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

The VA loan program for owner-occupied housing is one of the best loan programs in the free world. It is possible for a veteran to obtain 100% loans up to $244,000 with absolutely no down payment and the seller or builders are allowed to pay all of the veteran closing costs (up to 4% of price), making the total cash requirements to purchase, in some cases, zero. If the veteran desires higher priced homes, he generally is required to make a down payment on the amount over $244,000. Generally, the Veterans Administration is a bit more liberal than conventional lenders would be with regard to the veteran's credit standing and qualifying for the VA loan, although recent VA underwriting changes make the qualifying criteria similar to conventional mortgages. VA now offers a 3-1 ARM at a lower qualifying rate, and it is still assumable.

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