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FHA Loan Limits in Nashville Tennessee
FHA Loan Limits in Nashville and Tennessee 2015
FHA loans are a great resource that opens the door to home ownership to many buyers that otherwise would not be able to qualify for a loan for the purchase of their new home.
FHA loans have a much more relaxed and forgiving approach to underwriting in regards to:
     -Credit: Credit Scores as low a 620,   Buyers with past credit issues such as bankruptcy and foreclosure can qualify in as little as 1 year after filing chapter 13, 2 years after discharge of chapter 7 and 3 years after a foreclosure. 
     -Debt to Income: While conventional guidelines call for a 36% debt ratio, FHA allows for 43% and in          some cases up to 50%
     -Down payment: Besides having a lower down payment requirement Nashville FHA buyers can recieve gift funds for all of their downpayment.  Unlike conventional loan programs, there is no requirment for buyer's  to use their own funds.
 
While the guidelines are very forgiving and do allow for many to qualify, FHA does limit the amount you can borrow.  These limits will vary depending on where the new home ... more

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