Tennessee · statewide
Buying in Tennessee? I'm licensed there too.
Tennessee Loan Estimates look different from Texas ones. Here's what to expect in Section E, when property taxes are due, and which loans fit.
Do you do home loans in Tennessee?
Yes. I'm licensed in Tennessee and help buyers and homeowners statewide, from Memphis to Nashville, Clarksville, Murfreesboro, Knoxville, and Chattanooga. Everything runs by phone, text, and secure upload, and you close with a title company or attorney near the property.
What taxes show up on a Tennessee Loan Estimate?
Tennessee charges a transfer tax on the purchase and a mortgage tax on the loan, and both usually show up in Section E. The transfer tax is based on the price and is normally paid by the buyer; the mortgage tax is based on the loan amount. If Section E shows only recording fees, ask.
Source: Tennessee Department of Revenue: Recordation Taxes.
Tennessee property tax timing
In Tennessee, county trustee property taxes are generally due starting the first Monday in October and become delinquent March 1. Some cities bill separately. If you're closing in fall or winter, ask who pays this year's bill, and check Sections F and G and the adjustments line on your Loan Estimate.
Loan types for Tennessee buyers
FHA, conventional, and VA cover most Tennessee purchases, with VA especially common near Fort Campbell. Self-employed borrowers can look at bank statement loans and investors at DSCR loans.
FHA · Conventional · VA · Bank statement · DSCR
For illustration only. Not a commitment to lend, a Loan Estimate, or an offer of credit. Your actual figures depend on your full application, credit approval, property, and the loan program. John Stafford NMLS #2470539 | GoRascalJohn powered by GoRascal Inc. NMLS #2072896. Equal Housing Opportunity.
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Common questions
Is there a transfer tax in Tennessee?
Yes. Tennessee has a realty transfer tax on the purchase and a mortgage tax on the loan amount. Both should show up in Section E of your Loan Estimate.
Who usually pays the Tennessee transfer tax?
It's normally paid by the buyer, but it can be negotiated in your contract.
When are Tennessee property taxes due?
County trustee taxes are generally payable starting the first Monday in October and become delinquent March 1. Some cities bill separately.
Can a Texas loan officer help me in Tennessee?
Yes. I'm licensed in Tennessee as well as Texas. Verify on NMLS Consumer Access under #2470539.
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