Pinnacle Financial Partners is deepening its reach into minority and underserved communities while doubling down its commitment to fair and equitable finance in Middle Tennessee. The firm has added two new home lending options specifically for households in majority/minority communities, including one just for those making less than 80% of the area median income. These home equity lines of credit (HELOCs) come with more flexible terms and rates than traditional options and are designed to meet the needs of these communities.
They join an array of existing Pinnacle lending options available to help people achieve the dream of homeownership and begin to build wealth using their home equity.
- The Pinnacle 100 mortgage is designed to help low- to moderate-income borrowers and offers the option to finance the entire purchase price.
- This option is available to home buyers with a credit score of at least 650 who make less than 80% of the area median income.
- Pinnacle Down Payment Assistance provides up to $15,000 to make a down payment, pay closing costs or lower the mortgage interest rate.
- This is a loan made to the home buyer that doesn’t need to be repaid for 30 years or until ownership of the home is transferred or it is refinanced.
“We are committed to taking everyone with us on the road to more equitable communities,” said Dale Mitchell, Pinnacle’s community development coordinator. “Nashville has experienced tremendous growth, and we need affordable options that allow everyone to take part in the prosperity. All Middle Tennesseans deserves a safe and secure home where they can easily manage work, school, life and play. Home ownership was once a standard feature of the American middle class, and we’re here to help more people achieve this dream and build generational wealth.”
A HELOC can help protect the value and livability of a home by funding important repairs and upgrades that can increase its value. It’s a particularly important tool in cities like Nashville, where longstanding single-family neighborhoods are seeing sharp increases in property values and development around legacy homeowners. With a primary focus on partnering with highly populated minority and underrepresented communities, HELOCs can be a tool for homeowners who want to take advantage of changing neighborhoods to build greater prosperity for themselves and their families.
These HELOCs are available in amounts from $5,000-100,000. Those interested in learning more or applying can visit <PNFP.com/Home> for details or visit their nearest Pinnacle office to start a conversation. Eligibility will be determined after application.
Geographic restrictions apply. All mortgage and loan options are subject to credit approval. Programs and details are subject to change without notice.
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC, and is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 10 years in a row and No. 1 among banks with more than $11 billion in assets in 2022.
Pinnacle owns a 49% interest in BHG Financial, which provides innovative, hassle-free financial solutions to healthcare practitioners and other professionals. Great Place to Work and Fortune have listed BHG as a best workplace in multiple categories since 2016.
The firm began operations in a single location in downtown Nashville, Tenn., in October 2000 and has since grown to approximately $47.5 billion in assets as of September 30. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 primarily urban markets across the Southeast.