First Federal Savings Bank - Lending Services

Mortgage Loan Programs

With the wide variety of loans available today for the purchase of a home, it's easy to get confused…use the table below to help you, and then contact one of our experienced Loan Officers to help you select the right loan for your unique needs.

What it offers

Why you may choose this program

Available for:

Conventional Fixed Loan amounts to $417, 000 Jumbo Loan amounts $417,001 and up

CONSISTENCY:
Fixed rate, fixed payment. Down payments as low as 5% for owner occupied homes with loan amounts below $417,000,competitive interest rate.

If you are purchasing a home you intend to stay in for possibly 15 years or longer and you want the consistency of a fixed monthly payment, and you have at least 5% of the purchase price for down payment.

Purchase
Constr/Perm
End Loan
Refinance
Owner occupied
Investment property

Conventional ARM Loan amounts to $417,000, Jumbo loan amounts $417,001 and up

SAVINGS:
Below market interest rate for initial 3, 5, or 7 year term. Fixed rate conversion option*. Down payment as low as 5% for owner occupied homes with loan amounts below $417,000.

*No conversion option on Jumbo loan amounts.

If you are purchasing a home you intend to stay in for 1 to 15 years, or you want to maximize your buying power by taking advantage of a lower interest rate.

Purchase
Constr/Perm
End Loan
Refinance
Owner occupied
Investment property

Conventional Bi-weekly Loan amounts to $417,000, Jumbo loan amounts $417,001 and up

ACCELERATED REPAYMENT:
Fixed rate, fixed payment, bi-weekly schedule cuts years off your loan. Down payment as low as 5% for owner occupied homes with loan amounts below $417,000.

If you are purchasing a home you intend to stay in for possibly 15 years or more, and you are comfortable with making a payment every two weeks. Accelerated schedule SAVES THOUSANDS OF DOLLARS IN INTEREST.

Purchase
Constr/Perm
End Loan
Refinance
Owner occupied
Investment property

Coventional Balloon Loan amounts below $417,000

SAVINGS:
Below market interest rate for initial 5 or 7 year term. Conditional right to refinance available on owner occupied properties. Down Payments as low as 5% for owner occupied homes with loan amounts below $417,000.

If you are purchasing a home you intend to stay in for 7 years or less, or you want to maximize your buying power by taking advantage of a lower interest rate.

Purchase
Constr/Perm
End Loan
Refinance
Owner occupied
Investment property

Government FHA

FLEXIBILITY:
Fixed interest rate, down payments as low as 3% which can come from gift funds. Less credit restrictions and higher qualifying ratios.

If you have less than 5% saved for down payment, or if your down payment funds are coming from a gift. If past credit problems exclude you from conventional financing.

Purchase

Government VA

NO MONEY DOWN:
Zero down payment programs for eliglible veterans. Fixed interest rate, less credit restrictions and higher qualifying ratios.

If you are an eligible veteran, and you have little or no savings for down payment.

Purchase

IHDA 1st time buyer

SAVINGS:
Below market fixed interest rate for First Time Homebuyers. Down payments as low as 5%.

If you are a First Time Home Buyer, and you have at least 5% of your purchase price saved for down payment.

Purchase

End Loan

FmHA 100% financing

NO MONEY DOWN:
Zero down payment program for first time buyers or buyers needing more space. Available in certain areas. Higher qualifying ratios.

If you are a First Time Home Buyer, or you need more space for your family, and you have little or no savings for down payment.

Purchase

PLEASE NOTE: When considering your financing options, keep in mind that all mortgage programs have restrictions that may apply to your purchase or refinance. Please use this chart as a guide, and then contact one of our Loan Officers or E-mail us for more information. For your convenience, download an application or estimate your payment. We look forward to hearing from you!