Are you a veteran or active service member ready for home ownership or refinancing?
Obtaining a VA home loan in Tennessee is a simple process. We’ve compiled the following resources needed to make your VA loan experience an enjoyable one.
Tennessee VA loans have a number of benefits that you are unable to get with a standard loan.
Our goal is to help you get the home you deserve as quickly and as easily as possible.
Qualifying for a VA Loan in Tennessee
There are a few basic requirements to getting a VA Loan in Tennessee. You must be one of the following:
- Traditionally, service members who served on active duty for 90 days during wartime or 181 days during peacetime, but more recently a minimum of 2 years of service have been typical VA loan requirements.
- National Guard or reserve members who have been serving for six or more years.
- Unmarried surviving spouse of a service member killed in duty, or who passed away due to service related injuries.
- Veteran honorably discharged due to injury.
Feel free to reach out to us at any time by completing the form or dialing us directly at 800-211-4940.
Tennessee VA Loan Limits and Statewide Median Prices
Tennessee State Loan Limit: $417,000
$417,500 for Cannon, Cheatham, Davidson, Dickson, Hickman, Macon, Maury, Rutherford, Smith, Sumner, Trousdale, Williamson, Wilson counties. (For updated loan limits, click here)
Tennessee Median Home Price: $118,500
The VA does not have an exact ceiling for how much you can borrow to finance your home but it typically peaks at just over $400,000. What affects your loan amount is the amount of liability the VA can assume. These loan limits vary by county and city, which is exactly why we’ve taken the time to list all the major cities in Tennessee to help you get a better idea.
Tennessee Major Cities Median Home Price
Chattanooga (median home price: $120,100) Chattanooga, Tennessee is located on the southern border of the state, just across from the northern borders of Alabama and Georgia. The economy in Chattanooga is both diverse and bustling with such notable employers as BlueCross BlueShield, AT&T, and UBS. A scenic city, Chattanooga supports its parks and recreation and is one of the most scenic communities in Tennessee. Veterans can finance most real estate in Chattanooga using their VA home loan benefit as the maximum VA limit in Chattanooga is $417,000, well above the median home price.
Knoxville (median home price: $128,200) The third largest city in Tennessee is Knoxville, located in the eastern portion of the state. With the Great Smokey Mountains in the background, Knoxville has just over 180,000 people who call Knoxville home. The Tennessee Valley Authority located in Knoxville, is the largest electricity provider in the country and supports more than 12,000 employees. The University of Tennessee is located in Knoxville along with a community college and strong public school system.
Memphis (median home price: $107,700) Bordering Arkansas along the shores of the Mississippi River, in the far southwest corner of Tennessee is the city of Memphis with a population base of nearly 700,000. The residents of Memphis enjoy all the city has to offer including the annual Beale Street Music Festival. Gospel and blues music has been heavily shaped by Memphis musicians with the likes of music icons Elvis Presley, Johnny Cash and Jerry Lee Lewis who all started their musical careers in Memphis. The median home price is just over $100,000 making it an attractive area for veterans to purchase real estate using their VA home loan benefit.
Nashville (median home price: $158,200) The state capital of Tennessee is Nashville and is heavily influenced by the music industry. Located alongside the Cumberland River, Nashville today is home to more than 600,000 residents. The music industry and state government are the two main contributors to the economy. The median home price is relatively high compared to the rest of the state but still right near the national median. The maximum VA loan limit for Nashville is $417,000.Statistics stated above can change daily, without notice. For update statistics visit: zillow.com for Median Home Pricing Information city-data.com for Population & Income Statistics
Tennessee Military Bases
100 Kindel Drive
Arnold AFB, TN 37389
NSA Mid – South
5722 Integrity Drive
Millington, TN 38054
1- 901 874-5111
USAREC, Nashville Battalion
2517 Perimeter Place Drive
Nashville, TN 37214
Tennessee Financial Regulatory Agency
Department of Financial Institutions
400 Deaderick Street, 6th Floor
Nashville, Tennessee 37243