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| Mortgage Programs |
| First Federal offers a wide variety of mortgage loan programs and can customize one to suit your needs. We offer Conventional, FHA, VA, Construction-Permanent, Reverse Mortgage Loans, and special loan programs. Click on any of the programs below for a brief description. If you have questions about a program or just need more information, contact us for the Loan Officer nearest you.
Mortgage loan applications are available online for your convenience. Simply complete the application, print, and either drop it off while you visit with any of our Loan Officers, mail to First Federal Bank of Louisiana, P.O. Box 1667, Lake Charles, LA 70602-1667, Attn: Online Lending or fax to Online Lending at 337.421.1305. Also, please print a copy for your records.
First Federal is currently accepting mortgage applications for property in Calcasieu, Beauregard, Natchitoches, Allen, and Rapides Parishes in the State of Louisiana.
Conventional
FHA
VA
Reverse Mortgage Loans
Rural Housing Mortgages
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| Conventional |
Conventional loans are mortgages that are not backed by the Federal Government. These loans can carry a fixed or adjustable (ARM) interest rate and a variety of repayment terms. In some cases, 100% financing is available with private mortgage insurance. Conventional mortgages can be used to purchase, construct, or refinance a home or purchase residential land.
Adjustable Rate
An Adjustable Rate Mortgage (ARM) is a conventional loan with a variable interest rate that adjusts according to the market. These loans are especially attractive to home buyers who plan to trade up in future years. Initial interest rates are generally lower than on fixed rate mortgages. Our ARM loans offer the best of both worlds with rates that are locked in for an initial fixed period, then adjust annually therafter.
Fixed Rate
With this type of conventional loan, the interest rate and monthly principal and interest payment remain constant throughout the term of the loan.
Construction-Permanent
First Federal has the perfect solution to your construction financing needs. We offer one convenient package for both construction and permanent financing.
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| FHA |
| FHA mortgages are insured by the Department of Housing and Urban Development. This program is popular with homebuyers who would benefit from higher qualifying ratios.
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| VA |
| VA mortgages are guaranteed by the Veterans Administration and offer 100% financing to qualified veterans. This program also allows higher qualifying ratios.
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| Reverse Mortgage Loans |
What is a Reverse Mortgage Loan?
It is a special type of loan used by older Americans to convert the equity in their homes into cash.
Who can get a Reverse Mortgage?
Anyone who meets all of the criteria below can qualify:
· All borrowers must be 62 years of age or older,
· Own your home free and clear or have a low outstanding mortgage balance
that can be paid off at loan closing, and
· Your home must be a single-family home and be your primary residence
How much money can I get?
The amount of money received, generally, depends on one’s age, value of one’s home, number of borrowers, and current mortgage loan interest rates.
How can I receive my money?
There are a number of options including - all at once payment (lump sum); fixed monthly payments for as long as one lives in their home (or for a pre-determined, shorter period); line of credit; or a combination of these.
When do I repay the loan?
No payments are due until one no longer occupies their home as a principal residence. For protection, the repayment amount cannot exceed the value of one’s home at the time the loan is repaid. No other asset than one’s home will be used to repay your debt.
For more information or how to apply.
Please contact Lynn Calles at 337.480.0806 or 1.800.860.1238, if one resides outside of Calcasieu Parish.
Please call for Current Rates. For rates on other mortgage programs, click the link below.
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| Rural Housing Mortgages |
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Rural Housing mortgages are guaranteed by the federal government through USDA. This program offers up to 102% financing based on the appraised value for qualified borrowers with no Private Mortgage Insurance (PMI). This program also allows higher qualifying ratios and seller contributions. This program can be used in any area designated as Rural by the USDA Rural Housing Program. It can be used in the entire parish of Beauregard, Allen, Natchitoches, Cameron, Jeff Davis and all of Calcasieu except the City limits of Lake Charles and parts of Rapides Parish. Income limits apply based on family size and parish.
Please call for Current Rates. For rates on other mortgage programs, click the link below.
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