First-time buyers
Nobody was born knowing how to buy a house.
Here’s the whole thing — the myths, the steps, the money, and the Tennessee-specific help — explained the way a friend in the business would explain it over coffee.
Myths, busted
Six things you’ve heard that just aren’t true
“I need 20% down.”
The truth: Conventional loans start at 3% down for first-time buyers, FHA at 3.5%, and VA and USDA at $0. Twenty percent only means no mortgage insurance — it has never been the price of admission.
“My credit has to be perfect.”
The truth: FHA guidelines allow scores in the 580s; conventional generally starts around 620. Better scores get better pricing, but “perfect” is not a requirement — and Jerri-Lynn can show you what improving your score by 20 points would actually change.
“I should wait for rates to drop.”
The truth: Nobody can time rates — not economists, not lenders, not the internet. If a payment works for your life today, that is the decision. If rates fall later, refinancing is a phone call.
“Getting pre-approved will hurt my credit.”
The truth: A mortgage credit pull is a single inquiry, typically a few points, and multiple mortgage pulls within a short shopping window are scored as one. The cost of NOT being pre-approved (losing the house) is far higher.
“I should find the house first, then figure out the loan.”
The truth: Backwards. In a competitive market, sellers want to see a real pre-approval with the offer. Get your financing lined up first so that when you find the house, you can move the same day.
“My student loans mean I can’t qualify.”
The truth: Student loans count in your debt-to-income ratio, but the way they are counted varies by program — and income-driven repayment plans can help. Plenty of Middle Tennessee buyers with student debt close every month.
The timeline
Six steps from “maybe someday” to keys
- 01
The conversation
Text or call Jerri-Lynn. Ten minutes: what you make, what you owe, what you’ve saved, what you want. No forms, no commitment.
- 02
Pre-approval
Income, assets, and credit reviewed for real. You get a pre-approval letter sellers trust and a number you can shop with.
- 03
The budget conversation
The max you qualify for is not the payment you want. Jerri-Lynn helps you land on a monthly number you’ll actually be comfortable with.
- 04
House hunting
With your agent, with your pre-approval, with a payment for every listing you’re curious about — just text the address.
- 05
Under contract
Offer accepted. Jerri-Lynn locks your rate strategy, orders the appraisal, and keeps you and your agent posted at every milestone.
- 06
Clear to close → keys
Underwriting signs off, you review your Closing Disclosure, you sign, you get keys. Typically 30 days or less from contract.
Tennessee-specific help
THDA down payment assistance
The Tennessee Housing Development Agency’s Great Choice Home Loan pairs with Great Choice Plus assistance — a second mortgage for qualified buyers that can help cover down payment and closing costs. It stacks with FHA, VA, USDA, and conventional first mortgages.
Income and purchase-price limits apply and vary by county. The assistance is a loan, not a grant — Jerri-Lynn will show you exactly what your version costs before you commit.
How THDA assistance works →Backed by a top-rated branch
Five stars.4.97 / 5 across 1,237 branch reviews
Jerri-Lynn works out of the New American Funding Brentwood branch — rated 4.97 out of 5 by 1,237 verified clients on newamericanfunding.com. Her own client reviews will appear here as they come in.
The money questions
Everything you were afraid to ask
How much money do I actually need to buy a first home in Tennessee?
It depends on the program, but many first-time buyers close with 3–5% down plus closing costs of roughly 2–3% of the purchase price. Gift funds, seller credits, and THDA down payment assistance can reduce your out-of-pocket cash substantially. Jerri-Lynn maps this out for your specific price range in the first conversation.
What is THDA and how does its down payment assistance work?
THDA is the Tennessee Housing Development Agency. Its Great Choice Home Loan pairs with Great Choice Plus assistance, a second mortgage that helps cover down payment and closing costs for qualified buyers. Income and purchase-price limits apply and vary by county, and the assistance is a loan (deferred or amortizing), not a grant.
What credit score do I need to buy a house?
FHA guidelines allow scores as low as 580 with 3.5% down; conventional loans typically start around 620. Lender requirements vary. If your score is close, Jerri-Lynn can point out the fastest things that tend to move it.
How long does it take to close on a home?
Once you are under contract, most purchases close in about 30 days — sometimes faster. Getting pre-approved first is what makes that timeline possible.
Do I need a real estate agent if I already have a lender?
Yes — and a good one. Your agent negotiates the purchase; Jerri-Lynn handles the financing. The two work together constantly, and if you don’t have an agent yet, she’s happy to introduce you to Middle Tennessee agents she trusts.
Ready to find out what’s possible?
One text. Ten minutes. Jerri-Lynn will tell you honestly where you stand — and what to do next.