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How to qualify for home loan or FHA in TN? Coming from California

Worked and then COvid19 hit and was on EDD because kids stayed home and business shut down. I am now working again since February 2021. We are wanting to leave California and seeing what we needed to qualify for an FHA loan or any other home loans in Tennessee. Thank you! We will have jobs lined up before moving. by christinakayo952 from Redding, California. Nov 1st 2021 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,636 contributions

With jobs lined up in TN, you should be just fine - As long as those jobs are hourly or salary jobs. Just reach out to a mortgage broker in TN to get started. I lend for properties in MN WI IA ND SD. Find me at Cambria Mortgage, NMLS 274132

Nov 1st 2021
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Seems like you are in good shape for making the cross country move, especially with jobs already lined up - that's key. I'm not sure why you are focusing on an FHA loan when Conventional is also an option. FHA does have a slightly lower down payment (3.5%) compared to Conventional (5%). Plus, if you went with an FHA loan for 30 years and did the minimum down payment, their monthly MIP is permanent for the life of the loan. On Conventional, it is not permanent. Also, depending on your income and a few other small details, Fannie and Freddie offer as low as 3% down with their HomeReady/Home Possible loans. Something to consider...

Nov 2nd 2021
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