Tennessee
VA Loans in Tennessee
The VA Loan is one of the most powerful tools available exclusively for military families and veterans. In Tennessee, veterans and active-duty military have been taking advantage of the benefits of the VA Loan in cities such as Nashville, Memphis, Knoxville, Chattanooga, and Clarksville.
The cost of homes across the United States has been steadily increasing in recent years. With a $0 down payment requirement, no PMI, lower interest rates, and a more relaxed credit score requirement, the VA Loan is making home ownership a reality for more military families and veterans in Tennessee now than ever before.
Median Sale Price of Homes in Tennessee*
|
Nashville |
$420,000 |
|
Memphis |
$181,325 |
|
Knoxville |
$285,000 |
|
Chattanooga |
$304,000 |
|
Clarksville |
$291,482 |
|
Tennessee Statewide Average |
$375,000 |
|---|
*Data pulled from Redfin (April 2022)
Property Taxes in Tennessee
In the state of Tennessee, property taxes are among the lowest in the country with an average rate of 0.64%, well below the national average of 1.07%, according to SmartAsset. Property tax bills are due annually to your local government officials with most due dates falling in mid-October. Some property tax exemptions in Tennessee include relief for low-income elderly and disabled homeowners as well as disabled veteran homeowners or their surviving spouses.
VA Disability in Tennessee
Common property tax exemptions are reserved for veterans, disabled veterans, seniors over the age of 65, and more. Since these exemptions can vary by county and state and often have strict qualification standards, not every veteran or homeowner qualifies, but those that do are able to reap the benefits of significant savings.
Disabled veterans in Tennessee that have a 100% service-connected disability, are blind in both eyes, and/or have lost the use of two or more limbs, can get a full property tax exemption on their primary residence on the first $175,000. Exemption amounts can vary based on location.
Since these rates can vary based on location (i.e., exemptions in Nashville may be different from those in Memphis or Chattanooga), you’ll want to contact your local municipal tax assessor’s office.
Insurance Programs in Tennessee
Natural disasters can happen anytime and are often unexpected or occur suddenly which makes it critical that you and your family are sufficiently covered. The most common natural disasters in Tennessee that homeowners are insured against include major storms, wildfires, tornadoes, and earthquakes. The best way to ensure you’re getting the best coverage for your location; we recommend you consult with a licensed insurance company.
Military Presence in Tennessee
Tennessee has two military bases; the Navy’s Mid-South base and Arnold AFB. Since Tennessee has an Air Force and Navy base and has many high population cities, there are thousands of veterans who call it home.
VA Home Loan Volume in 2021 in Tennessee*
|
Total Loans |
37,019 |
|
Average Loan Amount |
$264,953 |
|
Total Loan Amount (ALL) |
$9,808,284,557 |
|
Total Purchase Loans |
12,790 |
|
Total Purchase Loans % |
34.55% |
|
Total IRRRL Loans |
19,585 |
|
Total IRRRL Loans % |
52.91% |
|
Total Cash-Out Loans |
4,644 |
|
Total Cash-Out Loans % |
12.54% |
*Data pulled from the Department of Veterans Affairs (April 2022)
FAQ’s about VA Loans in Tennessee
How do I buy a house in Tennessee? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in Tennessee? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in Tennessee? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.