6 Best Jumbo Loans in Tennessee


Jumbo mortgage loans in Tennessee help homebuyers afford higher home prices in the state.

Key Terms

  • Jumbo loans offer an alternative to the low limits on conventional mortgages.
  • Borrowers do not need to put down a large down payment with a Tennessee jumbo loan.
  • A jumbo loan can cover all the financing for a large or high-price property.

Whether you love country living or all the trappings of city living, Tennessee has got it. Featuring the beautiful Appalachians and a wealth of natural wonders, Tennessee is also home to cultural landmarks such as Nashville and some of the best restaurants in the country, too. 

Enjoying the high quality of life in this southern state is getting more expensive, however. According to the Tennessee Realtors Association, the median price for a home in Tennessee is $357,000. With housing market prices on a steady increase over the past few years, especially in major metropolitan areas, many Tennesseeans may have some difficulty financing a new home purchase with a traditional loan. 

There are many great places to live in TN including Cheatham, Hardin, Hardeman, Pickett, Obion, Meigs, Trousdale, Macon, Hickman, Blount, Bledsoe, Tipton, Hamblen, and Van Buren. If you’re moving to any high-cost counties in TN, you home price might exceed conforming loan limits.

For the most recent year, the HDMA data places Tennessee 18th in the country in terms of mortgage origination activity, with a total of $7.8 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Tennessee, you’ll be in great company.

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What is the jumbo loan limit in Tennessee?

The jumbo loan limit in Tennessee for most counties is $647,200. For counties in certain regions, including Davidson County in Nashville, the jumbo loan limit is $694,600. Any loan that exceeds either $647,200 or $694,600 is a jumbo loan in Tennessee, depending on the county.

Tennessee Jumbo Loan Limits (December 2022)

Tennessee county-by-county jumbo loan, conforming loan and FHA loan limits.

Tennessee
County
Tennessee
Jumbo loan
(1-unit)
Tennessee
Conforming
loan limit
(1-unit)
Tennessee
FHA loan limit
(1-unit)
Anderson$647,200+$647,200 $420,680
Bedford$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Bledsoe$647,200+$647,200 $420,680
Blount$647,200+$647,200 $420,680
Bradley$647,200+$647,200 $420,680
Campbell$647,200+$647,200 $420,680
Cannon$694,600+$694,600 $694,600
Carroll$647,200+$647,200 $420,680
Carter$647,200+$647,200 $420,680
Cheatham$586,500+$586,500 $586,500
Chester$647,200+$647,200 $420,680
Claiborne$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Cocke$647,200+$647,200 $420,680
Coffee$647,200+$647,200 $420,680
Crockett$647,200+$647,200 $420,680
Cumberland$647,200+$647,200 $420,680
Davidson$694,600+$694,600 $694,600
Decatur$647,200+$647,200 $420,680
Dekalb$647,200+$647,200 $420,680
Dickson$694,600+$694,600 $894,500
Dyer$647,200+$647,200 $420,680
Fayette$647,200+$647,200 $420,680
Fentress$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Gibson$647,200+$647,200 $420,680
Giles$647,200+$647,200 $420,680
Grainger$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Grundy$647,200+$647,200 $420,680
Hamblen$647,200+$647,200 $420,680
Hamilton$647,200+$647,200 $420,680
Hancock$647,200+$647,200 $420,680
Hardeman$647,200+$647,200 $420,680
Hardin$647,200+$647,200 $420,680
Hawkins$647,200+$647,200 $420,680
Haywood$647,200+$647,200 $420,680
Henderson$647,200+$647,200 $420,680
Henry$647,200+$647,200 $420,680
Hickman$647,200+$647,200 $420,680
Houston$647,200+$647,200 $420,680
Humphreys$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Johnson$647,200+$647,200 $420,680
Knox$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
Lauderdale$647,200+$647,200 $420,680
Lawrence$647,200+$647,200 $420,680
Lewis$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Loudon$647,200+$647,200 $420,680
Mcminn$647,200+$647,200 $420,680
Mcnairy$647,200+$647,200 $420,680
Macon$586,500+$586,500 $563,500
Madison$647,200+$647,200 $420,680
Marion$647,200+$647,200 $420,680
Marshall$647,200+$647,200 $420,680
Maury$586,500+$586,500 $586,500
Meigs$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Moore$647,200+$647,200 $420,680
Morgan$647,200+$647,200 $420,680
Obion$647,200+$647,200 $420,680
Overton$647,200+$647,200 $420,680
Perry$647,200+$647,200 $420,680
Pickett$647,200+$647,200 $420,680
Polk$647,200+$647,200 $420,680
Putnam$647,200+$647,200 $420,680
Rhea$647,200+$647,200 $420,680
Roane$647,200+$647,200 $420,680
Robertson$586,500+$586,500 $586,500
Rutherford$586,500+$586,500 $586,500
Scott$647,200+$647,200 $420,680
Sequatchie$647,200+$647,200 $420,680
Sevier$647,200+$647,200 $420,680
Shelby$647,200+$647,200 $420,680
Smith$563,500+$563,500 $563,500
Stewart$647,200+$647,200 $420,680
Sullivan$647,200+$647,200 $420,680
Sumner$586,500+$586,500 $586,500
Tipton$647,200+$647,200 $420,680
Trousdale$586,500+$586,500 $586,500
Unicoi$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Van Buren$647,200+$647,200 $420,680
Warren$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
Wayne$647,200+$647,200 $420,680
Weakley$647,200+$647,200 $420,680
White$647,200+$647,200 $420,680
Williamson$694,900+$694,900 $694,900
Wilson$694,900+$694,900 $694,900

Get Quotes for Your Jumbo Loan

6 Top Tennessee jumbo loan lenders

If you’re ready to look over the best jumbo loan lenders in Tennessee, here are some options to consider.

1. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo loan mortgage specifically. Here are the important details:

  • Loans up to $3 million
  • Minimum credit score is 680
  • Fixed rate and variable rate loans available
  • Cash reserves required
  • Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

How are Tennessee jumbo loans different from conventional loans?

Jumbo loans are different from conventional loans in one major way— their limits. Conventional loans in Tennessee can’t exceed either $647,200 or $694,600, depending on which county you live in. A jumbo loan, on the other hand, can far exceed those limits. If you find a property with an NMLS ID, you can use this to see whether the listing price exceeds conventional loan limits in the state.

If you were looking at a large parcel and ranch home in the Nashville area, that price tag could easily take you over even the higher conforming limit in the county. To finance that purchase, you would need to take out more than one conventional loan or put down a very large down payment.

A jumbo loan would allow you to finance that home with one mortgage and, most likely, a much smaller down payment to activate your loan term. Use a mortgage calculator to learn more about qualifying for jumbo loan rates.

Does a Tennessee jumbo loan make sense for you?

The very first things you’ll need to consider when you want to apply for a jumbo loan in Tennessee are your overall financial picture and your credit score. Jumbo loan lenders typically expect borrowers to have good to great scores. You also want to consider your overall assets and savings. If taking out a conventional loan means wiping out your savings for the down payment, a jumbo loan may be a much more appealing alternative.

A jumbo loan can also save you from the complexities of managing several mortgages at once, as you might have to do if you take the traditional approach to financing. As far as loan options for real estate go, the jumbo type of loan is best when you’re concerned about down payment accessibility or have a high home purchase price in mind.

If you want to buy a bigger or more expensive Tennessee property, a jumbo loan could very well make sense for you. Too many lenders who find a dream home on the NMLS quickly discover that conforming loan limits just don’t work for them, and they begin exploring alternatives to the traditional fha loan, VA loan, or other home loan.

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search. Always confirm mortgage rates and interest rates, closing costs, monthly payments, and other details before you make a commitment to move forward with a jumbo loan.

Find a Jumbo Loan Specialist

Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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