Start with pre-qualification, not a home tour
The most common mistake first-time buyers make in Tennessee is touring homes before knowing what they can borrow. Pre-qualification reviews your income, debts, and credit at a high level so you walk into the search with a realistic price range instead of a guess.
Pre-qualification is general guidance based on what you share — it is a starting point, not a guaranteed approval. Your file is reviewed individually during underwriting later.
- Know your monthly comfort number, not just the maximum a lender might allow.
- Have a soft sense of your credit and any debts before you apply.
- Ask which loan programs fit your situation — that shapes your down payment.
Down payment and Tennessee assistance
Many first-time buyers assume they need 20% down. In practice, several programs allow far less, and the Tennessee Housing Development Agency (THDA) runs down-payment-assistance programs designed for eligible first-time and repeat buyers across the state.
Whether THDA assistance fits depends on the home's location, the purchase price, and household income limits THDA publishes. We review eligibility with you individually rather than assuming it applies.
Matching a loan program to your situation
Tennessee first-time buyers commonly use one of four loan types. Conventional loans work well with stronger credit and savings. FHA loans have flexible qualifying for some buyers. USDA loans serve eligible rural and many small-town Tennessee areas with no required down payment. VA loans serve eligible service members and veterans — a meaningful program around Fort Campbell and Clarksville.
From offer to closing in Tennessee
Once your offer is accepted, the file moves through inspection, appraisal, and underwriting. You'll gather documents, the home is appraised, and the underwriter confirms everything lines up before a clear-to-close. A licensed loan officer keeps that timeline moving and tells you what's needed next.
