FHA Loans in Greater Chicago & Nashville
FHA Loans are not just for first-time buyers. Get the truth on FHA Loans and enjoy 3.5% down and easy approval. Call us if you’re unsure if an FHA Loan is best for you.
- Qualify with a down payment as low as 3.5%
- Easy loan qualification
- Marginal credit acceptable
- Expert FHA advice
- Quick approval & closing complete within 30 days
What does FHA stand for?
Federal Housing Administration. FHA is part of HUD, which stands for the Department of Housing and Urban Development (we love our acronyms in the mortgage industry).
What is the FHA loan limit?
The 2022 FHA loan limit for a single-family home/townhouse/condo in Illinois is $420,680.
In most Tennessee counties, the FHA loan limit for a single-family unit is also $420,680. As a higher-priced county, Davidson County’s single-unit FHA loan limit is $694,600.
FHA Loan limits vary county-by-county and increase with the number of units in the property. Ask one of our local mortgage bankers for more details about your area.
How does FHA mortgage insurance work?
FHA requires a two-part mortgage insurance structure with an upfront premium and an annual premium which cannot be cancelled. The upfront mortgage insurance premium (UFMIP) is 1.75% of the loan amount, and the annual premium is .85% for 30 year FHA loans with less than 5% down.