Our Loan Products

At First Federal Lending, we have programs that every other bank or lender has, but a few more they probably don't.  See "Our Specialties" link for more info, but we'll find a way to do it better...and cheaper!  FFL services almost every loan, too.   Here's a sample of our products.

* Fixed Rate Products *

Whether it's a 30-year fixed or a 10 year fixed, we have fixed products directly from Fannie Mae.  No middle man, so when we deliver, you can be assured these are the best rates.  And, if a lower payment is desired, we have a 40-year Fixed loan.  Need a JUMBO FIXED RATE?  We have the lowest rates and best loans in the business.  Ask for details. 

* ARM Products, including the 5/5 up to $1,000,000 *

First Federal Lending has countless options to fit your situation.  our EXCLUSIVE 5/5 ARM is one you won't find elsewhere.  Fixed for 5 years before the first adjustment, it only makes one adjustment to the rate with a cap of 2% in 10 years (month 61)!  This ARM adjusts every 5 years only.  The rate?  4.25% up to $800,000 (*adjustments may apply based on credit scores or loan-to-value).  We also have 1-year ARMs, 3/1, 5/1, 3/3, 7/1, and so much more.  A number of these hybrid loans will give the option for jumbo loan clients, going to $800k and even $1,000,000.

* FHA Loans including Down Payment Gifts to 100% *

For a number of years, FHA took a back seat to the 100% programs offered through Fannie Mae and Freddie Mac.  Now, in times of change with minimum credit scores or requirements, FHA is rapidly becoming an option of choice.  FHA (Federal Housing Administration) has low down payment options with 3.5% down.  This program also allows a gift where a buyer could potentially have little saved for down payment and still buy with a gift from a relative.  FHA rates are good and this program does not require one to be a first time buyer.  Loan limits are higher and income is not limited.  There is also more leniency with this program for scores down to 620.  Please call for questions. 

* Construction Loans and Improvement Loans *

If you're looking to build a new home or do improvements to what you own, we have options for you.  Our construction loan rates are typically the same as the market 30yr fixed with only the adjustments for the time of the lock.  You may lock up to 9 months for only .125% high interest rate and 360 days with only .375% higher adjusted rate.  And, where no one else will, we offer up to 90% on our construction loans!  No PMI on these, too.  These are very detailed loans, so please call for more information with specifics to your situation. 

* OHFA Loans *

When asked what allows the lowest down payment these days, OHFA is the answer.  OHFA stands for Ohio Housing Finance Agency (http://www.ohiohome.org/) and it's an affordable option for buyers in a certain market.  This program is designated for first time buyer (no ownership benefits in the prior 3 years) and there are income limitations.  Interest rates are low and they provide a grant of 2% to assist with your down payment, which will cause the rate to be .50% higher if elected.  The PMI and rates are low and the their drive is to help more qualified people into home ownership.  Please call me for details on this.

* 80/10 Loans to Avoid PMI...Also Split Premium to Reduce M.I. *  

Getting creative is sometimes the most important part of my consulting I do.  Just because you only have 10% to put down is not a reason to pay full private mortgage insurance (PMI).  We actually offer a number of options to reduce or even avoid PMI completely.  This could make a huge difference to the bottom line on your payment...just by looking at the numbers to see what looks best.  It's your loan!  Let's find the best solution to fit your family's needs.

*  Investment Properties up to 15 Financed, Close in LLC  *

~ We can finance up to 15 properties, 1-4 units, for any one buyer.  The first 4 properties fall into one category of guidelines for Fannie Mae.  Properties 5 - 10 that are financed have a different set of rules.  This is where Fannie Mae cuts investors off.  At First Federal Lending, however, we will continue on our portfolio 5/5 ARM to finance the remaining 5 properties.  By the way, our rates are the SAME rates as an owner occupied property, giving you better cash flow.  If the conventional owner-occupied interest rate on a 30-year fixed is 5.00%, so is the investment rate.  Call for more detailed information.

* Equity Lines with Fixed Rates, Second Mortgages, and Lines * 

From what we hear, we are one of the few banks still offering equity lines and 2nd mortgages, but we will go to 90% on these lines and loans.  There are many to chose from, so please call me directly to see how your credit score, loan size, and equity affect your final margin and rate.   

*AND...WE SERVICE ALMOST EVERY LOAN WE CLOSE.

Since 1935...   We've Been Here. We'll Be Here.

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