1st financial mortgage

1st Financial Mortgage is a wholesale mortgage broker providing its customers with a bouquet of loan products and services at best possible terms and rates. They try to provide high quality service and loans to every income strata by working with numerous housing agencies and lenders of highest quality. 1 st Financial Mortgage provides more than 300 loan programs to its customers.

1st Financial Mortgage Products :

• VA loans
• New Construction
• Single Close Construction
• WHEDA loans
• Guaranteed rural Housing

 

1st Financial Mortgage Services

• Assistance on down payment.
• Pre-qualification is free of cost.
• Application is available online 24×7.
• No cost is involved for closing a Construction loan.
• VA Financing :-

VA financing is a US government sponsored program especially for the veterans of United States of America. But this loan is not offered by VA directly, but by a lender like 1 st Financial Mortgage. VA gives protection to the lender by guaranteeing against any default of payment by the borrower.

Benefits associated with VA financing are :-

• Availability of 100 % financing.
• Monthly mortgage insurance is not required.
• Very low or no down payment.

New Construction Loan

New Construction Loan provides fund to the home owners for constructing a new home. Homeowners are required to pay only the interest on the funds during the construction phase. It modifies to a traditional mortgage loan with principal and interest rate only after the completion of the construction.

Characteristic features :-

• These loans are available for a term of 15 or 30 year lifespan.
• Properties are owner occupied.
• The construction term is up to 1 year.
• These are 5/1 ARM loans.

Single Close Construction Loan (SCS)

1. Single Close Construction (SCS)Loan require fee only once and do not bear duplicate fees.
2. SCS loans require only one application and don’t require unnecessary and costly paperworks of duplication and re-qualification.
3. 95% of the value are liable to be financed through Single Close construction loan.
5. SCS loan has a flexible characteristics where interest payment can either be done on a monthly basis or finance the loan balance at the time of interest-only period.
6. Down payment amount is minimum or zero.
7. A period of 1 year of interest-only-payments are available.

WHEDA Loan

WHEDA loans have the following characteristic features :-

1. WHEDA Loans provide fixed interest rate loans to low and middle class income first-time-home-buyers at a rate lower than the market rate.
2. For 3 years, the borrower cannot have any ownership right in any principal residence.
3. Mortgage insurance premium is low and the monthly payments decreases.
4. There is a protection for mortgage payment in case of involuntary job-loss.
5. If a borrower of a WHEDA loan sells the home financed by the scheme within 9 years then he will be subjected to a Federal tax called Recapture.