First-Time Home Buyers in Tennessee: From Pre-Approval to Keys
For first-time buyers in Franklin and across Tennessee who want to know what they can afford, which loan fits and what it takes to close.
Buying your first home brings more questions than any purchase you’ve made. I’ll walk you through the loan options, what you need for the down payment and closing costs, and what happens at each step, so nothing surprises you at the closing table. You work directly with me from the first call to closing.
“RL is truly the BEST! As first-time homebuyers, we were overwhelmed with the stress and challenges of the underwriting process, but RL had our back every single step of the way. He went above and beyond—working long hours, late nights, and putting in an incredible amount of effort and dedication to make sure everything came together for us. We could not have gotten through this process without him!”
Kaitlyn B.
Franklin, TN
Who This Page Is For
There’s no single first-time buyer loan. What matters is matching the right program to your credit, savings and the home you want.
You’re in the Right Place If You:
Most of my first-time buyers start with one of these:
Haven’t owned a home in the past three years
Want to know what you can afford before you start touring homes
Have a smaller down payment saved and want to see your options
Are buying with a partner, a co-signer or help from family
Want each step explained in plain terms
Loan Options for First-Time Buyers
These are the programs most first-time buyers use. The best fit is the one with the lowest total cost for how long you expect to keep the home, not only the smallest down payment.
| Loan | Who it fits | Good to know |
|---|---|---|
| FHA | Buyers with smaller down payments or credit that’s still building | Mortgage insurance often lasts the life of the loan; see FHA loans |
| Conventional | Buyers with steadier credit | Low down payment options exist, and mortgage insurance can be removed later; see conventional loans |
| VA | Eligible veterans, service members and some surviving spouses | No down payment with full entitlement; see VA loans |
| USDA | Buyers in eligible rural areas with income under the program limits | The property location and household income both have to qualify |
| Down payment assistance | Buyers who need help with the down payment | National FHA programs through my lenders; usually a second loan that’s repaid over time or forgiven after a set period |
Costs to Plan for in Tennessee
Besides the down payment, you’ll pay closing costs, fund an escrow account for property taxes and homeowners insurance, and keep a cushion in savings. Tennessee adds two state taxes at closing: a transfer tax of 37 cents per $100 of the price, which state law puts on the buyer, and a mortgage tax of 11.5 cents per $100 of the loan above $2,000 (Tennessee Department of Revenue). The seller can agree to cover some of your costs in the contract. Every cost is on your Loan Estimate. To estimate the monthly payment with property taxes included, try my mortgage calculator. For every line, see what it costs to close on a home in Franklin.
Pre-Approval Before You Shop
A pre-approval means a lender has reviewed your income, assets and credit, not just run a quick estimate. It tells you your price range and makes your offer stronger. See pre-approval vs pre-qualification, or start your pre-approval. Every complete application gets a same-day review.
Down Payment Help
I can offer national FHA down payment assistance programs through my lenders. They usually come as a second loan that’s repaid over time or forgiven after a set period. Eligibility and terms vary, and assistance can change your rate and total cost, so I’ll compare your options with and without it.
From a Recent File
A buyer’s agent I work with sent me first-time buyers. With an FHA loan and down payment assistance, they qualified for their first home. Their parents were moving out of state, and buying meant they could stay here in Tennessee in a home they own instead of paying rent. They were pre-approved in August, the file was in underwriting a week later, and we closed in September, on the scheduled closing date.
Common Questions from First-Time Buyers
For most programs, anyone who hasn’t owned a home in the past three years. That can include people who owned a home years ago.
It depends on the loan: the down payment, closing costs and a cushion after closing. I’ll give you the number for your price range on our first call.
Usually, yes, with a gift letter and a record of the transfer. The rules vary by loan type and property type, so tell me early.
Each program and lender sets its own minimums. If your credit needs work, I’ll tell you what would make the biggest difference and when to apply.
Yes. It sets your price range and shows sellers your financing has been reviewed, which makes your offer stronger.
Some low down payment and assistance programs require one. It’s usually online and short, and I’ll tell you whether your program needs it.
Related reading: Mortgage Pre-Approval vs Pre-Qualification · Mortgage Closing Delays: Causes and How to Prevent Them
How I Work With First-Time Buyers
No jargon and no surprises.
Budget Before Pre-Approval
We start with the payment you’re comfortable with, not just the most you qualify for. See how much house you can afford.
Programs Side by Side
FHA, conventional, VA, USDA and down payment assistance, compared on total cost across more than 30 lenders.
Every Step Explained
From application to underwriting to closing, you’ll know what’s next and what I need from you.
One Person, Seven Days a Week
You work directly with me from first conversation through closing. No call centers. No rotating contacts.
Same-day calls and texts, 7 days a week, and consistent follow-through at every step.
Ready to See What You Can Afford?
Start with a short call or apply online. Every complete application gets a same-day review.
Start My Pre-Approval
Book a Strategy Call
Call or Text Me Directly