Mortgage Q&A
Real, direct answers to the mortgage questions Franklin, Brentwood, and Nashville buyers ask most — down payments, credit scores, closing costs, and more. No jargon, no runaround, and no form to fill out just to read the answer.
Down payment requirements in Tennessee range from 0% (VA) to 3–3.5% (conventional/FHA) up to 20%, plus THDA assistance programs for eligible buyers.
Read the answer →Minimum credit scores for a Nashville mortgage typically run 580–620, though your score also drives your rate — here's how the bands actually work.
Read the answer →Tennessee closing costs typically run 2–5% of the purchase price, covering lender fees, title, taxes, and prepaids — here's a real breakdown.
Read the answer →Yes — self-employed borrowers can qualify using tax returns, bank statements, or P&L documentation. Here's how lenders actually evaluate your income.
Read the answer →A DSCR loan qualifies investors on a property's rental income instead of personal income — popular with Nashville landlords scaling a portfolio.
Read the answer →A non-QM loan is a mortgage that does not meet the CFPB's Qualified Mortgage rules. Self-employed buyers and investors use them most. Here is how they work.
Read the answer →Bank statement loans use 12 or 24 months of deposits instead of tax returns. Here is how lenders typically turn deposits into income, in plain English.
Read the answer →Fannie Mae and FHA rules on self-employment history: the 2-year standard, when 1 year can work, and when 1 year of tax returns is enough.
Read the answer →In 2026, a loan over $1,029,250 on a one-unit home in Davidson or Williamson County is a jumbo loan. What counts is how much you borrow, not the price of the house.
Read the answer →Eligible veterans can often buy with $0 down and no monthly mortgage insurance. With full entitlement there is no VA loan limit. Most buyers pay a one-time funding fee — 2.15% on a first-time loan with under 5% down.
Read the answer →A HELOC lets you keep your current mortgage and borrow as you need. A cash-out refinance replaces your mortgage with a bigger one. Here is how to choose.
Read the answer →Yes, in some cases. Fannie Mae can turn retirement assets into monthly income for a loan. Non-QM asset loans work similarly. Example inside.
Read the answer →A non-warrantable condo is in a building that does not meet Fannie Mae's project rules. Here is why it happens and how buyers still finance them.
Read the answer →Yes. If you live in one unit of a 2–4 unit home, FHA and Fannie Mae can count 75% of the rent from the other units. Here is how.
Read the answer →Yes, but check the permit first. Metro Nashville limits new non-owner-occupied STR permits by zoning. Here is how the permit and the loan fit together.
Read the answer →A second home is a one-unit home you use part of the year and control. An investment property is one you own but do not live in. The rules and down payments differ.
Read the answer →FHA: about 2 years after Chapter 7 and 3 after foreclosure. Fannie Mae: 4 and 7 years, shorter with extenuating circumstances. Full table inside.
Read the answer →Most roof warranties transfer only once, and the new owner often has about 60 days after closing to file. What to ask for and when.
Read the answer →Often yes, through specialty (non-QM) ITIN loan programs. FHA requires an SSN. Here is what to know and what to bring.
Read the answer →The 2026 FHA limit in Davidson and Williamson counties is $1,029,250 for a one-unit home. With a 580+ credit score you can put as little as 3.5% down.
Read the answer →Yes, on most home loans. Fannie Mae and FHA let approved donors give you money for your down payment and closing costs. You need a gift letter and a paper trail.
Read the answer →Lenders look at your debt-to-income ratio (DTI): your monthly debts divided by your monthly pay before taxes. Here is the simple math, with a worked example.
Read the answer →FHA, VA, and USDA loans can usually be taken over by a buyer. Here is who to call, what it costs, how long it takes, and official resources to check.
Read the answer →Both letters say how much a lender may be willing to lend you. Neither is a guaranteed offer. What matters is whether your information was checked.
Read the answer →A rate lock keeps your rate the same until closing, as long as you close on time and nothing changes in your application. Locks are typically 30, 45, or 60 days.
Read the answer →On a conventional loan, you can ask to drop PMI at 80% of your home's original value, and it ends on its own at 78%. FHA follows different rules.
Read the answer →Your loan didn't change. Your taxes or insurance did. Here is how escrow works, the federal shortage rules, and what Nashville's reappraisal means.
Read the answer →Yes. Lenders count a student loan payment in your debt-to-income ratio. Fannie Mae and FHA have different rules when your payment is $0 or deferred.
Read the answer →Tennessee charges 37 cents per $100 to record a deed and 11.5 cents per $100 of your loan (the first $2,000 is exempt). Here is who pays and what it costs.
Read the answer →A 2-1 buydown lowers your rate by 2 points in year one and 1 point in year two. Seller-paid buydowns count toward caps: Fannie Mae 3% to 9%, FHA 6%, VA 4%.
Read the answer →Mortgage points can lower your rate in exchange for an upfront fee — whether they're worth it depends on your break-even timeline and how long you'll keep the loan.
Read the answer →Tennessee first-time buyers can access THDA's Great Choice loan and down payment assistance, plus FHA, VA, and conventional low-down-payment options.
Read the answer →Want the bigger picture on a loan program instead of a single question? Browse the full list of loan programs, read more on the articles page, or reach out directly and I'll answer it.
