First Horizon Physician Mortgage Loan Review

Physician mortgage loans are specifically designed for high-earning medical professionals. Becoming a doctor usually involves taking on significant student loan debt. That doesn't mean you can't access a home loan while making monthly student loan payments.

First Horizon Bank offers a home financing program for select medical professionals. The Southeastern U.S.-based bank is also home to medical private banking and a host of other banking and financial services. This review walks through physician mortgage loans available through First Horizon to see if one is right for you.

Residents allowed	No
Maximum loan amount	$2.5 million
How they treat student loans	Not included when deferred for more than 12 months
Degrees that qualify	MD, DO, DPM, and OMS
Eligible states	AL, AR, CT, GA, FL, LA, MS, NC, SC, TN, TX, VA, NJ, NY

First Horizon physician mortgage details

With roots going back as far as 1864, First Horizon Bank has a long history of providing financial services to individuals and professionals. The bank operates approximately 250 locations across the Southeastern U.S. First Horizon offers several bank accounts, loan products, investment planning, insurance, and private client and trust services.

Unlike some lenders that provide mortgage loans to a wide variety of medical professionals, First Horizon physician loans are specifically for doctors of medicine, doctors of osteopathic medicine, oral surgeons and podiatrists. Other medical professionals might qualify for other loan products available through First Horizon.

First Horizon physician mortgage loan: pros and cons

First Horizon offers flexible physician mortgage options for select medical professionals. Like any lender, there are pros and cons to obtaining a loan through First Horizon. Regardless of which lender you choose, pay attention to fees and closing costs to determine the real cost of buying a home.

First Horizon physician mortgage loan pros

First Horizon physician mortgage loans offer some advantages that may be attractive to qualified borrowers.

Up to 100% financing

First Horizon offers 100% financing up to a $1.5 million mortgage loan. Loans max out at $2.5 million with up to 90% financing available.

Low credit score requirement

You only need a 670 credit score to qualify for a First Horizon physician loan. A 670 FICO score falls on the low end of the “good” credit score range, but is lower than what other lenders may require.

Open to H-1B visa holders

They offer H-1B visa non-citizens loans for up to 100% financing.

Close before starting your job

You don't have to be in an established career to qualify for a physician loan. First Horizon accepts applicants with an employment contract and allows you to close on a home up to 90 days before starting your job.

No upfront mortgage insurance

Private mortgage insurance (PMI) is something many homeowners must pay when they take out a conventional mortgage loan with less than a 20% down payment. First Horizon borrowers aren't required to pay mortgage insurance regardless of the loan amount or down payment.

No age restrictions

There are no age requirements to qualify for a loan through First Horizon's physician mortgage financing program.

First Horizon physician mortgage loan cons

While First Horizon loans come with many benefits, it's important to understand some potential drawbacks of financing through the bank.

Limited availability,

Unfortunately, First Horizon physician mortgage loans aren't available for every medical professional. Loans are limited to professionals with MD, DO, DPM, and OMS degrees.

No cashout financing

There's no option for a cashout refinance through First Horizon, which allows you to leverage your home equity to receive cash for home improvements, pay off debt, or for other large expenses.

Only available in specific states

First Horizon physician mortgage loans are only available for residents of 14 states, including Alabama, Arkansas, Connecticut, Georgia, Florida, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, Virginia, New Jersey and New York.

How to apply for a First Horizon physician loan

Applying for a mortgage loan through First Horizon requires talking to a First Horizon Bank Private Client Services Relationship Manager. Taking out a mortgage through the bank also requires opening a First Horizon checking account, which can be done during the process.

Step 1. Contact First Horizon

Start the process by contacting a First Horizon Bank Private Client Services Relationship Manager.

Having the proper information on hand will streamline the process considerably. When reaching out, have the following information available:

• Name
• Email
• Phone number
• Address
• Loan amount
• Loan purpose
• Property location
• Property zip code

Step 2: Gather supporting documentation

Lenders like First Horizon perform due diligence to ensure that information provided by applicants is accurate. During the application process, the loan manager will provide you with a list of documents required to move forward. The documentation you may need to provide includes:

• Pay stubs (recent 30 days) or an employment letter.
• Recent bank statements.
• Tax returns.
• Driver’s license or other government-issued ID.
• Home purchase agreement.

The specific documentation required depends on your specific situation and the lender’s underwriting requirements.

Step 3: Accept the loan if approved

First Horizon will contact you after it processes your application. If approved for a mortgage loan, look over all of the paperwork provided. Pay close attention to any disclosures, closing costs, origination fees and other costs associated with the loan. Your loan manager will direct you with the next steps to take as you become a homeowner.

Should you apply for a physician mortgage with First Horizon

There's a lot to like about physician mortgage loans from First Horizon if you qualify. The bank offers a variety of loan terms and rate options to fit your situation.

Determine your needs to see if it makes sense to apply for a mortgage through First Horizon. Compare First Horizon to other physician mortgage lenders to see how they stack up, or fill out the form below for more information.