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  Loan Programs First Mortgage Corporation has a wide variety of home loan programs to suit many different needs:
FHA FHA (Federal Housing Administration) loans are currently in high demand due to their more lenient credit and income requirements. With only a minimum 3.5% down payment required (which can come from a gift, grant or subordinate financing), FHA loans are ideal for first time home-buyers. No minimum credit score is required (even though any established credit is still reviewed and considered). FHA borrowers can even have no established traditional credit. FHA loans can only be made by approved lenders, such as First Mortgage Corporation, and are insured by FHA. First Mortgage has been funding FHA loans for over 30 years and we consider ourselves experts in the program. VA VA (Veterans Administration) loans are available to people who have served or are currently serving in the U.S. Armed Forces and meet eligibility requirements. VA loans have zero down payment requirements which make them also ideal for first time home-buyers. Even though there is zero down payment, no monthly PMI (Private Mortgage Insurance) is required in the monthly payment. This payment savings can translate into more purchase power for the buyer! VA loans can only be made by approved lenders, such as First Mortgage Corporation, and are guaranteed by the VA. Conventional One of the most common or basic loan programs is Conventional. These are loans that are not covered by any government program of insurance or guarantee. Conventional loans may be eligible for purchase by large secondary market agencies, such as "Fannie Mae" or "Freddie Mac". These agencies offer lenders standardized underwriting guidelines and the interest rates can either be fixed or adjustable, including 3/1, 5/1 & 7/1 ARMs. Conventional loans carry a maximum loan limit (typically $417,000 - contact me for details). "Jumbo" or Non-Conforming A "Jumbo" loan amount is any amount over the Conventional Conforming limit (typically $417,000 - contact me for details). Loans amounts can be up to $1.0 million or more. "Jumbo" loans, because of their size, typically carry with them higher interest rates and larger down payments then Conventional Loans. Program parameters vary depending on how large of a loan is financed compared to the appraised value of the home (also know as a "Loan to Value (LTV)" ratio. First Mortgage Corporation also offers the new "Jumbo-Conforming" limits which allow for higher loan amounts (Jumbo) but at conforming interest rates. Please contact me for details. CalHFA First Mortgage Corporation is proud to be part of an exclusive list of direct lenders that can offer the CalHFA (California Housing Finance Agency) Home Loan Program. CalHFA loans are available to First Time Home-buyers only and can offer special benefits such as below market interest rates, down payment and closing cost assistance and reduced fees. Interest rates are fixed and terms can range from 30 to 40 years. The program has income as well as sales price limits so please contact me for more details. CalSTRS CalSTRS (California State Teachers Retirement System) loans are available to all California public school district employees, whether part-time or full time, certified or non-certified as well as all employees of the California Community College System. The CalSTRS Home Loan program offers special benefits such as reduced down payment, below market interest rates, reduced closing costs and a free 45 day interest rate lock. In addition, a one time free interest rate float down is available after the initial rate lock. So if interest rates move lower during the loan process, the CalSTRS borrower can automatically take advantage of the lower rate. Available for purchase loans OR refinances, First Mortgage Corporation is proud to be part of the exclusive approved lender's list for the CalSTRS Home Loan Program. CalPERS Another specialty loan program First Mortgage offers is the CalPERS (California Public Employees Retirement System) Home Loan Program. Available to all CalPERS members, including active, inactive and retired members, as well as members of Legislators Retirement System (LRS) and Judges Retirement System (JRS), CalPERS loans offer special program benefits for purchasing a home or refinancing. Such benefits include below market interest rates, low or no down payment options, reduced closing costs, reduced title and escrow fees, a free 60 day rate lock and a free interest rate float downs to assure the borrower receives the best possible interest rate during the loan process. Reverse Mortgages Available to homeowners 62 years of age or older, a Reverse Mortgage can be a great way to supplement income and increase cash flow. The Reverse Mortgage requires no monthly payments back to the lender. Existing mortgages are paid off with the proceeds of the loan and additional cash can be made available. Availability of funds is determined by the homeowners date of birth and the appraised value of the home. There is no credit, income or asset qualifying. The homeowners retain full ownership of the home and the loan is not due until the last borrower on the loan permanently leaves the home. Funds are made available to the homeowners in the form of a lump sum payment at closing, a monthly payment to them for life, or a credit line that can be accessed as needed. A combination of these options is also available. For more information on any of these programs, Contact Me or Apply On-Line TODAY for your free, no-cost, no-obligation quote.
 First Mortgage Corporation - 15040 7th Street - Victorville, CA 92395 Office Phone: (760) 962-6860 x19 Cell Phone: (760) 403-6335 :: APPLY NOW :: Loan Programs :: Purchasing :: Zero Down :: Refinance :: Manufactured Homes :: Reverse Mortgages :: Loan Definitions :: Loan Process :: FAQ :: Forms :: Contact Me :: About Us :: Tell-A-Friend :: Submit Testimonial :: Calculators :: Request Loan Status :: Credit Report :: Marketplace :: Home :: We lend in the following states: CA, AZ, NV, WA & OR Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. All loans subject to review and approval. 
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