Chattanooga home prices have seen a strong increase in recent years, and they are projected to rise even more in 2024. In fact, a new report shows Chattanooga housing prices will rise more than any other metro area in Tennessee.
The area has shown robust growth over recent years and the median home sales price in Chattanooga is currently around $327,000
That rate of growth puts Chattanooga among the top three cities in the South, with the other two located in Florida, the data shows.
Homebuyers in Tennessee have many options today for home financing. FHA loans remain the most popular choice, especially for first-time homebuyers. FHA offers flexible qualifying guidelines and terms with loan limits of up to $498,257 in Hamilton County.
Conventional mortgages are also readily available for loans up to $766,550 in 2024. But what about high-cost homebuyers who need to borrow more than the Conventional or FHA loan limit? Jumbo mortgage options have rapidly expanded in recent months and offer a great solution at competitive interest rates.
Jumbo loan limits are determined based on the buyer’s down payment, and credit, among other factors. For all locations in Tennessee, the current terms and limits are listed below. Please contact Jumbo Source (bottom of this page) to learn more about any of the programs listed below.
95% Jumbo Loan:
- The 5% down program is available for loan amounts up to $1,500,000
- Standard fix rate and adjustable rate terms are available
- A minimum credit score of 680 required for all borrowers
- 3 months of mortgage payment reserves required
- Full documentation (income & assets) required
90% Jumbo Loan:
- The 10% down program is available for loan amounts up to $2,500,000
- Standard fix rate and adjustable rate terms are available
- A minimum credit score of 660 is required for all borrowers (depending on loan amount)
- 3-6 months of mortgage payment reserves required
- Full documentation (income & assets) required
The requirements above apply only to primary residences. Vacation homes and investment loans are available with great down payments. Higher down payment options are available for loan amounts up to $5mil. Interested in learning more? Please contact us today by calling ph: 800-962-0677 or visit Jumbo Source here.