How Much Do I Really Need for a Down Payment on a Nashville Home?

One of the biggest questions I hear from Nashville buyers is: “How much money do I really need for a down payment?” The answer may surprise you—it isn’t always 20%, and in many cases, you can buy a home with far less.

💰 The 20% Myth

Traditionally, people assume you must put down 20% of the purchase price. While this can lower your monthly payments and eliminate private mortgage insurance (PMI), it’s not a requirement for most buyers.

💳 First-Time Buyer Options in Nashville

For first-time buyers, programs like FHA loans allow as little as 3.5% down. In Tennessee, there are also down payment assistance programs that can help you get into a home with even less upfront cash.

🏦 Conventional Loans

Some conventional loans require only 3%–5% down, depending on your credit score and financial profile. This makes homeownership more accessible, especially for younger buyers and families.

🎯 Why a Bigger Down Payment Still Helps

While you don’t need 20%, a larger down payment can lower your interest rate, monthly payment, and overall cost of the loan. It also makes your offer more competitive in Nashville’s hot market.

👩‍💼 Work With a Local Expert

Every buyer’s situation is unique. As a top buying and selling agent in Nashville, I’ll connect you with trusted local lenders who can explain your best options—so you buy smart without overextending your budget.

📲 Contact Nik Shewmaker (Nashville’s Nik)
Call/Text: (615) 585-0022
Email: Nashvillesnik@gmail.com
Visit: www.NashvillesNik.com