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 |
