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Homes for Sale Brentwood TN | Brentwood TN Real Estate | Gennifer MallardHomes for Sale Brentwood TN | Brentwood TN Real Estate | Gennifer Mallard

Gennifer Mallard
Realtor, Real Estate Broker

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(615) 473-5973 Direct
(615) 371-1544 Office
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What is an FHA Loan?

What is an FHA Loan - Buy a Home in Brentwood, Franklin, Spring Hill or Nashville

If you’re like most people buying a home in Nashville, Brentwood, Franklin or any of the surrounding communities, you’ll need to take out a mortgage loan. However, loans can be confusing – there are a number of different types, so it’s important that you become familiar with the type of loan that’s right for you. In some cases, an FHA loan is the right choice.

What is an FHA Loan?

An FHA loan is a traditional mortgage that’s insured by the Federal Housing Administration. In many cases, they help lenders because they are insured by the federal government. FHA approved lenders typically have a lower risk of loss if the buyer stops making payments on the home loan.

Possible Advantages of FHA Loans

Every buyer is different. In order to determine what type of loan is right for you, it’s usually a good idea to meet with lenders directly to discuss the pros and cons of the types of financing you are considering.

Typically, FHA loans require a relatively low down payment. In most cases, this equals about 3.5 percent of the homes total value. In many cases, people with blemished credit, bankruptcies and even foreclosures can be approved for a FHA loans.

In some cases, and FHA loan can be beneficial to people who can’t come up with a 20 percent down payment or have a difficult time getting approved for private mortgage insurance.

Finally, some FHA loans are assumable. If you choose to sell your home before you have completely paid off the mortgage, the new buyer may be eligible to simply take over your mortgage payments.

Possible Disadvantages of FHA Loans

FHA loans require two types of mortgage insurance premiums. The first is an upfront mortgage insurance premium; however, this premium can sometimes be rolled into the loan. The second is a monthly premium, which will vary based on the amount you borrow and the duration of your loan.

Additionally, the home must meet certain criteria and be appraised by an FHA-approved appraiser in order for you, the buyer, to qualify for this type of loan.

Are You Buying a Home in Davidson County or Williamson County?

If you’re looking for a new home in Franklin, Brentwood, Spring Hill or any of the surrounding communities, we can help. Call us at 615-473-5973 or get in touch with us online so we can build a custom search just for you.

Posted in: Blog, Buying, Financing

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Featured Properties

215 Heather Drive $799,000

215 Heather Drive Franklin, Tennessee

3 Beds 3 Baths 2,422 Sq Ft 0.220 Acres

319 Sherman Court $796,230

319 Sherman Court Franklin, Tennessee

4 Beds 5 Baths 3,871 Sq Ft 0.260 Acres

201 Creekstone Blvd $795,000

201 Creekstone Blvd Franklin, Tennessee

4 Beds 3 Baths 2,520 Sq Ft 0.230 Acres

621 Cheltenham Ave $795,000

621 Cheltenham Ave Franklin, Tennessee

3 Beds 3 Baths 2,174 Sq Ft Acres

5003 Captain Freeman Pkwy $793,000

5003 Captain Freeman Pkwy Franklin, Tennessee

4 Beds 4 Baths 2,222 Sq Ft 0.040 Acres

284 Wisteria Dr $789,990

284 Wisteria Dr Franklin, Tennessee

5 Beds 3 Baths 2,852 Sq Ft 0.180 Acres

1510 Braden Cir $789,900

1510 Braden Cir Franklin, Tennessee

4 Beds 3 Baths 3,022 Sq Ft 0.210 Acres

2097 Inland Dr $789,000

2097 Inland Dr Franklin, Tennessee

4 Beds 4 Baths 2,544 Sq Ft 0.090 Acres

2301 Wimbledon Cir $789,000

2301 Wimbledon Cir Franklin, Tennessee

4 Beds 3 Baths 2,833 Sq Ft 0.190 Acres

4124 Flowing Creek Drive $785,790

4124 Flowing Creek Drive Franklin, Tennessee

4 Beds 3 Baths 2,546 Sq Ft 0.160 Acres

1205 Bonnhaven Dr $785,000

1205 Bonnhaven Dr Franklin, Tennessee

4 Beds 4 Baths 3,366 Sq Ft 0.300 Acres

112 Leatherwood Drive $784,595

112 Leatherwood Drive Franklin, Tennessee

5 Beds 4 Baths 3,621 Sq Ft 0.150 Acres

4078 Flowing Creek Drive $783,615

4078 Flowing Creek Drive Franklin, Tennessee

4 Beds 3 Baths 3,034 Sq Ft 0.160 Acres

624 Watson Branch Dr $780,000

624 Watson Branch Dr Franklin, Tennessee

5 Beds 4 Baths 2,856 Sq Ft 0.200 Acres

323 Braveheart Dr $780,000

323 Braveheart Dr Franklin, Tennessee

4 Beds 3 Baths 2,800 Sq Ft 0.240 Acres

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Benchmark Realty, LLC

Gennifer Mallard, Realtor

615-473-5973 Direct

615-371-1544 Office

GenniferMallard@gmail.com

Benchmark Realty, LLC
318 Seaboard Lane, Suite 112
Franklin, TN 37067
License #00292590
Company License #259153

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