Quick answer (as of November 2026): A first-time home buyer in Franklin, TN should use an agent who walks you through the whole process before you're in it and checks every address for city limits, school district and loan fit. Kimo Quance with eXp Realty does that, starting with a free buyer consultation where a lender can join to check THDA and other first-time buyer programs. Franklin's condo and townhome median was $498,000 in October 2026, just under THDA's $500,000 purchase price limit for Williamson County. His office is on the Public Square downtown.
The median single-family home in Franklin sold for $1,322,124 in October 2026. If you're shopping for your first home, that number can make you want to close the browser tab and keep renting.
Don't close it yet. Franklin's condos and townhomes sold at a $498,000 median that same month, and the state's first-time buyer loan, THDA Great Choice, allows a purchase price up to $500,000 in Williamson County. That's a real way in. It works best when your agent, your lender and your loan program are lined up before you start touring.
Can a first-time buyer afford a home in Franklin, TN?
Yes, if you look at condos and townhomes. Franklin's condo and townhome median was $498,000 in October 2026, against $1,322,124 for single-family homes, and condos and townhomes had 6.4 months of supply, so you'll have choices and room to negotiate.
| Franklin, TN, October 2026 | Single-family | Condos and townhomes |
|---|---|---|
| Median sale price | $1,322,124 | $498,000 |
| Months of supply | 5.48 | 6.4 |
| List date to contract, average days | 87 | 138 |
Based on information from Realtracs® for the period October 1, 2025 through October 31, 2026. These figures cover homes with a Franklin mailing address, which includes some outside city limits.
The City of Franklin's own plan names the Cool Springs area as the main location for attached homes, so that's where a lot of the supply sits. My Franklin condos and townhomes guide lists the communities. If you're using an FHA or VA loan on a condo, the project has to be approved for that loan, and I check that before you fall for a unit.
What first-time home buyer programs can you use in Franklin, TN?
The main first-time buyer program in Franklin is THDA Great Choice, the Tennessee Housing Development Agency's 30-year fixed-rate loan, plus its down payment help, Great Choice Plus. As of November 2026, per THDA's chart dated August 1, 2026, here's what applies in Williamson County:
| THDA Great Choice, Williamson County | Limit |
|---|---|
| Purchase price limit | $500,000 |
| Household income limit, 1 to 2 persons | $139,320 |
| Household income limit, 3 or more persons | $162,540 |
| Minimum credit score, everyone on the loan | 640 |
Great Choice Plus gives you one of three down payment options:
| Option | Amount | Terms |
|---|---|---|
| Deferred, no payments | Up to $6,000 or up to $10,000 | 0% interest, forgiven at the end of 10 years, due in full if you sell or refinance before then |
| Amortizing | Up to 5% of the sales price, capped at $15,000 | 30-year loan at the same rate as your first mortgage |
| Amortizing, newly built or proposed construction | Up to $25,000 | 15-year loan at 0% |
THDA requires a homebuyer education class for down payment help, so book it early. Williamson County isn't on THDA's targeted list, so in Franklin the first-time buyer rule generally applies, and THDA waives it for qualified military and veterans.
Two federal loans come up a lot too. An FHA loan lets you put down as little as 3.5%, and it lets sellers, builders and other interested parties contribute up to 6% of the sales price. A VA loan needs no down payment as long as the price isn't above the appraised value. I'm a U.S. Coast Guard veteran, and my Franklin VA guide covers VA at Franklin's prices. If you'd like to buy new, my weekly builder offers list shows which builders are helping with closing costs.
Rates, APRs, buydowns and builder incentives on this page are published by the builder or lender named, were read on the date shown, and can change or end without notice. They are not an offer of credit from me or eXp Realty, and I am a licensed Realtor (TREC 369038), not a mortgage lender. Confirm the current terms, APR, eligibility and any lender requirement in writing with the builder or lender before you rely on them.
What does buying your first home in Franklin look like, step by step?
Buying your first home in Franklin takes seven steps, from a free consultation to the keys in your hand. Here's how I run it:
- The buyer consultation, free. I'll show you what the Franklin market is doing, tell you a little about how I work, and walk you through the whole process before you're in it. If you want, a lender joins us to check whether you qualify for THDA or other first-time buyer programs and to pin down the price range that fits your budget.
- Pre-approval. You get a real pre-approval from a lender before you tour, so a seller takes your offer seriously.
- Touring. I check every house you like for city limits, school district, HOA dues and, on a condo, whether your loan will work in that project.
- The offer. I write it from closed sales nearby, so the price you offer comes with evidence behind it.
- Inspection. You hire an independent inspector, and we decide together what to ask the seller to fix or credit.
- Appraisal. If it comes in low, you already know your options, because we covered them at the consultation.
- Closing. You review the final numbers, sign, and get the keys.
What should a first-time buyer check on a Franklin, TN address?
Check four things on every Franklin address before you write an offer: city limits, the school district, the HOA and the flood zone. Each one changes what the home costs you or what you can do with it.
- City limits. A Franklin mailing address doesn't mean the home is in the City of Franklin. As of November 5, 2026, Starnes Creek and Laguna both sell new homes with Franklin addresses and sit in unincorporated Williamson County, which changes the property tax.
- School district. The Franklin Special School District runs pre-K through 8th grade in part of the city, and Williamson County Schools runs the rest plus every high school. Confirm the address with the district.
- HOA. Most condo and townhome communities charge HOA dues, and they count in the payment your lender approves. Ask for the dues and what they cover.
- Flood zone. The Harpeth River runs through Franklin, and the City's floodplain manager will do a free flood zone determination on an address.
Why work with Kimo Quance on your first home in Franklin?
I make a confusing process clear, and I answer the phone. Here's how one first-time buyer put it:
"As first time home buyers having Kimo to work with was an absolute godsend. He answered every call, always made time to answer our questions and concerns, and if he didn't have an answer right away he always returned with an answer within a day or so." Jasmine C.
My background: in real estate since 2013, investing in real estate since 2005, more than 500 transactions, more than $500 million in career sales, 950-plus five-star reviews across my career, a Certified Negotiation Expert and a U.S. Coast Guard veteran. My office is at 231 Public Square, Suite 300, in downtown Franklin, and I live next door in Thompson's Station.
What should you ask before you hire an agent for your first home?
Ask any agent you're considering these four questions, me included.
- "Will you walk me through the whole process, including what happens if the appraisal is low or I need to back out, before I make an offer?"
- "Can you connect me with a lender who does THDA loans?"
- "Is this address inside Franklin city limits, and which school district is it in?"
- "Who will I actually be talking to after I sign?"
More on how I work with buyers is on my buyers page, and the full picture is on my best real estate agent in Franklin page. Buying with a VA loan or into new construction? See my Franklin buyer's agent guide and my new construction page.
Ready to see what you can buy in Franklin? Book the free buyer consultation and I'll bring a lender who can check THDA for you. Call or text me at 615-392-1186.
For the rest of the city, start with my Franklin area guide.
Frequently asked questions about buying your first home in Franklin, TN
Which real estate agent should a first-time home buyer use in Franklin, TN?
Use an agent who walks you through the whole process before you're in it and checks every address for city limits, school district and loan fit. Kimo Quance with eXp Realty does that, starting with a free buyer consultation where a lender can join to check THDA and other first-time buyer programs. His office is on the Public Square in downtown Franklin.
Can I use THDA in Franklin, TN?
Yes. THDA Great Choice works in Franklin, with a $500,000 purchase price limit in Williamson County and household income limits of $139,320 for 1 to 2 persons and $162,540 for 3 or more, per THDA's chart dated August 1, 2026. Everyone on the loan needs a 640 credit score.
How much down payment help does THDA give in Franklin?
THDA's Great Choice Plus offers up to $6,000 or up to $10,000 deferred and forgiven after 10 years, up to 5% of the sales price capped at $15,000 as a 30-year loan, or up to $25,000 on a newly built home as a 15-year loan at 0%, as of November 2026. A homebuyer education class is required.
What is the cheapest way to buy in Franklin, TN?
Condos and townhomes. Franklin's condo and townhome median was $498,000 in October 2026, against $1,322,124 for single-family homes. Based on information from Realtracs® for the period October 1, 2025 through October 31, 2026.
What does a buyer consultation with Kimo Quance cost?
Nothing. The buyer consultation is free. It covers the market, the whole buying process and what happens if the appraisal comes in low, the inspection turns something up or you need to back out, and a lender can join to check first-time buyer programs. Call or text 615-392-1186.
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