Tennessee Mortgage Programs
Tennessee borrowers have access to a wide range of loan programs. Understanding the differences helps you choose the right financing for your home purchase or refinance.
The mortgage market offers more options than most borrowers realize. Each program has its own qualification standards, down payment requirements, mortgage insurance rules, and loan limits. The right choice depends on your credit profile, available down payment, the property you're buying, and your long-term financial goals.
As a Tennessee mortgage broker, Morgan Hardy works with multiple lenders to find competitive pricing across all of these programs — not just the products a single bank happens to offer.
Conventional Loans
The most widely used mortgage in Tennessee. Conforming loans up to $766,550 with down payments from 3%. Strong credit and income documentation required.
FHA Loans
Government-backed loans with down payments as low as 3.5% and more flexible credit requirements. Popular with first-time buyers across Tennessee.
VA Loans
Zero-down financing for eligible veterans, active-duty service members, and surviving spouses. No PMI, competitive rates, and flexible qualification.
USDA Loans
Zero-down financing for homes in eligible rural and suburban areas. Much of Tennessee outside major metros qualifies.
Jumbo Loans
Financing above the conforming loan limit for higher-priced properties in Nashville, Brentwood, Franklin, and other premium Tennessee markets.
FHA & VA Streamline Refinance
Simplified refinance programs for existing FHA and VA borrowers. Reduced documentation, no appraisal in most cases, and faster closings.
Reverse Mortgages
HECM loans for homeowners 62 and older. Access home equity without monthly mortgage payments. Regulated by FHA.
Which Loan Is Right for Me?
A side-by-side comparison of all major loan programs to help you identify the best fit for your financial situation and goals.
How to choose a loan program
Most borrowers qualify for more than one program. The decision usually comes down to a few key factors:
- Down payment available: VA and USDA offer zero down. FHA requires 3.5%. Conventional starts at 3% for some borrowers.
- Credit score: FHA accepts scores as low as 580. Conventional pricing improves significantly above 740.
- Military service: VA loans are the best available option for eligible veterans in nearly every scenario.
- Property location: Rural Tennessee properties may qualify for USDA. Urban properties in Nashville or Memphis typically won't.
- Loan amount: Loans above $766,550 require jumbo financing with different qualification standards.