At First Lenders, we assist you with determining the best mortgage product to fit your personal needs. We have five main loan programs that are offered. These programs feature:

•  Fixed interest rates
•   No Pre-payment Penalty
•  Choice of terms (10, 15, 20, 25, or 30 years)
•  VA & FHA Loans are assumable
•  Adjustable Rates
•  Balloons

FHA loans have a lower down payment requirement than conventional loans, but higher than VA loans. FHA has a more liberal qualifying formula than on conventional loans but not as liberal as VA loans. FHA loans made before December 15,1989 are fully assumable and can be creatively financed. Loans made after December 15, 1989 can be assumed at the same interest rate with qualification. FHA has two loans -- fixed rate and a 1-year ARM loan!

Disadvantages: $200,160.00 county loan limits may be inadequate in high cost areas. Appraisals may contain more repair requirements than conventional loans.

Back to Mortgage Options