Conventional Loans in Tennessee
Conventional loans are the most common mortgage type in Tennessee, offering flexible terms, competitive rates, and the ability to cancel mortgage insurance once you reach 20% equity. Whether buying or refinancing in Tennessee, a conventional loan may be your best option.
Get Pre-Approved in Tennessee
Your Loan Officer will contact you within 24 hours to discuss your conventional loans options in Tennessee.
Benefits of Conventional Loans in Tennessee
- Down payments as low as 3%
- PMI cancellable at 20% equity
- Loan amounts up to conforming limits
- Fixed or adjustable rate options
- Primary, second home, or investment property
Conventional Loans Requirements in Tennessee
- Minimum 620 credit score
- DTI typically under 50%
- 2 years employment history
- Documented income and assets
- Property appraisal required
Requirements vary by lender. Contact Your for your specific situation in Tennessee.
Conventional Loans FAQs — Tennessee
What is the conventional loan limit in Tennessee for 2024?
The 2024 conforming loan limit for most Tennessee counties is $766,550 for a single-family home. High-cost Tennessee counties have higher limits. Loans above these limits are considered jumbo loans.
How much down payment do I need for a conventional loan in Tennessee?
Conventional loans in Tennessee require as little as 3% down for first-time homebuyers (Fannie Mae HomeReady or Freddie Mac Home Possible programs). Most Tennessee buyers put down 5–20%. A 20% down payment eliminates PMI entirely.
When can I cancel PMI on my Tennessee conventional loan?
You can request PMI cancellation once your loan balance reaches 80% of the original home value. PMI automatically terminates at 78% LTV based on original amortization. A new appraisal showing increased Tennessee home values can also support earlier PMI removal.
What credit score do I need for a conventional loan in Tennessee?
The minimum credit score for a conventional loan in Tennessee is 620, though the best rates go to borrowers with 740+ scores. A higher credit score can save thousands over the life of your Tennessee mortgage.
Conventional Loans Available in All 50 States
Your Loan Officer is licensed to help borrowers across the country. Select your state:
About Your Loan Officer
Your Loan Officer is a licensed mortgage loan officer with experience helping borrowers across the country secure the right loan program. Specializing in conventional loans and known for fast closings and clear communication.
Ready to Get Started?
Get your free conventional loans pre-approval in Tennessee today. No obligation — just answers.
Get Pre-ApprovedOther Loan Programs in Tennessee
Ready to Apply for Conventional Loans in Tennessee?
Your Loan Officer will personally guide you through the process. Fast, clear, and stress-free.