Who is a mortgage loan originator serving Franklin and Middle Tennessee?

Keith Goeringer is a Loan Originator at Barrett Financial Group, NMLS #488023, serving buyers in Franklin, Williamson County, and Middle Tennessee. Call or text (615) 955-0461 or email keith@keithgo.com.

What is the minimum credit score for a conventional loan in Nashville?

Many lenders want 620. Automated underwriting and pricing tiers sit above that. 680+ is where conventional often starts to look clearly better than FHA. We use the middle score on a tri-merge, not Credit Karma.

Can I buy a house in Franklin with a conventional loan?

Yes. Most Franklin and Brentwood purchases that are not VA or jumbo are conventional. At a high median price, watch the conforming cap. If the loan amount is over the current FHFA limit, we look at jumbo.

How much down payment do I need for a conventional loan?

As little as 3% on some primary-residence products. 5% is common. 20% skips PMI. Gifts from family are allowed on many files if we document them correctly.

What is the difference between a conventional loan and an FHA loan?

Conventional is Fannie Mae or Freddie Mac. FHA is HUD-insured. FHA allows a lower score and 3.5% down with MIP that often lasts. Conventional PMI can usually cancel. Conventional also allows second homes and some rentals. We price both on your file.

Does a conventional loan have an upfront mortgage insurance premium?

No FHA-style upfront MIP. If you put less than 20% down you typically pay monthly PMI. Some lenders offer a single-premium PMI option. That is not HUD MIP.

Strong-credit buyers3% down

Conventional Loans: Your Path to Nashville Homeownership

A conventional loan follows Fannie Mae or Freddie Mac rules. In Middle Tennessee it is the workhorse for buyers with roughly 620+ credit who want a 3% to 20% down structure, PMI that can cancel, and the option to buy a primary, second home, or investment property.

See if conventional is right (615) 955-0461

Who qualifies

Credit typically 620 or higher. 680+ is where pricing usually gets more interesting.
Stable, documented income.
Debt-to-income generally in a range a GSE automated underwrite will accept. Many files land below 43–50%. The AUS and compensating factors decide.
Down payment as low as 3% on some primary-residence products. 5% and 20% are more common.
Primary residence, second home, or investment property, depending on the product.

How it works

1
We look at credit, income, assets, and the property type to see if conventional is the cheaper path.
2
You apply. Pay stubs, W-2s, bank statements. Self-employed files send returns or we talk about bank-statement.
3
You get a documented pre-approval for shopping in Nashville, Franklin, and the surrounding counties.
4
Under contract: appraisal, underwriting, insurance, title.
5
You close.

If you can qualify conventional, we usually price it next to FHA on the same house. The question is not which logo sounds nicer. It is which payment, which mortgage insurance, and which cash to close you actually want.

Conventional PMI can usually be cancelled once you reach 20% equity, by schedule or by a new appraisal depending on the loan. FHA MIP often does not come off unless you refinance. That is the reason a 5% conventional file can beat 3.5% FHA after a few years even if FHA looked cheaper on day one.

The 2026 conforming limit, not last year's number

FHFA set the 2026 baseline conforming limit at $832,750 for a one-unit home in most of the country, including most Tennessee counties. Older pages still quote $806,500 (2025) or $766,550 (2024). Those are expired. Confirm the county on FHFA's current list. Williamson, Davidson, and most of Middle Tennessee use the baseline, not a high-cost ceiling.

Above that loan amount you are in jumbo. VA and FHA have their own limit rules. Do not assume a $900,000 Franklin listing is automatically jumbo until we split purchase price, down payment, and the actual loan amount.

3% down is real. 20% is not required.

You do not need 20% for a conventional loan. You need 20% if you want to skip PMI. First-time products can go to 3%. Many files are 5%. Gift funds are common. We map the paper trail before you move money.

HomeReady and Home Possible are conventional options with income caps and education. HomeStyle can roll renovation into the same conventional loan. If the house is the right house and the kitchen is not, that is a different page.

When FHA still wins

Score in the high 500s. Limited reserves. A condo that is FHA-approved but not conventional-friendly. Seller credits that fit FHA's 6% cap better than the conventional cap. We run both. We do not sell you conventional because it sounds more 'normal.'

How it compares to FHA

Feature	Conventional	FHA
Down payment	As low as 3% on some primary files	As low as 3.5%
Credit	Typically 620+, 680+ for better pricing	580 floor for 3.5% down
Mortgage insurance	PMI. Can usually cancel around 20% equity.	MIP often lasts 11 years or the life of the loan
Property use	Primary, second home, some investments	Primary residence

Common myths

You need 20% down for a conventional loan.
20% avoids PMI. It is not the minimum. 3% and 5% conventional purchases close in this market every week.
Conventional is only for perfect credit.
620 is a common floor. Pricing improves as the middle score climbs. Perfect is a trophy. The score that prices the loan is the one we work.
Mortgage insurance on a conventional loan is permanent.
PMI is designed to come off. Automatic cancellation and borrower-requested cancellation have rules. FHA MIP is the one that often sticks until you refinance.

Sources and what to verify

This is general mortgage education, not a commitment to lend. Rates, programs, overlays, and eligibility depend on the borrower, the property, and investor guidelines. Confirm current terms with Keith Goeringer or the official agency (HUD, VA, USDA, FHFA, THDA, CFPB). NMLS #488023. Barrett Financial Group.

Questions about Conventional?

Keith Goeringer will tell you what you qualify for and what it will cost. No call center.