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Nashville-Davidson County Jumbo Home Financing

This page updated and accurate as of January 19, 2021 Jumbo Mortgage Source Leave a Comment

Nashville Jumbo Loan LimitNashville has seen explosive population growth over recent years and the housing market continues to expand as a result. Jumbo mortgages have always filled the gap for home buyers that require financing on larger loan amounts that go beyond the regular conforming loan limits.

The current 2021 conforming loan limits in most of the Nashville area is set to $586,500 for regular one-unit properties.  Please see the complete county list for Tennessee in the chart below.

Financing options for greater “Jumbo” loan amounts have typically been limited in the past. However, today many new low down payment Jumbo loans are helping to fill the gap by supplying high-end home buyer new options.

These programs range from the typical 20% down payment, all the way up to 5% down payment. Loan amount limits vary based on final down payment and the credit profile of the borrower. Below we have outlined all the important details buyers will need to know.  Please don’t hesitate to contact us to learn more, just call the number above or just submit the Quick Contact form on this page to speak with a Jumbo specialist.

Jumbo Down Payment & Loan Limit:

  • 5% down payment (95% financing) Available up to $2,000,000 loan limits. 700 credit is required on all 95% options.
  • 10% down payment (90% financing) Available up to $2,500,000 loan limits. 720 credit is required for loans exceeding $2mil. Buyers with lower credit scores (typically down to 660) can be eligible for lower loan amounts under $1,000,000
  • 15% down payment (85% financing) Available up to $3,000,000 loan limits. 720 credit is required when financing over $2.5mil.  Like above, lower credit scores can be approved for lower loan amounts.
  • 20% down payment (80% financing) Available for loans over $3,000,000

Jumbo Loan Features:

  • No monthly mortgage insurance costs. Depending on the program selection, buyers generally have the option of a single loan or combo (piggyback) loan options with no PMI. This includes 80-15 and 80-10 programs.
  • All programs have the flexibility of common fix rate and adjustable rate terms.
  • The low down payment features are especially good for home buyers relocating while waiting on the sale (equity) of their current home.
  • Jumbo Refinance transactions are also eligible.

Jumbo Qualifying Requirments:

  • 5% down payment Jumbo options are only reserved for owner-occupied and select vacation homes. Investment homes are not eligible.
  • Single-family, condos, and townhomes are eligible. Home buyers that are purchasing new construction directly from the home builder are also eligible. Buyers that want to build on their own land with their own contractor can read about special construction to permanent financing here.
  • Approved buyers will need to show evidence and document all income and asset, just the same as standard conventional loans.
  • Debt to income ratio limits varies depending on many factors like down payment, credit, etc. Around 38-45% limit is a good baseline.
  • Buyers will need mortgage payment reserves. Lenders consider “reserves” as the amount of savings or investments a buyer has left over after down payment and closing costs.  Retirement accounts are typically applied to this requirement. Buyers financing lower loan amounts (under $1mil) should typically have 6-9 months of payment reserves. Higher loan amounts will often require 12+ months.

Please connect with us today with questions, we can be reached 7 days a week.

ANDERSONKNOXVILLE, TN$548,250
BEDFORDSHELBYVILLE, TN$548,250
BENTONNON-METRO$548,250
BLEDSOENON-METRO$548,250
BLOUNTKNOXVILLE, TN$548,250
BRADLEYCLEVELAND, TN$548,250
CAMPBELLKNOXVILLE, TN$548,250
CANNONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
CARROLLNON-METRO$548,250
CARTERJOHNSON CITY, TN$548,250
CHEATHAMNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$563,500
CHESTERJACKSON, TN$548,250
CLAIBORNENON-METRO$548,250
CLAYNON-METRO$548,250
COCKENEWPORT, TN$548,250
COFFEETULLAHOMA-MANCHESTER, TN$548,250
CROCKETTJACKSON, TN$548,250
CUMBERLANDCROSSVILLE, TN$548,250
DAVIDSONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
DECATURNON-METRO$548,250
DEKALBNON-METRO$548,250
DICKSONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
DYERDYERSBURG, TN$548,250
FAYETTEMEMPHIS, TN-MS-AR$548,250
FENTRESSNON-METRO$548,250
FRANKLINTULLAHOMA-MANCHESTER, TN$548,250
GIBSONNON-METRO$548,250
GILESNON-METRO$548,250
GRAINGERKNOXVILLE, TN$548,250
GREENEGREENEVILLE, TN$548,250
GRUNDYNON-METRO$548,250
HAMBLENMORRISTOWN, TN$548,250
HAMILTONCHATTANOOGA, TN-GA$548,250
HANCOCKNON-METRO$548,250
HARDEMANNON-METRO$548,250
HARDINNON-METRO$548,250
HAWKINSKINGSPORT-BRISTOL-BRISTOL, TN-VA$548,250
HAYWOODBROWNSVILLE, TN$548,250
HENDERSONNON-METRO$548,250
HENRYPARIS, TN$548,250
HICKMANNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$563,500
HOUSTONNON-METRO$548,250
HUMPHREYSNON-METRO$548,250
JACKSONCOOKEVILLE, TN$548,250
JEFFERSONMORRISTOWN, TN$548,250
JOHNSONNON-METRO$548,250
KNOXKNOXVILLE, TN$548,250
LAKENON-METRO$548,250
LAUDERDALENON-METRO$548,250
LAWRENCELAWRENCEBURG, TN$548,250
LEWISNON-METRO$548,250
LINCOLNNON-METRO$548,250
LOUDONKNOXVILLE, TN$548,250
MCMINNATHENS, TN$548,250
MCNAIRYNON-METRO$548,250
MACONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
MADISONJACKSON, TN$548,250
MARIONCHATTANOOGA, TN-GA$548,250
MARSHALLLEWISBURG, TN$548,250
MAURYNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
MEIGSNON-METRO$548,250
MONROENON-METRO$548,250
MONTGOMERYCLARKSVILLE, TN-KY$548,250
MOORETULLAHOMA-MANCHESTER, TN$548,250
MORGANKNOXVILLE, TN$548,250
OBIONUNION CITY, TN-KY$548,250
OVERTONCOOKEVILLE, TN$548,250
PERRYNON-METRO$548,250
PICKETTNON-METRO$548,250
POLKCLEVELAND, TN$548,250
PUTNAMCOOKEVILLE, TN$548,250
RHEADAYTON, TN$548,250
ROANEKNOXVILLE, TN$548,250
ROBERTSONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
RUTHERFORDNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
SCOTTNON-METRO$548,250
SEQUATCHIECHATTANOOGA, TN-GA$548,250
SEVIERSEVIERVILLE, TN$548,250
SHELBYMEMPHIS, TN-MS-AR$548,250
SMITHNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
STEWARTNON-METRO$548,250
SULLIVANKINGSPORT-BRISTOL-BRISTOL, TN-VA$548,250
SUMNERNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
TIPTONMEMPHIS, TN-MS-AR$548,250
TROUSDALENASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
UNICOIJOHNSON CITY, TN$548,250
UNIONKNOXVILLE, TN$548,250
VAN BURENNON-METRO$548,250
WARRENMCMINNVILLE, TN$548,250
WASHINGTONJOHNSON CITY, TN$548,250
WAYNENON-METRO$548,250
WEAKLEYMARTIN, TN$548,250
WHITENON-METRO$548,250
WILLIAMSONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500
WILSONNASHVILLE-DAVIDSON–MURFREESBORO–FRANKLIN, TN$586,500

 

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