Tennessee VA Loans

Secure a VA Mortgage in Tennessee

In Tennessee, veterans can benefit from the advantages offered through the Tennessee VA loan program.  These loans are backed by the Department of Veteran Affairs (VA) and are uniquely specialized to help veterans purchase homes and build wealth long term through homeownership.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program is a government program that helps veterans purchase homes by creating conditions in which private lenders can offer better rates and terms exclusively to veterans.  The VA itself does not make any loans.  It guarantees the loans made by traditional lenders to veterans, and this guarantee reduces the risk of the loan being made.

With lower risk, lenders provide specific unique benefits to veterans that are unavailable to other borrowers.

VA Loan Benefits in Tennessee

Some of the primary benefits of the VA loan program are listed here.

• No down payment requirement.
• Minimal credit score, income, and cash reserve requirements.
• No PMI required at any point during the loan process.
• The loan amount itself can be used to cover the loan price.
• No early repayment penalties, which allows you to save money over time on your mortgage.

VA Loan Requirements and Eligibility

If you’re a veteran, it’s likely that you meet all the basic requirements of the VA loan program.  Eligibility is established based on your veteran status and the length of your term of service.  If you’ve served in any branch of the US Armed Services for at least 90 consecutive days of active service without a dishonorable discharge, you’ve met the basic eligibility requirements.

Once you’ve gotten your certificate of eligibility from the VA office, you can contact a VA loan specialist to start working on your loan. Remember that other qualifications will apply, including a minimum credit score of 620. 

VA Refinance

You can use a Tennessee VA Streamline (also known as the VA IRRRL) refinance to refinance your current home mortgage into a new mortgage at a better rate.  The Streamline refinance is one of the best refinance options available in the mortgage marketplace.  It cuts out many of the fees required by a traditional mortgage refinance.

Also available is the VA Cash-Out refinance, which enables borrowers to access as much as 100% of their home equity as spendable cash. The funds can be used for living expenses, home improvements, and more. Current VA-elgiible homeowners whose loans are not backed by the VA can refinance into a VA mortgage through the Cash-Out avenue. 

Tennessee VA Mortgage Rates

The mortgage rate is the most important part of the loan.  Any mortgage professional you ask will tell you this.  You must ensure that you’re getting the best possible rate before you try to close your mortgage deal.  The lowest mortgage rates are not always easy to find.  This is why research is important.

VA Lenders in Tennessee

Fill out the form at the top of this page to get in touch with up to four lenders in the state of Tennessee who can help you fund your VA loan.  Ask about mortgage rates and the application process.  Make sure you find out whether your loan amount fits within the VA loan limits for the area.  If you need more information on this, contact the Department of Veteran Affairs.

Tennessee Military Information

Currently, there is only one active military installation in Tennessee: Fort Campbell. Fort Campbell is where many VA home loan applicants in Tennessee are from.

VA Loan Lending Limits in Tennessee

Lenders in: Tennessee.