Memphis Home Loans

Memphis is one of the most affordable major metros in the South, and that gap between prices and rents makes it a genuine market for both first-time buyers and investors. Median home prices in Shelby County run $200K–$280K — well below the national median — and there’s real inventory across a wide range of neighborhoods and price points.

The economy is anchored by logistics. FedEx is headquartered here and is the single largest private employer in the region. The Mid-South is a major freight and distribution hub — Nike, International Paper, and AutoZone all operate significant operations here. Healthcare is the other major employer, led by Methodist Le Bonheur and Regional One Health. Memphis is also a food and agriculture hub, sitting at the intersection of river, rail, and highway infrastructure that doesn’t exist anywhere else in the mid-continent.

Tennessee has no state income tax, which combined with Memphis’s low cost of living gives buyers genuine purchasing power relative to their gross income.

Neighborhood range is wide. Germantown and Collierville in eastern Shelby County are the premier suburbs — well-run school districts, larger lots, $400K–$800K homes. East Memphis has solid established neighborhoods at $250K–$500K. Midtown and Cooper-Young are the urban core options — walkable, eclectic, $175K–$400K depending on street and condition. Bartlett in the north offers suburban affordability at $220K–$380K.

Loan Programs Available in Memphis

• FHA Loans — 3.5% down, widely used across Shelby County for first-time buyers
• VA Loans — Zero down for eligible veterans, strong demand near Millington Naval base
• Conventional Loans — Competitive rates for buyers with 5–20% down
• Jumbo Loans — Financing for higher-end homes in Germantown and Collierville
• USDA Loans — Zero down in eligible rural and semi-rural areas outside the metro core
• Bank Statement Loans — For self-employed borrowers: trucking operators, contractors, business owners, medical practice owners
• DSCR Loans — Qualify on rental income for Memphis’s active investment property market

Memphis Housing Market

Memphis has one of the highest single-family rental rates of any major city in the country — a significant portion of the housing stock is renter-occupied. That dynamic has attracted institutional investors, but it also means mom-and-pop landlords can find real cash flow here at price points that are difficult or impossible in other metros.

For primary buyers, the market offers real choice: established suburbs with good schools on the east side, urban neighborhoods with character closer in, and affordable new construction north and southeast of the core.

What buyers need to know:

• Germantown and Collierville are where buyers go when schools are the priority. Germantown Municipal School District and Collierville Schools are both strong. Prices run $400K–$800K with larger lots and newer construction mixed in with established homes.
• East Memphis covers a broad swath from Poplar Avenue east — mostly 1950s–1980s ranch and colonial homes in the $250K–$500K range. Solid, established neighborhoods without the premium of the far-east suburbs.
• Midtown and Cooper-Young are the urban options. Bungalows and craftsman homes, walkable to restaurants and Overton Park. Variable condition — some streets are fully renovated, others still have upside. $175K–$375K depending heavily on block and update level.
• Bartlett is the northern suburb sweet spot for families wanting good schools at a lower price point than Germantown — $220K–$380K with newer construction available.
• USDA eligibility exists in parts of Fayette County to the east and outlying areas of DeSoto County across the Mississippi line.

Why Buyers in Memphis Choose 1st Nationwide

• Investor-friendly lending. Memphis’s price-to-rent ratio makes it one of the stronger cash-flow markets in the country. DSCR loans let investors qualify on what the property earns — W-2 not required.
• Self-employed borrowers. Logistics, transportation, and small business ownership are major parts of the Memphis economy. Bank statement loans are built for borrowers who run income through a business.
• VA loan experience. The Memphis metro has a large veteran population, and Millington Naval Support Activity is still active. We close VA loans with zero-down regularly in this market.
• Licensed in Tennessee, NMLS #1281. Direct lender — we underwrite in-house.

Get Started

Buying or refinancing in Memphis, Germantown, Collierville, or anywhere in the Mid-South — call (833) 350-9185 or apply online.