Choosing a Mortgage Loan that is right for you can be a confusing process.
At Fidelity Federal we offer personal loan service from origination to payoff. All loans closed locally! Our loan officers originate, underwrite and close your loan. Your conventional loan is then serviced by us until paid in full. You’ll never have to talk to a phone center about your home loan concerns.
Offering Construction Loans, USDA, FHA, VA and Conventional Loans and Down Payment Assistance programs.
Our fixed rate first mortgage program consists of 10, 15, 20 and 30 year terms. You never have to worry about your principal and interest payment changing for the life of your loan. Escrow options are available
An adjustable rate mortgage that offers a lower initial rate. It is a fixed rate for the initial 5 years and then the remainder of the term is a 1 year adjustable. The index is the Weekly Average Yield on U.S. Treasury Securities Adjusted to a Constant Maturity of 1 Year. Information about this is Index is available in the Federal Reserve H.15 Selected Interest Rates. Interest rate caps of 2% at every 12 month adjustment period and a 5% life of loan cap protect you from extreme fluctuations in your payment.
7/1 Adjustable Rate Mortgages
An adjustable rate mortgage offers a lower initial rate. It is a fixed rate for the initial 7 years and then the remainder of the term is a 1 year adjustable. The Index is the Weekly Average Yield on U.S. Treasury Securities Adjusted to a Constant Maturity of 1 Year. Information about this Index is available in the Federal Reserve H.15 Selected Interest Rates. Interest rate caps of 2% at every 12 month adjustment period and a 5% life of loan cap protect you from extreme fluctuations in your payment.
Investment property loans may be obtained at slightly higher interest rates than owner occupied.
Lock in your rate for the life of the loan and avoid two closings. We offer six or twelve month construction periods combined with the permanent loan terms of your choosing. A fixed rate of interest is charged during the construction phase on funds disbursed. Amortized payments of principal and interest begin upon the completion of the construction phase.
Temporary Construction Loans
Six or twelve month fixed rate interest only loans.
Five year maximum balloon loan.
The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants. An FHA loan benefits those who would like to purchase a home but haven’t been able to put money away for the purchase, like recent college graduates, newlyweds or people who are still trying to complete their education.
Used for the purchase of a primary residence, VA loans are available to consumers who have served or are presently serving in the U.S. military. While the Department of Veterans Affairs (VA) does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans or mortgage companies) to veterans who qualify.
Similar to the FHA loan program, the USDA loan program is designed to help people get into properties that are designated rural by the USDA loan guidelines. Down payments are not required.
Funds are no longer available for 2021. New fund program may begin in spring of 2022.
Welcome Home Funds offers grants to fund down payment and closing costs for low and moderate income homebuyers purchasing or constructing a primary residence. Grant funds are reserved on a first-come, first-serve basis until all funds have been reserved.
Honorably discharged veterans and active duty military personnel may receive grants up to $7,500. Homebuyers who are a member of the United States National Guard, Military Reserves, or a surviving spouse of military personnel may also be eligible to receive grants up to $7,500. All other qualifying homebuyers may receive grants up to $5,000. Funds are limited and available on a first come, first serve basis.
* The total income for all occupants must be at or below 80 percent of the Mortgage Revenue Bond limit for the county and state where the property is located.
Funds generally available each spring. Contact a member of our Lending Team for more information.
Use our automatic payment program to schedule monthly deductions from your deposit account at Fidelity Federal or an outside institution at no additional charge. Contact our Lending Department today for details and eligibility requirements.
Our lending team is ready to help you through purchasing a home, refinancing your existing home or building your dream home.