The Best Mortgage Lenders in Tipton, TN
Compare verified mortgage lenders serving Tipton, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Tipton
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a strong presence in the Memphis metropolitan area, serving Tipton and surrounding regions. Known for exceptional customer service, competitive rates, and a wide range of loan options, they have built a reputation for reliability and efficiency. With over 25 years in business, they offer personalized guidance and have consistently high ratings for their transparent processes and community involvement.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender with a local office in Memphis that actively serves Tipton and West Tennessee. They are praised for their fast loan processing, dedicated customer support, and competitive financing options. Founded in 2008, they focus on making homeownership accessible through various programs and have a strong track record of customer satisfaction and community engagement.
Loan Types:
New American Funding
New American Funding
New American Funding is a reputable national lender with a significant presence in the Memphis area, providing services to Tipton residents. They offer a diverse portfolio of loan products and are known for their flexible underwriting and personalized service. With two decades of experience, they have earned high marks for their competitive rates, educational resources, and commitment to helping borrowers achieve their homeownership goals.
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Frequently Asked Questions
Common questions about mortgage lending in Tipton, TN
Are there any down payment assistance programs specifically for homebuyers in Tipton County, TN?
Yes, Tipton County homebuyers may be eligible for the Great Choice Plus program, a statewide initiative that offers down payment assistance in the form of a second mortgage with a low, fixed interest rate. Additionally, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is popular in Tipton County and provides competitive 30-year fixed-rate mortgages often paired with down payment assistance for qualifying buyers, particularly first-timers.
How do property taxes in Tipton County affect my monthly mortgage payment?
Tipton County has a relatively low property tax rate compared to national averages, which is a significant benefit for your monthly mortgage payment. The current county rate is approximately $2.73 per $100 of assessed value, with assessments at 25% of the appraised value. Your lender will calculate an escrow payment based on this rate, and the low taxes help keep your total monthly payment more affordable, especially on homes in areas like Covington or Munford.
What is a typical credit score needed to qualify for a mortgage with Tipton County lenders?
While requirements can vary, many local lenders in the Tipton County area (serving Covington, Brighton, Atoka) typically look for a minimum FICO score of 620 for conventional loans. For government-backed loans like FHA, which are common for first-time buyers in the area, you may qualify with a score as low as 580 with a 3.5% down payment. Using a local lender familiar with the Tipton market is advantageous as they can often provide more personalized guidance on credit requirements.
Are USDA rural housing loans available in Tipton County, and which areas qualify?
Absolutely. A significant portion of Tipton County outside the city limits of Covington is eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This includes many of the county's smaller communities and unincorporated areas. A local mortgage officer can provide a precise eligibility map, but this program is a key tool for making homeownership affordable in Tipton's more rural settings.
How does Tipton County's growing market and proximity to Memphis influence mortgage appraisals?
Tipton County's status as a growing suburb of Memphis means appraisals must carefully consider both local comparable sales and broader regional trends. Appraisers will look at recent sales in specific subdivisions like in Munford or Brighton, but may also consider the premium for newer construction and commute-friendly locations. Working with a lender who uses appraisers familiar with the North Mississippi/West Tennessee market is crucial to ensure a smooth and accurate valuation process.
Why Choose a Mortgage Lender in Tipton?
Local Market Knowledge
Lenders who understand Tipton's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Tennessee.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Tipton and get competitive rates on your home loan.