Mortgage Products
Check out the various mortgage products we provide. Contact our mortgage brokers in Louisville, KY at First Fidelity Mortgage for more details.
First Fidelity Mortgage offers a wide variety of Mortgage Loan Programs to fit the specific needs of our clients.
We pride ourselves on being able to place almost any home loan by dealing with a broad range of wholesale lenders. Whether we’re helping with a home purchase, refinance, debt consolidation, cash out, or financing home improvements our industry leading turn times get what you need faster.
Conventional Loans
3% Down Payment
- 680 or Higher Credit Score
- Down Payment Can be Gifted
- No Mortgage Insurance Option
- $453,100 Maximum Loan Amount
- No Income Limits (Jefferson County, KY)
- Good Option for First-Time Homebuyers
5%-15% Down Payment
- 620 or Higher Credit Score Required
- Down Payment Can be Gifted
- No Mortgage Insurance Option
- Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value
- $453,100 Maximum Loan Amount
20 % or More Down Payment
- 620 or Higher Credit Score Required
- Down Payment Can be Gifted
- No Mortgage Insurance Required
- $453,100 Maximum Loan Amount
Conventional High Balance Loans
10% Down Payment
- 680 or Higher Credit Score
- No Mortgage Insurance Option
- $679,650 Maximum Loan Amount
- Better Rates, Easier Guidelines, and Faster Turn Times than Jumbo Loans
FHA (Federal Housing Administration) Loans
3.50% Down Payment
- 580 or Higher Credit Score
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.85% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $304,750 Maximum Loan Amount (Jefferson County)
- Great Option for Borrower(s) with a 679 or Lower Credit Score
FHA 203k (Home Renovation) Loans
3.50% Down Payment
- Streamline 203k Loan
- Used for Cosmetic and Common Repairs up to $35,000
- Standard 203k Loan
- Used for Extensive Repairs Over $5,000
- 580 or Higher Credit Score
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.85% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $304,750 Maximum Loan Amount (Jefferson County)
- Great Option for Borrower(s) Looking to do Renovations
VA (Veterans Administration) Loans
0% Down Payment
- 580 or Higher Credit Score
- 2.15% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
- No Mortgage Insurance Required
- $453,100 Maximum Loan Amount
- Higher Loan Amounts Available with Down Payment
- Great Option for Veterans or Active Military
USDA (Rural Housing) Loans
0% Down Payment
- 640 or Higher Credit Score
- 1.00% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.35% Monthly Mortgage Insurance
- Remains for Life of Loan
- Income and Property Areas Restricted
- Great Option for Borrower(s) in Rural Areas
Down Payment Assistance Program
Regular Down Payment Assistance
- Purchase Price Up to $282,000
- Assistance in the Form of a Loan Up to $6,000
- Repayable Over a 10 Year Term at 5.50%
Affordable Down Payment Assistance
- Purchase Price Up to $282,000
- Assistance in the Form of a Loan Up to $4,500
- Repayable Over a 10 Year Term at 1.00%
- Borrower Must Meet Affordable DAP Income Limits
First‐Time Homebuyer Tax Credit
Tax Credit Benefits
- Convert 25% of Annual Mortgage Interest Paid to a Tax Credit
- Remaining 75% of Mortgage Interest Can Still Be Taken as a Yearly Deduction
- Dollar-for-Dollar Reduction of Federal Tax Liability Annually
- Up to $2,000 Per Year
- Life of Loan Tax Credit
- As Long as Home is Primary Residence
- Anticipated Credit May Be Used to Help Qualify the Borrower
- Maximum Purchase Price of $255,500
- Maximum Household Income of $67,000
Tax Credit Example
- Purchase Price = $140,000
- 30 Year Fixed Interest Rate = 4.00%
- Mortgage Interest Paid in First Year = $140,000 x 4.00% = $5,600
- Tax Credit Amount = $5,600 x 25% = $1,400
- Remaining $4,200 is Tax Deductible
- Monthly Amount to Help Qualify = $1,400 / 12 Months = $116.67
- Reduces Borrower Debt-to-Income Ratio
Jumbo Loans
10% Down Payment
- 660 or Higher Credit Score
- No Mortgage Insurance
- Great Option for Loan Amounts Over $679,650
- Refer to Conventional High Balance for Loan Amounts Up to $679,650
No Closing Cost Home Loans
Call Us for Details