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. The products below range from those found everywhere to "Our Specialties", which demostrate why we're a step ahead of the rest. FFL services almost every loan, too. Here's a sample of our products.
** THE NEW 95% LOAN WITH NO MONTHLY PMI
...and the rate is the same! You won't find a better payment anywhere with 5% down. Eliminate your monthly mortgage insurance by covering a small portion upfront - a lot like FHA, but no more monthly payment. The cost is based on credit scores and can be covered one of many ways: Up front paid by the buyer, up front paid by the seller, a combination of both, rolled into the loan, or a combination of upfront and rolled into the loan. Your choice means a much lower payment. See below for more details on our NO PMI PROGRAMS.
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FIXED RATE PRODUCTS *
Whether it's a 30, 25, 20 year, 15 year or even 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. Also, with FFL, we service your loan every time with our conventional and portfolio products. You'll never need to worry about your loan being sold off to some other lender or bank. Need a JUMBO FIXED RATE? We have the lowest rates and best loans in the business. Ask for details on First Federal Lending's JUMBO products up to 90% loan-to-value.
* RESIDENT and POST-RESIDENT PHYSICIAN LOANS to 100%, NO PMI *
Another EXCLUSIVE from First Federal Lending, we'll provide loans for physicians up to 100% of the purchase price. There is no PMI on this product, as we portfolio this loan. There are a couple of products we can put these loans into, so please inquire with me directly.
* JUMBO FIXED RATES up to 90% COMBINED LOANS (EXCLUSIVE!) *
First Federal Lending offers some incredible programs, but maybe none more impressive than the JUMBO 30yr Fixed. This rate is just a tad above the conventional rates when the loan-to-value is 80% or below, but now we can offer 90% combined loans based on the appraisal value, even on a refinance. We can also do these loans for construction new build loans on a permanent loan lock. Call for details on this program. Rate adjustments above 80% CLTV.
* ARM PRODUCTS INCLUDING THE 5/5 UP TO $1,000,000 (EXCLUSIVE!) *
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 every 5 years...NOT every year like other 5 year ARM loans. The rates start low, so inquire for the most current rates (*adjustments may apply based on credit scores, combined loan levels, and/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 as high as $800k, even $1,000,000 and above. Special loan committee or board approval needed for these, so please call for details.
* 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. Since the beginning of 2009, FHA loans have shot up to over 37% of all loan volume because the FHA (Federal Housing Administration) has low down p
ayment 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 in Central Ohio are up to $341,700 and income is not limited. There is also more leniency with this program for scores but now, 640 is the minimum required score. We also offer 203k streamline...improvements to your home with the loan when you buy it. 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. I have no fear is stating that the FFL Construction Loan is the BEST in Ohio. Our construction loan rates are typically the same as the market base 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 construction has become difficult in this lending environment, we offer up to 95% on our construction loans! Our 10% down includes the ability to do this without PMI, as well. These aren't ARM loans...this is a 30 year FIXED, one-time closing CONSTRUCTION-TO-PERM loans! We even offer JUMBO CONSTRUCTION LOANS up to 90% with the most competitive rates in the business. NO POINTS on these construction loans, too. These are very detailed loans, so please call for more information with specifics to your situation.
* LONG TERM LOCKED RATES, with NO POINTS (EXCLUSIVE!) *
Just like with construction, some new homes the builder will carry the financing, but it may not be completed for 8, 9 or even 10-12 months! How do you protect yourself from the markets? With the First Federal Lending "Long-Term Lock Option" with no points! Yes, you read it correctly - no points. You pay a small deposit fee to lock, which is refunded at closing and you'll get a rate that is .125% above our purchase rate for up to 8 months. Need longer? .25% above our purchase rate locks you in for 10 months and .375% locks your rate for up to 12 full months! With ZERO POINTS, only a deposit. Please call for details.
* OHFA Loans *
When asked what allows the lowest down payment these days, OHFA is the answer. OHFA stands for Ohio Housing Finance Agency (more information on OHFA at 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 2.5% 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. Lower credit scores permitted on this product, but restictions apply, so please call me for details on this.
* 80/10 LOANS TO AVOID PMI...AND NOW, 95% with NO PMI! *
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). With a 720 minimum middle credit score, you can do a fixed rate or ARM 1st mortgage and add a 2nd or Equity Line up to 89.9% financing. We actually offer a number of options to reduce or even avoid PMI completely. For example, if you don't want 2 loans, why not do 10% down and our Single-Max MI option rolling mortgage insurance into the loan? Or NOW, you can even do 5% down and roll the PMI into the loan, as well? The best part: YOUR RATE REMAINS THE SAME! How could you NOT look at this option? The average difference on a $160,000 purchase is about $162 in savings per month compred to FHA and around $128 on conventional! It absolutely makes a huge difference to the bottom line on your payment. It's your loan! Let's find the best solution to fit your family's needs. * FAMILY LOANS (EXCLUSIVE!) *
Imagine you need to buy a home for your daughter or maybe your mother-in-law, but you don't want to pay the adjustments to higher rates and costs in points for an investment loan. Well, FFL offers an exclusive option for these situations called The Family Loan. Now, with 20% down (just like investment properties), you may buy a home and not have to endure all of the loan adjustments like with a rental property. Call for details.
* EQUITY LINES, FIXED HELOCS, SECOND MORTGAGES *
From what we hear, we are one of the few banks still offering equity lines and 2nd mortgages, and only a few select banks go above 80% combined loan-to-value, but First Federal Lending 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. Our Equity Lines of Credit are typically at no cost.
Peter T. Loeb, Mortgage Loan Specialist, NMLS#712887
**The opinions expressed in this newsletter are the personal opinions, writings, expressions, points, or comments of Peter Loeb, a Mortgage Loan Specialist with First Federal Lending, a Division of First Federal S&L of Lakewood (FFL), and are not necessarily the views or opinions of FFL, it's board, members, depositors, or employees. Duplication is prohibited without the expressed written consent of Peter Loeb.**
First Federal Lending is a division of First Federal S&L of Lakewood
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Main Branch: 14806 Detroit Avenue, Lakewood, OH 44107