Mortgage Options
First Horizon Bank offers a wide variety of loan programs, with loan amounts up to $4 million, all designed to meet your individual needs, including:
- Fixed-rate mortgages
- Adjustable-rate mortgages
- First-time homebuyer mortgage programs
- Mortgages to build a new home
- Special programs for medical professionals
Comparison of Mortgage Loans
| Mortgage Type | Advantages | Disadvantages | Down Payment |
|---|---|---|---|
| Conventional Fixed | Steady, fixed rate makes monthly budgeting easier | Generally higher down payment and credit score requirements |
|
| FHA | Fixed-rate mortgage with low down payment and generally more flexible credit requirements | Life of loan mortgage insurance | Down payment – minimum 3.5% |
| Adjustable Rate | Typically lower initial fixed-rate | After initial fixed-rate period, rates may fluctuate based on the current index |
|
| VA | Guaranteed availability for US veterans with no mortgage insurance requirement | Loan size may be limited | No down payment required |
| USDA | Potentially lower rates with more flexible credit guidelines | Income and geographic restrictions apply | No down payment required |
| Affordable Housing | Fixed-rate loan with low down payment | Available for single family home only | $500 minimum |
Frequently Asked Questions about Mortgage Options
What types of mortgage options does First Horizon Bank offer?
What is a conventional fixed-rate mortgage?
A conventional fixed-rate mortgage has an interest rate that remains constant throughout the life of the loan. This provides stable monthly payments, making it easier to budget. First Horizon Bank offers various term lengths for fixed-rate mortgages, typically ranging from 10 to 30 years.
How does an adjustable-rate mortgage (ARM) work?
An Adjustable-Rate Mortgage (ARM) has an interest rate that can change periodically based on an index, which may cause your monthly payments to increase or decrease. First Horizon Bank offers ARMs with initial fixed-rate periods of 3, 5, 7, or 10 years, after which the rate adjusts annually.
What is a VA Loan and who is eligible?
VA Loans are mortgages guaranteed by the U.S. Department of Veterans Affairs, designed to help veterans, active-duty service members, and eligible members of the National Guard and Reserves. VA Loans often offer competitive interest rates, require no down payment, and do not require private mortgage insurance (PMI).
