Loan Programs
A loan for your situation. Whatever that looks like.
No down payment? Low credit? Self-employed? Veteran? There's a program — and here's the real rate-sheet, not a sales pitch.
22 years originating · over a billion dollars funded, lifetime
Penny is a mortgage broker, not a single direct lender — meaning these programs are shopped across a network of wholesale lenders, not limited to one company's shelf. The right program is whichever one actually fits your numbers, not whichever one a single lender happens to be pushing this month.
Zero & Low Down
ProgramDownWhat it's forLimit / Notes
VA Loan
0% down
For active military and veterans. Zero down, no PMI, competitive rates. One of the best deals in lending — if you've earned it.
No hard cap¹
USDA Loan
0% down
Zero down for eligible rural and suburban properties. If your zip code qualifies, this is a remarkable deal most people never hear about.
Area-based
FHA Loan
3.5% down
Low down payment, flexible credit requirements, backed by the federal government. Great for first-time buyers building their financial footing.
$1,029,250²
DPA Programs
Varies
Tennessee offers several down payment assistance programs. Penny will tell you what you qualify for — most buyers are surprised by what's available.
Program-based
5% Down Conforming
3–5% down
Limited savings? This option gets you in without draining your emergency fund, keeping you prepared for the realities of homeownership.
$832,750
¹ VA-eligible borrowers with full entitlement have no statutory loan cap — what's shown is the practical underwriting ceiling most lenders apply, tied to the conforming loan limit.
² Standard FHA limit is $541,287. Williamson County is FHFA/HUD-designated high-cost for 2026, raising the single-family FHA limit here to $1,029,250.
² Standard FHA limit is $541,287. Williamson County is FHFA/HUD-designated high-cost for 2026, raising the single-family FHA limit here to $1,029,250.
Conforming Loans
The most common loan type — and often the most competitive rates. Standard limit: $832,750 for a single-family home. Williamson County's high-cost designation raises that to $1,029,250 for both conventional and FHA financing here.
ProgramDownWhat it's forLimit
20% Down Program
20% down
Instant equity, no PMI, and the lowest monthly payment. Ideal if you have the savings and want the best long-term position.
$832,750
10% Down Program
10% down
A balance between building equity and preserving your cash. Popular with buyers who want skin in the game without going all in.
$832,750
5% Down Program
5% down
For buyers who want to retain savings and still get a solid conventional rate. Smart choice for those keeping cash for repairs and upgrades.
$832,750
High Balance & Jumbo
When the home costs more but you want conventional-style terms. Anything above $1,029,250 in Williamson County moves into true jumbo territory.
ProgramDownWhat it's forRange
High Balance, 20% Down
20% down
Maximum equity, no mortgage insurance, excellent rates for the high-balance tier above the standard limit.
to $1,029,250
High Balance, 10% Down
10% down
Split the difference between equity and cash on hand. Good fit for buyers in the Franklin and Brentwood markets.
to $1,029,250
Jumbo, 20% Down
20% down
Full equity purchase on a premium property above the conforming limit. Strong rate options for well-qualified buyers.
$1.03M+
Jumbo, 10% Down
10% down
Preserve capital on a high-value purchase. More flexibility than most jumbo products on the market.
$1.03M+
Jumbo Interest-Only
Varies
Maximum cash flow flexibility during the early years. Popular with high-income buyers who invest aggressively elsewhere.
Custom
Asset Depletion
Varies
Self-employed or retired with significant liquid assets? Your portfolio qualifies you — not just your tax return.
Custom
Specialty Programs
ProgramDownWhat it's forNotes
Renovation Loan
Varies
Buy the house and fund the renovations in one loan. Roll purchase price and rehab costs together — built for fixer-uppers.
FHA 203(k) / HomeStyle
HIRO / FMERR Refinance
N/A
For borrowers current on payments but stuck on a high rate with limited equity — the current high-LTV refinance options.
Eligibility-based
Reverse Mortgage
N/A
For homeowners 62+ who want to eliminate their monthly mortgage payment and access equity. Complex product — Penny walks you through it honestly.
HECM-based
Bank Statement Loan
10–30% down
Self-employed and 1099 borrowers qualify off bank deposits instead of tax returns — for when your tax returns understate real income.
Non-QM
Worth knowing
FHA mortgage insurance doesn't work like conventional PMI — on most FHA loans it stays for the life of the loan, not just until you hit 20% equity. If FHA is the right call for you today, ask about the refinance-to-conventional exit plan before you close, not after.
Not sure which one fits? That's literally what Penny is for.
Start My Application Or Call 615-810-3988