Mortgage Loans

 

 

Locally Serviced1

Fixed Rate Loans

If you need a fixed rate due to a fixed budget, then a Fixed Rate Loan is what you are looking for. The principal and interest payments on a Fixed Rate Loan remain the same during the entire term of the loan. Fixed Rate Loans come with your choice of a 10, 15, 20 or 30 year term. Fixed Rate Loans can be made with a loan-to-value of up to 97%. Private mortgage insurance is required for loans exceeding 80% loan-to-value. The maximum amount for a Fixed Rate Loan is $424,100. Contact one of our Loan Advisors for details.

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Construction Loans

Our Construction Loans are a one-time closing, construction-to-permanent mortgage loan. The loan provides funds for the acquisition or refinancing of an unimproved residential building lot and the construction of a residential, one-family, owner occupied dwelling. At closing, the borrower signs all construction and permanent loan documents. During the construction period the borrower makes only interest and escrow (if applicable) payments. After the home is completed and all construction funds are disbursed, the loan converts to a permanent loan with regularly scheduled payments of principal, interest and escrow (if applicable). Contact one of our Loan Advisors for details.

Terms and conditions

  • Maximum loan amount is 90% of the appraised value or 90% of the construction cost plus the lot acquisition cost, whichever is less.
  • There is a 6 month construction period. Monthly interest only payments are based on the amount of construction loan funds actually disbursed.
  • Owner self-contracted projects are not eligible.
  • Sweat equity is not permitted.

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Home Ready First Mortgage

Our Home Ready First Mortgage plan provides first-time home buyers with up to $8,000 in matching funds of the borrower’s own funds toward your down payment and closing costs. To qualify for the Home Ready First Mortgage, the homebuyer must have household income that is equal to or less than 80% of the area median income adjusted for family size. First-time home buyers must complete education classes and contribute 3% of their own funds. Funds are available on a first-come, first-served basis. Contact one of our Loan Advisors for details.

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Swing Loans

Swing Loans are designed to assist homeowners in financing the purchase or construction of a new single-family, owner occupied home while still in the process of selling their existing home. A First Federal Swing Loan pays off your existing mortgage loan(s) and provides equity from your existing home to purchase or construct your new home all in one loan. Contact one of our Loan Advisors for details.

Terms and conditions

  • The maximum loan-to-value is 80%
  • The maximum loan amount is $200,000
  • The loan term is 6 months
  • Principal and interest are due at the end of the six-month term
  • The existing home must be listed for sale
  • First Federal must finance the new home

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Lot Loans

Lot Loans provide financing for the purchase of an unimproved residential building lot for the purpose of building a single-family owner occupied dwelling. Contact one of our Loan Advisors for details.

Terms and conditions

  • Maximum loan term of 5 years
  • The building lot financed must be 5 acres or less
  • 15 year amortization
  • The maximum loan-to-value is 75% of the lessor of purchase price or appraised value
  • The maximum loan amount is $100,000

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Jumbo Loans

All mortgage loans over $417,000 are considered Jumbo Loans. A Jumbo Loan can be used for the purchase, refinance or construction of a single family, owner occupied home. Jumbo Loans can be Fixed Rate Loans or Adjustable Rate Loans and will have many of the features of these loans. They are limited to a maximum loan-to-value of 70%. Contact one of our Loan Advisors for details.

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Easy Refi

An Easy Refi is a fixed-rate, first lien loan for a term of 5, 10 or 15 years with minimal closing costs intended to refinance an existing mortgage loan. The loan amount is not to exceed 80% of the appraised value of the property. The $199 closing cost paid by the applicant(s) includes the fees for the Appraisal, Credit Report, Flood Certification, Second Mortgage Report and Mortgage Recording Fee. Any additional fees are the responsibility of the applicant(s). Contact one of our Loan Advisors for details.

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Servicing Released2

We offer government financing options for FHA, VA and USDA through an investor with servicing released programs.

FHA Loans

Federal Housing Administration Loans or FHA Loans are Government insured loans with low down payments and low closing costs. A FHA Loan assists with the purchase of your first home with a maximum LTV of 96.5%. Contact one of our Loan Advisors for details.

USDA Loans

USDA Loans, or Rural Housing Loans, are government funded loans available to low, to moderate income households to help you obtain homeownership. Applicants may obtain up to 100% financing to purchase a single family dwelling home that is located in a designated rural area, as defined by the Rural Housing Service Office. Contact one of our Loan Advisors for details.

VA Loans

VA loans help Service members, Veterans and eligible surviving spouses with a Certificate of Eligibility become homeowners with no down payment required. Contact one of our Loan Advisors for details.

1Local servicing is the process by which the Bank collects the payments from the borrowers and payments are made to the Bank. 

2We offer government financing options for FHA, VA and USDA through an investor with servicing released programs. Please call one of our trusted  Loan Advisors for further information and interest rates.