First Horizon Bank Mortgages

First Horizon Bank Mortgages Review

First Horizon Bank Mortgages is offered by First Horizon Bank (NMLS #472329), a bank founded in 1864 and based in Memphis, TN. First Horizon Bank Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 5 different mortgage programs offered. First Horizon Bank Mortgages offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. First Horizon Bank Mortgages offers adjustable-rate mortgages and fixed-rate mortgages.
• Fast funding process. In some cases, you may be able to process the loan within one business day.
• No origination fee. First Horizon Bank Mortgages does not charge a fee for processing your application on some loan options.
• Maximum LTV. First Horizon Bank Mortgages has a maximum loan to value ratio of 80%.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for First Horizon Bank Mortgages.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for First Horizon Bank Mortgages.
• Maximum DTI ratio. First Horizon Bank Mortgages has a maximum debt-to-income ratio of 40%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.

First Horizon Bank Mortgages Pros & Cons

First Horizon Bank Mortgage FAQ

What is the maximum loan term you can get with First Horizon Bank Mortgage?

First Horizon Bank Mortgage offers mortgages with a maximum term of 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does First Horizon Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

What is the estimated funding time?

First Horizon Bank Mortgage will typically fund mortgages within 0 and days of approval.

Do they charge mortgage origination fees?

No, First Horizon Bank Mortgage does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does First Horizon Bank Mortgage charge prepayment fees?

No, First Horizon Bank Mortgage does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, First Horizon Bank Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does First Horizon Bank Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. First Horizon Bank Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties

What is the customer service phone number?

The customer service number for First Horizon Bank Mortgages is (800) 489-2950.

What is the support contact email?

The support contact email for is customerservice@firsthorizon.com.