FHA Loans in Chattanooga, TN | Brothers Financial

FHA loans are mortgages backed by the U.S. Federal Housing Administration. Lenders, such as banks and credit unions, that provide FHA loans provide funding for home purchases while requiring a lower down payment. Buyers may get into a new home with as little as 3.5% down.

Using conventional loans, a lower down payment requires the borrower to get private mortgage insurance. This special type of insurance protects the lender just in case the borrower is not able to pay. The cost of PMI is added to the monthly payment until the amount of the loan reaches 20%. FHA loans, on the other hand, do not require PMI because they are backed by the U.S. government. Additional scrutiny is often required during the loan application process using an FHA loan.

Many of the same documents are required for an FHA loan that any potential lender will want to see: employment history, appraisal, debt-to-income ration. A few additional stipulations are also attached to the FHA loan process. Buyers may have to bring 3.5% of the purchase price as a down payment, more if they have a credit score below 580. FHA loans are only available for the borrower’s primary residence.

Credit requirements may also be lower for FHA loans, given other factors demonstrate that the borrower is able to manage their money responsibly. Each lender looks at individual applications and may ask for additional documentation or explanations. They are often able to work with buyers with a lower credit score or shorter credit history than in other situations.

Purchase your home with as little as 3.5% down payment (compared to 20% required on most loans).
30-, 25-, 20- and 15-year terms are all available with fixed rates.
5-year adjustable rate mortgage available.
Pay your mortgage off at any time without pre-payment penalties.

REVIEWS

Customer Feedback

Brothers Financial would like to thank you for choosing us to take care of your mortgage needs. We understand the mortgage process can be very challenging, but our goal is to make it as easy as possible for you.

    
 
 
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   Rachel Eagleton 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brian helped me get funding when I had been turned down by multiple other lenders due to being self-employed. The entire process was seamless and I am so grateful for his help. Thanks to him I get to make necessary repairs to my home and stay in it for years to come.
  
 
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   Aidan Tree 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brody and Brian helped us so much in our home purchase every step of the way and made the process seamless and quick, and a at great rate!
  
 
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   Daphne Herrera 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great experience! We’ve worked with Brian for about 7 years now. We live in Colorado and when Brian advised he was moving to TN, we were bummed. Thankfully, that doesn’t prevent us from doing business! This process was fairly streamline and fairly painless. Brian made sure to update us along the way and advise if there were additional documents needed. I definitely recommend using Brother’s Financial!!
  
 
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   Mary-Grace Griffin 
 
 
 
 Trustindex verifies that the original source of the review is Google. I highly recommend Brian Reid. He helped so much with the home buying experience. He was always willing to to answer questions and guide us through the process.
  
 
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   Ann Kömel 
 
 
 
 Trustindex verifies that the original source of the review is Google. Working with Brian made our home buying process much less stressful! His knowledge and expertise got us more favorable loan terms and interest rate. He was great to communicate with and very responsive as things change quickly. Can't recommend him enough!
  
 
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   Ayoka Moss 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great time working with Brian on 4 refinances congruently!
  
 
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   Tammy Souther 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brian and his team are fantastic! Highly recommend them for you home loan needs. Communicated well and made our process a breeze!
  
 
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   Nick Souther 
 
 
 
 Trustindex verifies that the original source of the review is Google. Amazing. Brian was amazing throughout the entire process. Very transparent, and involved with you as a client. He made a stressful experience ao much easier
  
 
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   Ginny Newman 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brian was great to work with. He responded quickly and answered all our questions to help us understand and feel comfortable with the process.