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 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.

Fha Home Loans Louisville KY


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

Firstā€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

 

Our highly experienced mortgage brokers in Louisville, KY at First Fidelity Mortgage, will help you to get the right mortgage products . We provide our mortgage services across Louisville and the surrounding areas.