The average effective property tax rate in Murfreesboro is 0.64%, which is slightly higher than the national average. Homeowners in Murfreesboro can expect to pay around $1,814 in annual property taxes on a median-valued home of $283,000. It's essential to factor these costs into your mortgage planning to ensure you're prepared for the total cost of homeownership.

Murfreesboro is served by the Rutherford County school district, which includes several highly-rated schools. Homes located within the boundaries of top-performing schools tend to command higher prices and appreciate in value more quickly. Families with school-age children should research the local school districts when evaluating neighborhoods, as school quality can significantly impact property values and resale potential.

Tennessee offers several first-time homebuyer programs, including the Tennessee Housing Development Agency (THDA) Great Choice Home Loan program, which provides up to $7,500 in down payment assistance and competitive interest rates. NMHL is an approved lender for these programs and can help guide you through the application process. Additionally, we offer our own NMHL First-Time Homebuyer Program, which features low down payment options and flexible credit scoring.

While a good credit score can help you qualify for better mortgage rates, NMHL offers mortgage options for borrowers with less-than-perfect credit. Our Bad Credit Mortgage program is designed for individuals with credit scores as low as 580, and we work with you to develop a personalized plan to improve your creditworthiness over time. We also offer alternative credit scoring models that consider non-traditional credit references.

NMHL offers several down payment assistance programs, including the NMHL Down Payment Assistance program, which provides up to 3.5% of the loan amount towards down payment and closing costs. Additionally, the Tennessee Housing Development Agency (THDA) offers down payment assistance grants to qualified borrowers. We can help you explore these options and determine the best fit for your financial situation.

Getting pre-approved for a mortgage with NMHL is a straightforward process. Simply contact us to schedule a consultation, and we'll review your financial information to determine your eligibility for pre-approval. Our NMHL Pre-Approval process typically takes just a few minutes, and you'll receive a pre-approval letter that's valid for 30 days. This letter will give you the confidence to shop for homes in Murfreesboro, knowing exactly how much you can afford.