Purchase Loan Options
Explore the full range of purchase, specialty, and investor loan programs Andrew brokers across Middle Tennessee — with plain-English details on each.
FHA Loan
Designed for buyers entering the market — lower down payments and flexible credit requirements.
Down Payment
As low as 3.5% with a 580+ credit score. Borrowers with scores between 500-579 may qualify with 10% down.
Credit Score
Typically 580+ for standard financing. Options are available below 580 through manual underwriting - reach out to Andrew about your specific situation.
Loan Limits
FHA loan limits vary by county. In most areas the limit is set each year for a single-family home (higher in high-cost areas).
Mortgage Insurance
Requires an upfront MIP (1.75% of loan amount) plus an annual premium. This enables the lower down payment and relaxed credit standards.
Bank Statement Loan
Qualify using 12-24 months of bank statements - no W-2s or tax returns required.
Income Verification
Use 12 or 24 months of personal or business bank statements to document income - no tax returns, no W-2s needed.
Down Payment
Typically 10-20% down depending on loan amount and credit profile. Larger down payments can unlock better rates.
Credit Score
Minimum 620 typically required. A stronger credit profile (680+) unlocks more competitive rates and higher loan amounts.
Conventional Loan
Competitive rates and terms for buyers with strong credit and a solid financial foundation.
Down Payment
As low as 3% for first-time buyers, or 5-20% for repeat buyers. Putting 20% down eliminates private mortgage insurance entirely.
Credit Score
Typically 620+ to qualify; scores of 740+ unlock the most competitive rates. Options may be available below 620 - ask Andrew about your specific profile.
Loan Limits
Follows the annual conforming loan limit for most areas, with higher limits in high-cost markets. Jumbo options available beyond these limits.
PMI
Required if down payment is under 20%, but can be removed once you reach 20% equity - unlike FHA loans which require MIP for the life of the loan.
VA Loan
Exclusive benefit for service members, veterans, and surviving spouses — no down payment required.
Down Payment
$0 down for eligible borrowers — one of the only loan programs that requires no down payment with no PMI.
Credit Score
The VA does not set a minimum, but most lenders look for 620+. Ask Andrew about your specific situation.
Eligibility
Available to active-duty service members, veterans with honorable discharge, and eligible surviving spouses. A Certificate of Eligibility (COE) is required.
Funding Fee
A one-time VA funding fee applies (typically 1.25–3.3% of loan amount), but can be rolled into the loan. Veterans with service-connected disabilities may be exempt.
DSCR Loan
Qualify based on property cash flow, not personal income — ideal for investors growing their portfolio.
How It Works
Qualification is based on the property's Debt Service Coverage Ratio — the rental income divided by the monthly debt obligation. A DSCR of 1.0+ means the property covers its own costs.
Down Payment
Typically 20-25% down. Larger down payments can improve your DSCR and unlock better rates.
Credit Score
Minimum 620 typically required. A stronger credit profile (680+) unlocks more competitive rates and higher loan amounts.
Income Verification
No personal income documentation required — no W-2s, no tax returns, no pay stubs. Qualification is driven entirely by the subject property's rental income.
USDA Loan
Zero down payment for eligible rural and suburban Tennessee homes, with income limits by county.
Down Payment
$0 down for eligible buyers — one of the few true zero-down programs left.
Credit Score
Typically 640+.
Eligibility
Property must sit in a USDA-eligible area — many suburban ZIPs qualify, not just remote ones.
Income
Household income caps apply and vary by county and family size.
Jumbo Loan
Financing above the conforming limit for luxury and higher-priced purchases.
Down Payment
Typically 10–20%+.
Credit Score
Usually 700–740+.
Reserves
Often 6–12 months of reserves required.
Loan Size
For amounts above the conforming limit for Tennessee.
1099 Income Loan
Qualify on 1–2 years of 1099s — built for independent contractors and commission earners.
Income Docs
1–2 years of 1099s — no full tax returns needed.
Down Payment
Typically 10–20%.
Credit Score
620+ typical.
Best For
1099, gig, and commission earners.
P&L Only Loan
Qualify on a CPA-prepared profit & loss statement — the leanest documentation available.
Income Docs
12–24 month P&L from a CPA or accountant.
Down Payment
Typically 15–25%.
Credit Score
660–680+.
Bank Statements
Often not required.
Asset Qualifier Loan
Qualify on your liquid assets alone — no income or employment required.
Qualifies On
Liquid assets, not income — the lender converts assets into a monthly figure.
Down Payment
Typically 20–30%.
Assets
Often 100%+ of the loan amount.
Best For
Retirees and high-net-worth buyers.
Fix & Flip / Bridge Loan
Short-term financing to buy and renovate, based on the property's after-repair value.
Term
6–24 months, interest-only.
Funds
Purchase plus rehab draws.
Down Payment
10–20% plus rehab reserves.
Basis
Up to ~ 75% of ARV(after-repair value).
Investor Construction Loan
Ground-up construction financing for spec homes and new-build rentals.
Structure
Land plus build, funded through interest-only draws.
Down Payment
15–25%.
Term
12–24 months.
Exit
Sell the finished home or refinance into a DSCR loan.
ITIN Loan
Homeownership for buyers who file taxes with an ITIN instead of a Social Security number.
Identification
ITIN in place of an SSN.
Down Payment
Typically 10–20%.
Credit
Traditional score or alternative tradelines (rent, utilities).
Uses
Primary residence and investment properties.
Foreign National Loan
Buy U.S. property without U.S. credit — qualify on foreign income or assets.
Credit
No U.S. credit required.
Down Payment
Typically 25–35%.
Income
Foreign income and assets accepted.
Vesting
LLC ownership often allowed.
Physician Loan
Low or no down payment with no PMI and student debt treated favorably.
Down Payment
0–10% with no PMI.
Student Debt
Excluded or an income-based payment used instead of the full balance.
Eligible
MD, DO, DDS, DVM, and other licensed professionals.
Income
A signed employment contract is often accepted before your start date.
One-Time Close Construction
Build with a single closing — construction financing that converts to your permanent mortgage.
Closings
One — construction converts to permanent automatically.
Programs
Conventional, FHA, VA, or USDA.
Down Payment
0–20% depending on program.
Rate
Locked before the build starts.
Renovation Loan (203k / HomeStyle)
Finance the purchase and the remodel in one loan, based on the home's improved value.
Finances
Purchase plus renovation in a single loan.
Down Payment
As little as 3–3.5%.
Basis
Underwritten on the after-improved value.
Scope
Cosmetic updates through structural work.
Down Payment Assistance
Grants or second-lien help toward your down payment and closing costs for eligible buyers.
Helps With
Down payment and often closing costs.
Form
A grant or a silent second lien — some never require repayment.
Income
Program income caps apply.
Pairs With
FHA, Conventional, VA, and USDA loans.
