Conventional Home Loans

With a conventional 15- or 30-year mortgage, your interest rate and monthly payments will never change. This loan option offers stability so you can plan your budget around it – making it the most common loan option.

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Every homeowner’s situation is unique, so we believe your mortgage should be unique as well. At First Federal Bank, we tailor our conventional mortgage options to your individual needs so you get the best possible loan option for you and your family.

What Are Conventional Loans?

A conventional mortgage is the most common type of mortgage loan. Simply put, it’s a mortgage with a fixed interest rate throughout the life of the loan. This protects homeowners from inflation and helps make budgeting easier. Many homeowners choose fixed-rate mortgages for peace of mind and convenience.

Flexible Loan Terms

A loan term is the amount of years it will take you to pay back the loan. With conventional mortgages, common terms are 30-year conventional mortgages, 20-year conventional mortgages and 15-year conventional mortgages. However, depending on your situation, your loan specialist will work with you to find a loan term that works for your needs.

Down Payments for Every Budget

You may have heard that you need to put 20 percent down to qualify for a loan. While this is one option, FFB also knows that this can be a high bar to clear, especially for first-time homebuyers. There are other loan programs available that allow home buyers to secure a loan with low or even no down payments, as long as they meet certain requirements.

A Great Option for the First-Time Homebuyer

While different types of mortgage loans can be beneficial in different situations, a fixed-rate mortgage is often an excellent choice for most home buyers – especially first-time homebuyers. Having a fixed interest rate provides stability and the peace of mind you deserve.

Learn More About Conventional Loans

Still have questions? Get in touch with one of our experienced mortgage lenders to see if a conventional loan is a good fit for you.

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Conventional Home Loans FAQS

You are allowed to not have an escrow account if your loan to value ratio is at 80% or under. If you’re property is in California, the maximum loan to value for waiving escrows is 85%.

First Federal Bank offers products with no monthly mortgage insurance requirement, even if your loan to value is over 80%.

Some conventional loans no longer require an appraisal. Please contact us today to confirm if an appraisal is required for your lending situation.

Conventional loans required as little as 3% down for first time home buyers. 5% down is required in most other cases.

We require a 620 credit score for conventional credit lending. If your credit score is lower than 620 please contact us to see if you qualify for another mortgage solution.

TBD, announcement incoming.

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Our online application process makes finding conventional home loan solutions smooth and easy.

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Talk To an Expert at FFB

Prefer to talk one-on-one? Get in touch with your personal mortgage lender at FFB to learn how we can help you.

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