Selecting the best financing package is nearly as important as finding a home that meets your needs in Nashville! Determining how much you can afford before you begin your home search will save you valuable time choosing the right home in the right neighborhood.
Get Pre-Approved TodayBefore you start house hunting in Music City, consider these three key factors:
Your upfront investment (potentially as low as 0-3.5% with assistance programs!)
Based on credit score, income, and debts - the foundation of your budget
Additional fees to finalize your Nashville purchase (typically 2-5% of loan amount)
From 0% (USDA/VA) to 20% (conventional) - more options than you think!
Most lenders prefer your total mortgage payment under 28% of gross monthly income
Combined monthly debt payments shouldn't exceed 38% of gross income
Scores over 700 are preferred, but Nashville programs exist for lower scores
Remember: These are guidelines! Always discuss your specific Nashville situation with a local loan officer.
Tennessee Housing Development Agency offers:
Connect with a local Nashville lender who understands the market and can move quickly when you find the right home.
Research Tennessee assistance programs if you qualify - they can make a significant difference in your buying power.
Understand neighborhood price ranges for realistic expectations in Nashville's competitive market.
Factor Nashville's competitive market into your loan choice - some programs move faster than others.
Closing costs in Davidson County vary greatly (2% to 5% of loan amount) depending on loan type and credit score.
🚨 ALWAYS get a written Loan Estimate from your Nashville lender!
Understanding your loan options is crucial for success in Music City's competitive market! Whether you're eyeing a trendy East Nashville bungalow, a family home in Bellevue, or a downtown condo with city views, the right financing makes all the difference.
Questions about Nashville home loans or Tennessee assistance programs? We're here to help you navigate every option and find the perfect financing package for your Music City dream home!
Ready to start your Nashville home buying journey? Let's chat about making your Music City dreams a reality!