Top 5 FHA Lenders in Tennessee 2019
Home Buyers looking for the best lenders in Tennessee have a lot of shopping around to do. Tennessee is home to a little over 6.7 million people, and with today’s mortgage rates as low as they are, the housing market is ready for serious home buyers. Home values have increased roughly 8.9 percent between December of 2017 through 2018 and are forecasted to rise another 5.7% through 2019.
The upward trend of rising home values makes it the prime time for home buyers on the market for a mortgage loan to do everything they can to keep their housing costs as low as possible. Getting a great mortgage would probably be the best place to start. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Tennessee and how they can help you on your quest to home ownership.
2019 Tennessee FHA Lender Best Picks
Best for First Time Home Buyers: Guaranteed Rate
Best Online Experience: Quicken Loans
Best Local Lender: Fairway Independent Mortgage Corporation
Best Face-to-Face Experience: New American Funding
Best Overall Performance: Loan Depot
#1 Tennessee FHA Lender: Quicken Loans
Finding a mortgage online may have seemed sketchy at best a decade ago, but the amazing team over at Quicken loans has truly set the standard for the online mortgage experience. Quicken Loans (and it’s online division Rocket Mortgage) have made FHA financing as simple and straightforward as possible.
The online FHA loan process is highly geared towards a streamlined user experience. Progress on the status of an FHA loan application can be easily tracked online, and preapproval for an FHA loan can be completed in a matter of minutes.
The service even keeps applicants posted with any documentation they may have forgotten or still need to provide. The real icing on the cake comes from the support staff that can be reached by phone or through the website that is standing by to offer their advisory services and answer any questions a potential borrower may have.
#2 Tennessee FHA Lender: New American Funding
The good folks over at New American Funding know how to give people a great mortgage experience. For first time home buyers, their commitment to providing affordable FHA financing is nearly unrivaled.
The proof is in the reviews from past clients who consistently comment on the extraordinary diligence and overall sincerity of the New American Funding team. Home buyers who choose to finance their home purchase with NAF are in the hands of a knowledgeable and hard-working group.
The New American Funding team leaves no questions unanswered and is almost never out of reach. They are also quite adept at reducing the closing costs of mortgages down to the bare minimum, in an effort to provide home loans of the highest up-front affordability.
#3 Tennessee FHA Lender: Guaranteed Rate
A Kingpin of the online mortgage trend that plays a large role in FHA financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.
Guaranteed Rate is also extremely experienced with the origination of FHA loans. FHA financing through one of the best digital mortgage platforms available makes them serious competition to other FHA lenders, and highly favored among repeat and first time home buyers. FHA products are one of highest selling loans through guaranteed rate.
The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.
#4 Tennessee FHA Lender: Loan Depot
As large as Loan Depot has become since it’s inception, there is no surprise that it would make a list such as this one. Truly a powerhouse when it comes to home finance, Loan Depot is no stranger to FHA mortgages and the borrowers who need them.
The loan officers under the employ at Loan Depot are highly knowledgeable and well-trained individuals. Their expertise is shown clearly in the speed and ease of the mortgage transactions they take part in, And their uncompromised goal of providing down to the decimal quotes that hold true through closing, leaving the borrower with no surprises.
Customer service is a big deal for the loan depot team, and they typically do not disappoint. Past clients have been stunned by the lower than expected rates and fees, combined with speedy closings.
#5 Tennessee FHA Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for FHA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitation a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining an FHA loan at a great rate in a stress-free environment.
Shop Around Before You Get a Tennessee FHA Loan
Our picks for the best FHA lenders in Tennessee may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!