Mortgage Products
Check out the various mortgage products we provide. Contact our expert mortgage brokers in Louisville, KY at First Fidelity Mortgage, Inc., to know more about the mortgage services we provide.
First Fidelity Mortgage, Inc. 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
- Monthly Mortgage Insurance Automatically Cancels at 78% Loan-to-Value
- $647,200 Maximum Loan Amount
- Income Limits May Apply
- Great 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
- $647,200 Maximum Loan Amount
20 % or More Down Payment
- 620 or Higher Credit Score Required
- Down Payment Can be Gifted
- No Mortgage Insurance Required
- $647,200 Maximum Loan Amount
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%)
- $420,680 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%)
- $420,680 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
- 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
- No Mortgage Insurance Required
- No Maximum Loan Amount
- 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 $346,644
- 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 $346,644
- Assistance in the Form of a Loan Up to $6,000
- Repayable Over a 10 Year Term at 1.00%
- Borrower Must Meet Affordable DAP Income Limits
FirstāTime 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 $311,997
- Maximum Household Income of $76,900 (Jefferson County)
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
- Great Option for Loan Amounts Over $647,200
No Closing Cost Home Loans
Call Us for Details