Franklin, Tennessee Mortgage Guide

The Franklin housing market

Franklin has transformed from a historic small town into one of the most sought-after addresses in Middle Tennessee. The city's appeal combines a beautifully preserved downtown, nationally recognized schools, a growing corporate presence (healthcare companies, financial services, technology), and a quality of life that has attracted executives, professionals, and families relocating from higher-cost markets.

Home prices in Franklin are among the highest in Tennessee. The median sale price is well above the state median, and premium neighborhoods — Cool Springs, Westhaven, Fieldstone Farms, and areas near the historic downtown — command significant premiums. A meaningful portion of Franklin purchases require jumbo financing.

Jumbo financing in Franklin

The 2026 conforming loan limit is $806,500. Purchases above this threshold require jumbo financing, which has different qualification requirements than conforming loans. Jumbo lenders typically require higher credit scores (often 700+), larger down payments (typically 10-20%), and more substantial cash reserves.

Franklin's price range means that buyers in many neighborhoods will encounter the conforming limit. Even buyers purchasing at or below the limit should understand that Franklin's market moves quickly, and being pre-approved — including for jumbo if needed — is important for competitive offers.

New construction in Franklin

Franklin has significant new construction activity, including large master-planned communities. Buyers purchasing new construction should evaluate builder financing incentives carefully — builders often offer rate buydowns or closing cost credits tied to using their preferred lender. These incentives can be valuable, but the underlying rate and terms should be compared against independent financing options.