Home Loan Products

 

We have a wide range of mortgage products available for purchases and refinances. Contact your local First Federal Savings Bank Loan Originator to discuss the best option for you.

Here are just a few of the loans we offer: 

Premier First Time Homebuyer Program

 

The Premier First Time Homebuyer Loan Program is available for the purchase of a single-family, primary residence only. Manufactured housing & construction loans are not eligible. A first time homebuyer is anyone who has not had title to or owned a home in the past three years.

 

  • Various Fixed and ARM terms available
  • LTV/Credit Score: 90.01 to 95% (with no PMI) on credit scores of 720 or higher
  • LTV/Credit Score: 80.01 to 90% (with no PMI) on credit scores of 700 or higher
  • No Closing Costs options available
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Premier 10/1 ARM Loan Program

 

First Federal Savings Bank offers this program to those borrowers that would like a loan option for their loan transaction that does not carry with it secondary market fees.

 

  • No secondary market fees to keep closing costs as low as possible
  • Portfolio loans
  • Loan Purpose: Purchase, No Cash Out Refi, Cash Out Refi available, Construction Perm Loans are not allowed
  • Term/Product: ARM only, see Loan Originator for details
  • Program may be used with First Time Homebuyers Program, where First Federal Savings Bank pays for standard closing costs


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Home One Program

 

This conventional loan product allows for a minimum of 3% down payment and can be less costly over the life of the loan than FHA programs.

 

  • 3% Minimum Down Payment
  • Manufactured Homes not allowed
  • Program is not credit score driven
  • No income or geographical limitations
  • Gifts From Relatives Allowed




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First Time Homebuyer Program

 

First Federal pays the standard closing costs for borrowers who purchase a single family primary residence and who have not owned a home in the past three years.

 

  • You Choose any Home Loan Product That Fits Your Needs
  • First Federal pays all standard closing costs
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Lot Loans

 

This program is designed for borrowers that have found their piece of land to build on in the near future.

 

  • Maximum LTV 80%
  • Maximum 10 acres, exceptions may be allowed for larger pieces of property.
  • Purchase and No Cash Out Refinance Allowed
  • No buildings/structures can be on site
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Home Possible Program

 

This conventional loan product allows for a minimum of 3% down payment and can be less costly over the life of the loan than FHA programs.

 

  • 3% Minimum Down Payment (Non Manufactured Home)
  • 5% Minimum Down Payment (Manufactured Home)
  • Program is not credit score driven
  • Borrower(s) Income Must Be At or Below Area Median Income
  • Gifts From Relatives Allowed
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Construction Perm Program

 

One closing transaction for the entire process. After construction is complete, you will simply sign a modification agreement, stating the interest only period is over and the loan will be reset to fully amortized principal and interest payments.

 

  • Fixed Rate and ARMs Available
  • Up to 12 Month Construction Period
  • Modular Homes are Acceptable
  • No Manufactured Homes
  • Upon Completion of Construction, interest rate will be modified to current market rate not to exceed rate set at closing, if construction is completed within the building timeframe.
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Jumbo Loan Program

 

This loan is for borrowers that need first mortgage loan amounts above $726,200

 

  • Fixed Rate and ARMs Available
  • Primary Residence, Secondary Homes, and Construction Perm Loans Only
  • Purchase or Refinance




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80/10/10 Loan Program

 

This loan program is designed to offer an alternative to paying Mortgage Insurance for loans greater than 80% LTV.

 

  • 80% LTV First Mortgage (Fixed Rate or ARM)
  • 10% second mortgage
  • 5% down payment must come from borrowers own funds
  • Owner Occupied, Primary Residence Only
  • Purchase and No Cash Out Refinances Only

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Government Programs

 

These programs offer the borrower a lower down payment option when less than perfect credit scores is present.

 

  • FHA – Minimum 3.5% Down Payment, Single Family Primary Residences Only, Purchase and Refinances
  • USDA – 0 Down Payment Option, We can loan up to 100% of the Appraised Value of your new home, 30 Year Fixed Rate, Single Family Primary Residence Only, Purchase Transactions Only

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Purchase with Improvement Program

 

This loan program allows you to purchase your new home and immediately start any necessary renovation without the hassle of closing on another loan.

 

  • ARM Products Only
  • Renovations must be complete within 4 months of closing
  • Primary and Second Homes Only
  • Maximum LTV 95% (Contingent on MI Approval)

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Refinance with Improvements Program

 

Similar to the Purchase with Improvement program, but this program allows you to remodel, renovate your existing home to better suit your family’s needs.

 

  • ARM Products Only
  • Renovations must be complete within 4 months of closing
  • Primary and Second Homes Only
  • Maximum LTV 95% (Contingent on MI Approval)

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With a history of integrity & quality, First Federal Savings Bank is the place for you. We can help you build a foundation with the right tools & services.