Refinance Mortgage - Current mortgage rates remain attractively low. Call First Mortgage today and let one of our loan professionals provide you with a "Good Faith Estimate" of closing costs for a refinance on your present mortgage. To view some examples of refinance cost and what a lower interest rate can do for you , go to our "Refinance Examples" page. If you have an ARM (adjustable rate mortgage) with a scheduled rate increases and you are planning on staying in your home at least five years, now may also be the time to refinance to a fixed rate mortgage. Cash back amounts may be used to pay-off any high interest second mortgages, credit cards or other personal loans.
FHA Mortgage – We offer both fixed and adjustable-rate FHA mortgages. They can be used to purchase or refinance owner occupied homes. FHA mortgages are insured by the U.S. Department of Housing and Urban Development (HUD). Homebuyers can put down as little as 3% of the lesser of the FHA appraisal value or the purchase price, and if refinancing, get a higher mortgage than would be available under a conforming conventional mortgage. Qualifying standards are not as strict as most conventional mortgages and interest rates are slightly lower than conventional loans. For a list of FHA Loan Limits click here)
VA Mortgage – A fixed-rate loan available for purchasing or refinancing an owner occupied home. VA mortgages are guaranteed by the Department of Veterans Affairs, to qualified veterans’, reservists’ on active duty, or the surviving spouse of a veteran with 100% entitlement. Qualified buyers can use a VA loan to purchase a home with no money down or refinance their home at 90% of value. VA mortgage interest rates are slightly lower than conventional mortgages and have lower closing costs. Present VA loan limits are $203,000 for a purchase and $144,000 on a refinance loan. A Certificate of Eligibility from the Veterans Administration is required. Your lender can provide the needed request forms, or you can obtain them from the nearest VA office or the VA web site.
USDA Guaranteed Rural Housing Loan/100 % No Money Down - This loan is used by borrowers to purchase a home they will personally occupy. This 30 year fixed rate mortgage is offered to families whose income does not exceed 115 % of the median income for the area (to see a chart of incomes limits by family size click here). There is no loan limit as long as the borrowers meet income ratios. This no down payment loan can be used to purchase rural property (most city properties in Western Colorado and Southeastern Utah are eligible). Closing cost and repairs can be included if the appraised value warrants. There is a 1.5% up front Funding Fee, but this loan does not require monthly mortgage insurance premium. New homes have a minimum landscape requirement. Older or existing homes must meet minimum thermal standards. Recent legislative changes, effective May 15, 2001, now authorize the USDA Guaranteed Rural Housing Program to be used for both purchase and refinance loans.
Conventional/Conforming Fixed Rate Mortgage - Financing which is not insured or guaranteed by a government agency. These conforming mortgages are sold on the secondary mortgage market to Fannie Mae or Freddie Mac, two quasi-governmental agencies that buy mortgages from cooperating lenders. The type, maximum LTV ratio, terms, income/debt ratios, and restrictions are set by each agency. The maximum mortgage on a single family home that both agencies will purchase is currently $275,000 (11/28/2000). Conforming loans tend to have the strictest qualifying criteria. If your credit is shaky or you have been job-hopping in recent years, you may find it easier to qualify for a non-conforming mortgage. We can help you decide on the best course to follow.
Conforming Convertible ARM - An adjustable-rate mortgage, which allows you to convert to a fixed rate at certain specified times, usually between the second and fifth year. There is a fee to convert, and your rate will be approximately .325% higher than the going rate for fixed rate mortgages.
Conforming Convertible Loans (7/1 5/1 3/1) - An ARM loan, this convertible loan offers a fixed rate for the first three, five or seven years, then switches to a traditional ARM that fluctuates with the market. This loan could be useful if you strongly believe that interest rates will fall, you only plan to have the mortgage for a short period of time, or, your income will increase substantially in the next few years and you want to qualify for a higher loan amount.
Less Than Perfect Credit Mortgages - For those consumers that have experienced difficulty in obtaining credit approval due to unforeseen credit problems in the past. First Mortgage loan officers can help guide you through the options available to help make that new home a reality.
Home Equity Loans (Up To 125% LTV) - A loan that offers you the option of borrowing cash against the equity you have in your home to pay-off high interest credit cards or use the loan proceeds to pay for home improvement projects or needed home repair.
No Income Verification Mortgage/No Ratio Loans - These programs are offered to self employed borrowers with established credit histories and the option to obtain loans base on that payment history. These loans do not require income verification and the associated cost lengthy work of providing audited profit and loss statements.
Alternate Documentation Mortgages - These loans have less traditional documentation requirements. There reduced employment and income verifications documentation offers borrowers with less traditional or hard to explain income sources an alternative to the time consuming rules of conforming loans.
Manufactured Home Loans are available from several of our end investors as an alternative to the higher cost loans generally offered through manufactured home dealers.
FHA 203(k) Rehabilitation Mortgage - A single mortgage that provides cash for the purchase or refinance of a home, plus needed repairs. To be eligible, the property must be a one-to four- family, owner occupied dwelling that has been completed for at least one year. A minimum of $5,000 must be spent on eligible repairs, which can include costs to bring the home up to Cost Effective Energy Conservation Standards. An escrow account is created to pay for improvements as the work is completed. Please call for specific details and requirements.