First Mortgage Corp- Home Mortgage Loans in Diamond Bar, CA

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 be either fixed or adjustable interest rate and have a variety of repayment terms available that can be tailored to your individual needs.

FHA

FHA loans are ideal for first time homebuyers. They are made only by approved private lenders such as FMC, and insured by the Federal Housing Administration. Down payments, when and where required, can be in the form of gifts, grants, or subordinate financing. These loans can be either fixed or adjustable interest rate, 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).

Jumbo or Non-Conforming

If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted with Conventional loans, FMC offers a variety of mortgage options which will meet your needs. Referred to as Jumbo or Non-Conforming, loan amounts may be up to $1.0 million or more. They can be either a fixed or adjustable rate mortgage. Program parameters vary depending on the down payment and actual loan amount and terms can be customized to suit your specific needs, making these the most popular program for homebuyers acquiring their second, third or subsequent home loan.

CalHFA

FMC is just one of a limited number of approved lenders to offer California’s Housing Finance Agency (“CalHFA”) Homeownership Loan Program. Featuring below market interest rates, down payment and closing cost assistance, with set fees CalHFA is the perfect loan program for qualified first-time homebuyers. There are income, credit and sales price limitations in order to be eligible for CalHFA loans.

CalSTRS

Public School District Employees, certified or non-certified, and teachers, professors and employees of the California Community College System are eligible for California State Teachers Retirement System (“CalSTRS”) loan programs through FMC. High loan balances loans with various down payment options are just some of the many features of the CalSTRS program. CalSTRS allows one rate float down, at anytime after locking in the loan, if rates move down. The float down opportunity is available, just once, for 45 days following the lock-in of the loan.

CalPERS

FMC is an approved California Public Employees Retirement System (“CalPERS”) lender. CalPERS members are eligible for program benefits such as reduced fees, highly competitive rates, and special low or no downpayment programs. Such programs are available to any active, inactive, or retired member of CalPERS, Legislators’ Retirement System (LRS), or the Judges’ Retirement System (JRS). Qualifying for a CalPERS Home Loan is no different from qualifying for any other type of mortgage. But, the CalPERS program offers you many advantages over other loan programs. Key features include a free 60-day CalPERS interest rate lock with float down option.

VA

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 VA. 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.

These are just some of the many Loan Programs available and why FMC
should be considered… “YOUR FIRST LENDING RESOURCE”.