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Types of Loans

Mortgage Types

Choosing the right mortgage for you

Now more than ever, choosing the right mortgage loan for you is the most important part of the home ownership puzzle. Although there are many different mortgages available, they all fit into only a few basic varieties. Some may be a good fit for you, while some may put you into a very unfavorable financial position. First Fidelity Mortgage will meet with you to discuss your current financial situation, what your goals are and where you want to be financially in the future to determine the best course of action in purchasing your next or first home.

 

Common Loan Types

Conventional

A traditional mortgage, not directly insured by the Federal Housing Administration or (FHA) or guaranteed by the Department of Veteran’s Affairs (VA) Most conventional loans under $417,000 are administered through Fannie Mae or Freddie Mac, which are private corporations regulated by the Federal Government. Loans over that amount are designated jumbo loans and are funded by the private investment market. Conventional is the most common mortgage type.

FHA

Insured by, but not funded by the Federal Housing Administration (FHA). The FHA is a division of the U.S. Department of Housing and Urban Development (HUD) and is designed for, generally, low- and middle-income borrowers and many first-time homebuyers. There are, however, limits which vary from county to county on the maximum loan amount.

VA 

VA loans are insured by the U.S. Department of Veterans Affairs and are available to active, reservists and veterans of the United States Armed Forces. The VA insures, but does not fund 15- and 30-year fixed and one-year adjustable mortgages with lower down payment requirements (as low as zero down) and somewhat lenient qualifying ratios. VA Loans can be used for purchase or refinance.

In-house Portfolio

A fully amortizing conventional fixed rate 10 & 15 year conforming mortgage loan retained and serviced at First Fidelity Bank.

Jumbo

Mortgage loans exceeding $417,000. Terms and underwriting requirements may vary from conforming loans. Loan to Value Ratio: A ratio determined by dividing the sales price or appraised value into the loan amount, expressed as a percentage. For example, with a sales price of $100,000 and a mortgage loan of $80,000, your loan to value ratio would be 80%. Loans with an LTV over 80% may require Private Mortgage Insurance, defined below.



 

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First Fidelity Bank
PO Box 32282, Oklahoma City, OK  73123
Toll Free:  (800) 299-7047
mortgageoperations@ffb.com
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