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Mortgage options

Ready to make your move? The first step is understanding your 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:

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A brief comparison of loan types available:

Mortgage Type Advantages Disadvantages Down Payment
Conventional Fixed Steady, fixed rate makes monthly budgeting easier Generally higher down payment and credit score requirements
  • 20% of purchase price with no mortgage insurance
  • <20% requires private mortgage insurance (PMI)
Adjustable Rate Typically lower initial interest rate After initial rate period, rates may fluctuate based on the current interest rate
  • 20% of purchase price with no mortgage insurance
  • <20% requires private mortgage insurance (PMI)
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

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