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 down payment for an FHA loan in Nashville?

3.5% of the purchase price for borrowers who meet HUD's 580 credit floor and the rest of the file. Closing costs sit on top of that unless a seller credit or gift covers them. Confirm the current HUD rule and the county loan limit.

What credit score do I need for an FHA loan in Tennessee?

HUD publishes 580 for the 3.5% down option. Some lenders overlay higher. Below that, options shrink. We pull a tri-merge and tell you the real number, not a Credit Karma screenshot.

Is mortgage insurance required on FHA loans?

Yes. Upfront MIP plus annual MIP. Duration depends on the original loan-to-value. Less than 10% down usually means MIP for the life of the loan. Confirm the current HUD MIP chart.

Can I use an FHA loan to buy a condo in Nashville?

If the project is FHA-approved or otherwise eligible. We check HUD's list and the building rules before you write. Do not assume a downtown condo is FHA-eligible.

Can sellers pay closing costs on an FHA loan?

HUD allows seller concessions up to 6% of the purchase price. That is a contract term. In a hot listing the seller may say no. We will still quote your cash to close both ways.

First-time buyers3.5% down

Your Nashville Home, Even with Less Down

An FHA loan is a primary-residence mortgage insured by HUD. In Middle Tennessee it is often the path for a first-time buyer who can put 3.5% down and has a score around 580 or better. Mortgage insurance applies. Confirm current HUD limits and MIP rules on your file.

See if FHA fits (615) 955-0461

Who qualifies

Minimum credit score of 580 for the 3.5% down option. Confirm the current HUD and lender overlay on your file.
Down payment as low as 3.5% of the purchase price.
The home will be your primary residence.
Steady income and employment you can document.
Purchase price within the FHA loan limit for that county.
A valid Social Security number.

How it works

1
We run a real pre-approval: credit, income, assets, and the payment you can live with. Not a Zillow pre-qual.
2
You shop in Nashville or Middle Tennessee with a number, not a guess.
3
Your offer is accepted. We process the file.
4
An FHA appraisal is ordered. The property has to meet HUD's minimum standards.
5
Clear to close. You sign. You get the keys.

FHA is not a starter-home consolation prize. It is HUD insurance on a 30-year mortgage so a lender will take a smaller down payment and a more flexible score than many conventional files.

If you are buying in Murfreesboro, Clarksville, Spring Hill, Hermitage, Hendersonville, or closer in 37206 and 37211, the down payment is usually the wall. 3.5% on a $350,000 house is $12,250. Conventional 5% is more cash. VA and USDA are $0 down if you qualify. FHA is the middle lane for buyers who are not veterans and whose address is not USDA-eligible.

What you actually pay besides principal and interest

HUD charges an upfront mortgage insurance premium, usually financed into the loan, and an annual MIP built into the monthly payment. If you put less than 10% down, annual MIP typically lasts the life of the loan. With 10% or more down, HUD's published rule is usually 11 years. Confirm the current MIP chart on HUD.gov. This is the trade for the low down payment.

Sellers can contribute to closing costs on an FHA purchase, up to 6% of the price under HUD's seller-concession cap. In a multiple-offer Franklin listing that concession is a negotiation, not a right. We write it into the contract if the seller will do it.

Condos, credit, and the things that stall files

An FHA condo has to be on HUD's approved list, or the project has to qualify. A pretty building in The Gulch is not automatically FHA-eligible. We check the project before you write.

580 is the HUD floor for 3.5% down. Lender overlays can sit higher. Compensating factors matter. A 580 with a messy last 12 months of rent is a different file than a 580 with a clean housing history. We will tell you which one you are.

Who should skip FHA

If you have 20% down and a strong conventional score, conventional often prices better because you can cancel PMI later. If you served, run VA first. If the house is in a USDA-eligible pocket and your income fits, run USDA. FHA is the tool when those doors are closed and you still need a small down payment.

How it compares to Conventional

Feature	FHA	Conventional
Down payment	As low as 3.5%	As low as 3% on some files; often 5%+
Credit score	HUD minimum 580 for 3.5% down	Typically 620+, 680+ for better pricing
Mortgage insurance	MIP for 11 years or the life of the loan, depending on LTV	PMI can usually be cancelled around 20% equity
Best for	Smaller down payment, more flexible score, primary residence	Stronger credit, want PMI to end, second homes and some investments

Common myths

FHA is only for low-income buyers.
FHA has loan limits, not an income cap like USDA or THDA. Plenty of Middle Tennessee W-2 buyers use it because the cash to close is lower.
You need perfect credit.
HUD's published floor for 3.5% down is 580. Perfect is not the standard. Documented income and a clean enough housing history still matter.
FHA means more paperwork and a slower close.
You still send pay stubs, bank statements, and a tax return. The extra piece is the FHA appraisal and MIP. Files close on a normal timeline when documents show up.

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 FHA?

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