First Time Home Buyer Program at First Horizon National Corporation

The First Time Home Buyer Program at First Horizon National Corporation is designed to help qualified first-time purchasers turn the goal of homeownership into a sustainable reality. This program combines flexible mortgage options, educational resources, and personalized guidance to reduce typical barriers such as down payment requirements, closing costs, and unfamiliarity with the mortgage process. Built on a foundation of prudent underwriting and supportive client services, the program aims to provide borrowers with a responsible pathway to purchase, finance, and maintain a home.

Key Features and Benefits

• Flexible Loan Options: A variety of conventional and government-backed mortgage products may be available, including low down payment conventional mortgages, FHA-style alternatives, and adjustable-rate solutions for qualifying borrowers.
• Down Payment Assistance: For eligible applicants, the program can include access to down payment assistance resources or lender credits to reduce the upfront cash needed at closing.
• Lowered Closing Costs: Through special pricing, grants, or temporary credits, many borrowers can benefit from reduced closing costs to make the initial purchase more accessible.
• Homebuyer Education: Mandatory or recommended counseling and education modules help new buyers understand budgeting, credit management, mortgage terms, and home maintenance, improving long-term success.
• Personalized Guidance: Loan officers and housing specialists provide one-on-one support throughout prequalification, application, underwriting, and closing stages.
• Local Market Expertise: First Horizon's regional presence and local lender relationships can help match buyers with neighborhoods and loan products that fit their financial profile and lifestyle.

Eligibility Criteria

While specific terms and eligibility requirements are subject to program updates and regional variations, typical eligibility factors include:

• Applicant must be a first-time homebuyer as defined by program rules (often no ownership interest in a principal residence within the past three years).
• Minimum credit score and debt-to-income ratio requirements consistent with the selected mortgage product and underwriting guidelines.
• Proof of stable income and employment history sufficient to support mortgage payments and other recurring obligations.
• Completion of an approved homebuyer education or counseling course when required.
• Property must meet program property standards and be the borrower’s primary residence.

Application Process

The application process is structured to be clear and manageable. Key steps typically include:

1. Initial Inquiry and Prequalification: Discuss financial goals with a loan officer to get a preliminary estimate of affordability and potential loan options.
2. Documentation Submission: Provide income verification, tax returns, bank statements, and identification to support a formal mortgage application.
3. Homebuyer Education: Attend required classes or counseling sessions to satisfy program prerequisites and gain practical knowledge for homeownership.
4. Underwriting and Approval: The lender reviews documentation and property details; conditional approval may be issued pending appraisal and final checks.
5. Closing: Once all conditions are met, closing is scheduled and the transaction is finalized with the transfer of ownership and funds.

Required Documents

Applicants should be prepared to provide standard mortgage documentation, which commonly includes:

• Valid government-issued photo identification.
• Recent pay stubs and proof of income for the last two to three months.
• W-2 forms or 1099s for the last two years, or tax returns for self-employed borrowers.
• Bank statements for checking, savings, and other asset accounts for the last two to three months.
• Documentation of any additional income sources, such as social security, child support, or investment income.
• Credit authorization to permit the lender to pull a credit report for underwriting.

Homebuyer Education and Counseling

Education is a core component of the First Time Home Buyer Program. Approved courses cover topics such as budgeting, credit repair and maintenance, mortgage terminology, the purchase and closing process, insurance and taxes, home maintenance, and strategies for long-term wealth building through homeownership. Counseling sessions help buyers create realistic budgets, understand monthly housing expenses, and plan for unexpected repairs or income changes.

Advantages Over Conventional Routes

The program is intended to reduce friction points that often discourage first-time buyers. Compared to going through a typical mortgage route without specialized support, program participants generally receive:

• Targeted financial assistance options that can lower out-of-pocket costs at purchase.
• Educational resources to reduce the risk of missed payments or default.
• Dedicated staff experienced in first-time buyer needs and local housing markets.
• Support in accessing community and public sector homeownership resources when available.

Common Questions

Prospective buyers often ask how long the process takes and what common obstacles are. Processing times vary based on document completeness and underwriting complexity, but buyers can generally expect a timeline from application to closing that aligns with typical mortgage processes. Common obstacles include incomplete documentation, credit challenges, and property issues identified during appraisal or inspection. Early engagement with program staff and completion of the educational components can significantly reduce delays.

Tips for Success

• Gather documentation early and maintain organized records of income and assets.
• Work on improving credit scores ahead of application by addressing past-due accounts and limiting new credit inquiries.
• Attend all recommended education and counseling sessions to strengthen your application and readiness.
• Communicate proactively with your loan officer about changes in employment or financial circumstances.
• Budget for ongoing homeownership costs beyond the mortgage, including maintenance, insurance, and property taxes.

Final Notes

The First Time Home Buyer Program at First Horizon National Corporation is tailored to equip new buyers with the financial tools, education, and professional support necessary to make informed decisions and sustain homeownership over the long term. While product features and eligibility are subject to change and may vary regionally, the core focus remains consistent: to lower entry barriers, increase buyer confidence, and foster stable, responsible homeownership outcomes.

Address Bank: Memphis, Tennessee, U.S.
Bank: First Horizon National Corporation
Headquarters: Memphis
Products: Mortgages
Type: First Time Home Buyer Program