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Types of Loans

 Adjustable Rate Loan

  • Purchase or Refinance of 1-4 family housing units as a primary residence, second home or investment property.
  • Manufactured Homes and Condominiums can be financed on this program.
  • Choose from our Adjustable Rate programs; with 1/1, 3/1, 5/1 or 7/1 adjustment provisions with no prepayment penalty.
  • Maximum loan amount is based on occupancy, property type and loan purpose.
  • Maximum loan term is 30 years.
  • Index established by the one year CMT as published weekly by the Federal Reserve. Rate may increase after consummation.
  • Rate Caps: 2.0% annually and 6.0% lifetime on the 1/1 and 3/1 products; 2.0% annually and 5.0% lifetime on the 5/1 product; 5.0% initially, 2.0% annually and 5.0% lifetime on the 7/1.
  • The adjustment margin is 3.0%.
  • Private mortgage insurance required for loans above 80% LTV.
  • Secondary financing is allowed under certain circumstances.

All-In-One Construction Loan

  • A construction loan program that automatically rolls into a permanent, fully amortized loan without additional fees or paperwork.
  • During the construction phase, borrower pays interest-only payments, based on the amount of construction funds drawn to-date.
  • Choose from a fixed rate loan or an ARM loan with a maximum loan term of 30 years. 
  • Maximum loan amount is based on occupancy, property type and loan purpose. 
  • Construction program requires that 100% of all construction costs be deposited into a construction loan-in-process account. 
  • Your contractor for the project must be a general contractor licensed in the State of Washington, and currently included on First Federal’s approved builder list. 
  • Secondary financing is allowed under certain circumstances.

 Fixed Rate Loan

  • Purchase or Refinance of 1-4 family housing units as a primary residence, second home, or investment property. 
  • Manufactured Homes and Condominiums can be financed on this program. 
  • Maximum loan amount is based on occupancy, property type, and loan purpose. 
  • Number of units allowed may vary with LTV, loan amount, and type of occupancy. 
  • Maximum loan term is 30 years. 
  • No prepayment penalty.
  • Private mortgage insurance (PMI) is required for loans above 80% LTV.
  • Secondary financing is allowed under certain circumstances.

 Improved Lot Loan 

  • Loan program for the purchase of improved real estate as a future home site. 
  • Maximum loan-to-value 75%. 
  • Maximum lot size is 20 acres. 
  • Five year maturity (due and payable); amortized over 20 years.
  • Fixed rate loan--no prepayment penalty.
  • No gifted funds / secondary financing not permitted.
  • One lot loan per customer—must have recorded road access to property. 
  • Site improvements include water, power accessible to property, road access and copy of soils analysis that was completed within the last 5 years, plus perk test. 
  • Property value for determining financing amount is based on the purchase price or appraised value, whichever is less.

 Smart Start Loan 

  • Smart Start for the Purchase, Refinance or Construction of a unique residential property.
  • Available for owner-occupied family residences or second homes. 
  • Choose from any Adjustable Rate Program: 1/1, 3/1, 5/1 or 7/1 adjustment provisions with no prepayment penalty. 
  • Maximum loan term is 30 years for stick built homes; 20 years for manufactured homes. 
  • Maximum loan-to-value 75% for purchase and rate/term refinance; loan-to-value of 70% for construction and cash-out refinance. 
  • Maximum loan amount is $400,000. 
  • Secondary Financing is allowed under certain circumstances. 
  • Down payments and closing costs can be gifted. 
  • An excellent financing option for properties consisting of small living quarters attached to a garage, for cabin-type properties, geo-dome homes or when the improvements-to-land value is low.
  • Program allows borrowers to initially live on-site in garage or quest quarters prior to construction of their permanent home. 
  • Adjustable rate index is established by the one year CMT as published weekly by the Federal Reserve. The rate adjustment margin is 4.0%. The rate is capped at 2.0% annually and 6.0% for lifetime on the 1/1 and 3/1 ARMs. The rate is capped at 2.0% annually and 5.0% for lifetime on the 5/1 ARM. The rate is capped at 5.0% annually and 5.0% for lifetime on the 7/1 ARM. 
  • The periodic rate cap 2.0%.

 USDA Rural Development Guaranteed Loan 

  • Fixed rate loan to purchase or refinance of a 1-Unit, owner-occupied home. 
  • Security must be a stick-built single family residence consisting of one living unit, and all borrowers must occupy the property.
  • Loan term is offered at 30 years.There is a one-time guarantee fee of 1.0% for purchase and refinance, which is paid to USDA. 
  • There is an annual fee of .35% of the unpaid principal balance that will be paid over the life of the loan. 
  • Maximum loan-to-value is 101% for purchase and 100% for refinance, based on the appraised value. This can include repairs, closing costs and the USDA Guarantee fee for financing as part of the loan package. 
  • No prepayment penalty.
  • Program is designed for moderate-income borrowers. Applicants should work closely with their loan officer when applying for financing under this program to ensure eligibility of both applicants and proposed purchase property.

 VA Guaranteed Loan

  • Fixed rate loan to purchase or refinance.
  • Owner-occupied home, 1-unit.
  • Security can be a stick-built or manufactured home as real property. 
  • Maximum loan term is 30 years. 
  • No down payment. 
  • VA Funding Fee can be financed. 
  • No prepayment penalty.
  • Applicants should work closely with their loan officer when applying for financing under this program to ensure eligibility of both applicants and proposed purchase property.

  

NOTE: All terms and conditions are subject to change without notice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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