IRVING, Texas, June 6, 2005 (PRIMEZONE) -- Consumers seeking a home with little or no credit history can now take advantage of new expanded home financing options from First Horizon Home Loans. From its Home on the Horizon family of flexible loan programs, First Horizon features a Fannie Mae loan program called My Community Mortgage, which now offers an expanded array of options that includes mortgage insurance reductions up to 15 percent (depending on loan-to-value ratio), allowance for income from boarders and stated second incomes, increased debt-to-income ratios up to 45 percent in most cases, lower credit score allowances and cash acceptances to cover additional financing costs.
Also available within the Home on the Horizon program is the ability to use gifts and grants to cover other financing costs; finance a single family home or a condominium; get a fixed rate loan for easy budgeting; pay low down payments, including a $500 minimum contribution; and use additional part-time and overtime income to help qualify for a loan.
The expanded flexibility is part of Home on the Horizon, a family of loan programs designed to qualify consumers with non-traditional credit history or those who can't afford traditional down payments. This array of programs is designed to increase homeownership of ethnic minority consumers, new immigrants to the United States and first-time homebuyers. Consumers can apply online at www.FirstHorizon.com or contact their local First Horizon branches to get more information on My Community and other Home on the Horizon programs.
Other consumer products available through First Horizon include checking and savings accounts, CDs, IRAs, personal loans, credit cards, investment products, financial planning, insurance, wealth management products, online banking, and cashiers, travelers and gift checks.
About First Horizon Home Loan Corporation
First Horizon Home Loans is part of First Horizon National Corp. (NYSE:FHN). Headquartered in Irving, Texas, First Horizon Home Loans is a leader in the mortgage banking industry. The company ranks among the nation's largest full-service mortgage banking companies, ranking 15th in servicing with $72.17 billion in volume and 18th in originations with $18.21 billion in volume for the first half of 2004.
The First Horizon family of lending companies includes First Horizon Home Loans, First Horizon Wholesale, First Tennessee Home Loans and First Horizon Equity Lending.