that is why referrals are the cornerstone of our business. Lending One, Inc.
8909 Linksvue Drive
Knoxville, TN 37922
865.690.1499 - Voice
865.693.8993 - Fax Lending One, Inc. is a real estate broker licensed by the TN Dept of Real Estate License
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