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Buying a Home in Middle Tennessee?

Estimate Your Monthly Mortgage Payment!

Whether you're shopping for your first home, a large-acreage farm or equestrian property, or something in between, it's important to get a handle on your finances before you start searching. For most buyers, that means talking to lenders and choosing a mortgage. Fortunately, here in the Middle Tennessee area, you've got some options.

Curious as to what you might be paying per month for your loan? Use my Mortgage Calculator to estimate your monthly payments based on price, interest rate, insurance, taxes, and more.

Learn More About Mortgages

Not sure what loan options are available to you as a Middle Tennessee home buyer? Take a look at some of the most common mortgages used by borrowers in this area. Keep in mind that this is only a small sampling of what's out there! The best way to determine which loan will work best for you is to start contacting banks or mortgage brokers to find out what types of loans you might qualify for. You can also ask your local real estate expert!

Common Middle Tennessee Mortgage Options

Conventional loan

  • Typically requires a high credit score, low debt-to-income ratio, and good financial history
  • Often requires a 10% – 20% down payment
  • May be fixed-rate or adjustable-rate (ARM)
  • Most common loan type

VA loan

  • Available to active, retired, or veteran military personnel and their spouses
  • Loan is obtained through a private lender but guaranteed by the Veterans Administration
  • Financing up to 100% (0% down payment)
  • May require a one-time funding fee

FHA loan

  • Less strict income and credit requirements
  • Down payments as low as 3%
  • Financed through the Federal Housing Administration
  • Requires mortgage insurance

USDA loan

  • Targeted to buyers shopping in specific rural zones
  • Low income and credit requirements
  • Financed through the US Department of Agriculture
  • May be used to purchase land

THDA loans

  • Programs for first-time buyers, military service members, buyers in economically disadvantaged areas, and more
  • Down payment and closing cost assistance options available
  • Both government-backed and conventional loan options
  • Loans and assistance programs available through lenders across Middle Tennessee

Jumbo loan

  • Used by buyers whose loans exceeds federal loan limits for their area
  • Allow buyers to purchase larger homes or buy in more expensive areas
  • Typically require a down payment of 10% – 20%
  • Typically require high credit score, low debt-to-income ratio, and significant assets in cash or savings

Construction loan

  • Used for buyers who want to build a home from scratch
  • Can be obtained separately and paid off with a second mortgage or bundled into one
  • May require a higher down payment

Land loan

  • Used to finance the purchase of land
  • Most common types: Raw Land, Unimproved Land, Improved Land
  • Requires excellent credit and low debt-to-income ratio
  • Requires certain checks, such as zoning, land-use restrictions, surveying, and utility access

Ready to Calculate Your Monthly Payments?

With my mortgage calculator, you can estimate your monthly mortgage payments at various home price points, interest rates, down payments, insurance and tax costs, and more. Find a payment that fits comfortably into your budget!

Start Your Calculation