{"id":83652,"date":"2023-05-17T14:08:05","date_gmt":"2023-05-17T21:08:05","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=83652"},"modified":"2024-01-24T11:40:18","modified_gmt":"2024-01-24T19:40:18","slug":"what-is-a-jumbo-loan-in-tennessee","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-tennessee\/","title":{"rendered":"What is a Jumbo Loan in Tennessee in 2024?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are you planning to buy a luxurious <\/span><a href=\"https:\/\/www.redfin.com\/state\/Tennessee\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Tennessee<\/span><\/a><span style=\"font-weight: 400;\"> or a home in an expensive market this year? If so, you might be wondering what a jumbo loan is and whether it&#8217;s right for you. Whether your sights are set on a sprawling <a href=\"https:\/\/www.redfin.com\/city\/12260\/TN\/Memphis\" data-wpel-link=\"exclude\">property in Memphis<\/a> or a charming <a href=\"https:\/\/www.redfin.com\/city\/13415\/TN\/Nashville\" data-wpel-link=\"exclude\">home in Nashville<\/a>, join us as we delve into the intricacies of jumbo loans in Tennessee in 2024.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-83653\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee.webp\" alt=\"luxury home in tennessee with barn and large property\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee.webp 2135w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-300x169.webp 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-1024x576.webp 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-768x432.webp 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-1536x863.webp 1536w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-2048x1151.webp 2048w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-267x150.webp 267w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-1121x630.webp 1121w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee-534x300.webp 534w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a jumbo loan?<\/span><\/h2>\n<p><a href=\"https:\/\/www.redfin.com\/guides\/what-is-a-jumbo-loan\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Jumbo loans<\/span><\/a><span style=\"font-weight: 400;\"> in Tennessee are a specialized type of mortgage that allows borrowers to finance higher-priced properties that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are designed to meet the financing needs of luxury homes and properties located in high-cost areas.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the loan amount needed to buy the home is more than the conforming loan limit, you&#8217;ll need a jumbo loan. However, it&#8217;s important to note that jumbo loans come with higher interest rates and stricter requirements than conventional loans due to the larger loan amounts and risk associated with them. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan in Tennessee.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">What is the jumbo loan limit in Tennessee?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In 2024, the conforming loan limit for a single-family home in most markets is $766,550. However, these limits can vary depending on where you\u2019re buying a home in Tennessee.\u00a0<\/span><\/p>\n<ul>\n<li><b>$766,550 is the conforming loan limit in most Tennessee counties<\/b><\/li>\n<li><b>$943,000 is the maximum limit in Tennessee\u2019s more expensive counties<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As a reminder, the loan amount is what determines whether or not you\u2019ll need a jumbo loan, not the price of the home you&#8217;re buying. So, if you were to put $100,000 down on a $780,000 <\/span><a href=\"https:\/\/www.redfin.com\/county\/2556\/TN\/Chester-County\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Chester County<\/span><\/a><span style=\"font-weight: 400;\">, the mortgage would be $680,000, which is under the CLL for this area. In this case, your loan wouldn\u2019t be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following counties in Tennessee have a conforming loan limit <em>beyond<\/em> $766,550 for 2024:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><strong>County<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>FHFA Conforming Loan Limit<\/strong><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cannon County<\/span><\/td>\n<td>$943,000<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cheatham County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Davidson County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dickson County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">McNairy County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Robertson County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rutherford County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Smith County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sumner County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Trousdale County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Williamson County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Wilson County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$943,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">This <\/span><a href=\"https:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/Conforming-Loan-Limit-Map.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">FHFA map<\/span><\/a><span style=\"font-weight: 400;\"> will give you more specific information related to the conforming loan limits in your county.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the requirements for a jumbo loan in Tennessee?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As previously mentioned, the requirements for a jumbo loan are much more stringent than the requirements for a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.<\/span><\/p>\n<p><b>Higher credit score:<\/b><span style=\"font-weight: 400;\"> To qualify for a jumbo loan, borrowers typically need to have a credit score of at least 720. However, some lenders may be willing to accept scores as low as 660, although less frequently. A higher credit score demonstrates a borrower&#8217;s ability to manage credit responsibly and is a crucial factor that lenders evaluate when considering jumbo loan applications.<\/span><\/p>\n<p><b>Larger down payment:<\/b><span style=\"font-weight: 400;\"> When applying for a jumbo loan, keep in mind that <\/span><a href=\"https:\/\/www.redfin.com\/guides\/down-payments-and-home-loans\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\"> requirements are generally more substantial than for conventional loans. While the specific amount will depend on the lender and the borrower&#8217;s financial situation, many jumbo loan lenders require a down payment of at least 10%, and some require as much as 20% or more.<\/span><\/p>\n<p><b>More assets:<\/b><span style=\"font-weight: 400;\"> Jumbo loan borrowers are typically required to have additional assets. In particular, lenders may require borrowers to demonstrate sufficient liquid assets or savings to cover one year&#8217;s worth of loan payments.<\/span><\/p>\n<p><b>Lower debt-to-income ratio (DTI): <\/b><span style=\"font-weight: 400;\">When applying for any type of mortgage, lenders will review your debt-to-income (DTI) ratio to assess your financial behavior and creditworthiness. The <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">DTI ratio<\/span><\/a><span style=\"font-weight: 400;\"> is calculated by dividing your total monthly debt payments by your gross monthly income. For conforming loans, some lenders may accept a DTI as high as 50%. However, for jumbo mortgages in Tennessee, borrowers are typically required to have a DTI under 43%, with a preference for a ratio closer to 36%. Maintaining a lower DTI can demonstrate financial stability and improve your chances of being approved for a jumbo loan with favorable terms.<\/span><\/p>\n<p><b>Additional home appraisals:<\/b><span style=\"font-weight: 400;\"> When you buy a home in Tennessee, your lender will require a <\/span><a href=\"https:\/\/www.redfin.com\/guides\/home-appraisal-everything-you-need-to-know\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home appraisal<\/span><\/a><span style=\"font-weight: 400;\"> to confirm that the property&#8217;s value is equal to or higher than the loan amount. In some cases, a lender may require an additional appraisal for a jumbo loan. In housing markets with very few comparable property sales, the cost of the appraisal may be higher than in places with more frequent sales.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s break down what a jumbo loan is in Tennessee, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/p>\n","protected":false},"author":523,"featured_media":83653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[34455],"coauthors":[31388],"class_list":["post-83652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-tn"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Jumbo Loan in Tennessee in 2024? | Redfin<\/title>\n<meta name=\"description\" content=\"Let\u2019s break down what a jumbo loan is in Tennessee, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-tennessee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Jumbo Loan in Tennessee in 2024?\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s break down what a jumbo loan is in Tennessee, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-tennessee\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-17T21:08:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-24T19:40:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-tennessee.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"2135\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Mekaila Oaks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mekaila Oaks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-tennessee\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-tennessee\\\/\"},\"author\":{\"name\":\"Mekaila Oaks\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/78b16587424b0f2b37a1b0f4ca5075f8\"},\"headline\":\"What is a Jumbo Loan in Tennessee in 2024?\",\"datePublished\":\"2023-05-17T21:08:05+00:00\",\"dateModified\":\"2024-01-24T19:40:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-tennessee\\\/\"},\"wordCount\":758,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-tennessee\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/luxury-home-in-tennessee.webp\",\"keywords\":[\"tn\"],\"articleSection\":[\"Local Insights\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-tennessee\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-tennessee\\\/\",\"name\":\"What is a Jumbo Loan in Tennessee in 2024? 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