First Mortgage Loan Programs
First Mortgage Corporation (FMC) is the only lender in the state of California authorized to offer the NHF Access/FirstDown programs. The program allows up to 99.5% (CLTV) financing and is designed to help low- to moderate-income Californians realize the dream of home ownership. Access achieves this with a fixed interest rate on a 30-year FHA loan and assistance with down payment and closing costs via a low, fixed-rate second loan. This program is also eligible for FHA flip transactions for properties purchased less than 90 days -- with no overlays! FMC allows FICO scores as low as 580 for the Access/FirstDown programs.
Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies, Fannie Mae and Freddie Mac, which offer standardized underwriting guidelines. These loans can offer either fixed or adjustable interest rates and have a variety of repayment terms available that can be tailored to meet individual needs. FMC offers financing for up to 10 properties through FNMA.
EEM (Energy Efficient Mortgages)
FHA's Energy Efficient Mortgage provides mortgage insurance for the purchase or refinance of a principal residence and incorporates the cost of energy efficient improvements into the mortgage. The borrower does not have to qualify for the additional money and does not make a down payment on it.
FHA loans are ideal for first-time home buyers. They are made by lenders such as FMC, and insured by the Federal Housing Administration. Down payments can be in the form of gifts, grants or subordinate financing. These loans offer either fixed or adjustable interest rates, with 30-year repayment terms. Each area of the country has its own designated maximum loan amount, as determined by the Department of Housing and Urban Development (HUD). FMC lends to qualified borrowers with FICO scores as low as 500.
Jumbo or Non-Conforming
If the anticipated amount of a mortgage loan exceeds the maximum amount permitted by conventional loans, FMC offers a variety of mortgage options referred to as jumbo, or non-conforming, loans.Loan amounts may be up to $1 million or more. These loans offer either a fixed or adjustable rate mortgage. Program parameters vary depending on the down payment and actual loan amount. Terms can be customized to suit specific needs, making this the most popular program for home buyers acquiring their second, third or subsequent home loan.
CHF and First Mortgage Corporation (FMC) have teamed up to bring Californians the Platinum Loan. This is a 30-year fixed-rate FHA or VA first mortgage combined with up to 3% or 5% down payment assistance grant to help with down payment and/or closing costs. The Platinum Loan is designed to help low- to moderate-income individuals and families achieve the dream of home ownership in California. Grant need not be paid back.
Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements, VA mortgages may be provided with no down payment required, making them ideal for first-time borrowers. VA loans are made by approved lenders, such as FMC and guaranteed by the Veteran's Administration. Closing costs are regulated for the protection of the Veteran. VA loans are also assumable with release of liability and there are no penalties for prepayment.