Loan Options

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FIGFCU provides you with many loan financing options to suit your needs. Whether you are purchasing or refinancing your home, we can guide you with the best loan option for your primary residence, investment or even your vacation home.

 

Conventional, Conventional High Balance, and Jumbo financing is available in all states.

CONVENTIONAL LOAN PRODUCTS

Conventional High Balance

Wanting to purchase or refinance a home that is more expensive than the average home? We have High Balance options for you. These loans are available in selected counties throughout the US and allow qualified borrowers to finance more.

  • 95% Max Financing Purchase or Refinance Rate & Term

  • 80% Max Financing for Cash out

  • FICO score: 620 Minimum

  • Occupancy type: Primary residence, Vacation Home, Investment Property

  • Loan Limit: The Federal Housing Finance Agency (FHFA) publishes annual high-cost area loan limits that apply to all conventional mortgages delivered to Fannie Mae.

Conforming - Conventional

These are loans that are not insured by any government agency, such as FHA, VA, USDA. They offer attractive loan terms and conditions suitable for all occupancy types, whereas government loans are for primary residence only. Fixed and Adjustable rate loans are available with a Conventional loan.

  • 97% Max Financing Purchase or Refinance Rate & Term

  • 80% Max Financing for Cash out

  • FICO score: 620 Minimum

  • Occupancy Type: Primary Residence, Vacation Home, Investment Property

  • Loan Limit: The Federal Housing Finance Agency (FHFA) publishes annual high-cost area loan limits that apply to all conventional mortgages delivered to Fannie Mae.

Jumbo (Up to $3 Million)

Jumbo serves two loan purposes.

1) For properties located in a county that does not offer high balance loans.

2) For borrowers wanting to finance up to 3 million dollars [1]. These loans are available to anyone looking for financing in higher priced areas.

  • Purchase or Refinance Rate & Term

  • Cash out Refinance

  • FICO Score: 680 Minimum [2]

  • Occupancy type: Primary residence, Vacation Home, Investment Property

[1] Maximum loan amounts vary based on loan-to-value, occupany type, credit score, transaction type and location.

[2] Minimum credit score requirements vary based on loan-to-value, transaction type and occupancy type.

LOAN PROGRAMS PAIRED WITH CONVENTIONAL FINANCING

HomeReady

HomeReady is a program within the FNMA conventional loan product. It is designed to help those with low to moderate income, in designated areas to utilize income flexibilities, such as room rent income to qualify.

The guidelines are a little more flexible when it comes to income, credit and non-occupying borrowers. The program offers two major benefits. One is the flexible guidelines and two is the lower payments. Ask your loan officer if you qualify.

Preferred Agent Mortgage (PAM)

We think you'll like our Preferred Agent Mortgage!

As a part of Farmers — we know your agency business inside and out and can help you qualify for a larger loan, smaller down payment, and competitive rates. 

If you deduct big tax write-offs—or don’t have 2 years of tax returns—your bank will probably penalize you. Not here. We can use your FIG 1099 Income Summary (Farmers Exchange) and/or Commission Statement (Farmers Solutions) to help get you qualified with competitive terms/rates. 

  • Maximum Combined Loan-To-Value up to 100%

  • FICO 620+

  • Fixed and Adjustable Rate options

  • Purchase and Refinance

Combo Loans

Finding money for a sufficiently large down-payment can be a challenge, especially with rising home prices. And if you are unable to come up with 20% for the down payment, you may have to pay for costly private mortgage insurance (PMI) which increases your monthly mortgage payments. But not to worry, we can help.

Introducing our Combo Loan. By combining two loans together (a primary loan and a secondary loan), it gives you the flexibility to have a small down payment, while still keeping your monthly mortgage payments lower by eliminating PMI. 

  • No monthly private mortgage insurance (PMI)

  • Combo loan options:

    • 100/0 (100% Financing, no down payment)

    • 80/15 (95% Financing, 5% down payment)

    • 80/10 (90% Financing, 10% down payment)

  • Eligible on primary properties only

GOVERNMENT INSURED LOAN PRODUCTS

FHA

PROGRAM CURRENTLY SUSPENDED

The Federal Housing Authority (FHA) was created by the federal government to help provide an additional affordable financing option to qualified borrowers. These loans are government-insured and allow for less stringent guidelines. This allows more Americans opportunity to make the dream of homeownership possible. 

  • 96.5% Max Financing Purchase or Refinance Rate & Term

  • 80% Max Financing for Cash out (Standard FHA)

  • FICO score: 620 Minimum

  • Occupancy type: Primary residence only

  • Loan Limit:  FHA Has a maximum loan amount that it will insure, which is known as the “FHA Lending Limit”. These loan limits are calculated and updated annually and vary by geographic location.

VA

PROGRAM CURRENTLY SUSPENDED

Home loans may be the best solution for many qualified military personnel. There are millions of veterans and service personnel eligible for Guaranteed loans by the US Government.  VA loans offers  a number of notable benefits.

  • 100% Max Financing Purchase or Refinance Rate & Term

  • 90% Max Financing for Cash out

  • FICO Score: 620 Minimum

  • Occupancy type: *Primary residence only

  • Loan Limit:  The loan limits are the amount a qualified Veteran with full entitlement may be able to   borrow without making a down payment. There are limits on the amount of liability VA can   assume, which usually affects the amount of money an institution will lend you. The loan limits   are calculated and updated annually and vary by geographic location.

USDA

PROGRAM CURRENTLY SUSPENDED

If you're looking to own a home in rural areas, FIGFCU is partnered  with the US Department of Agriculture (USDA) to offer 100% financing. USDA eligible areas are mapped with the link below. Income and location limits apply.

Reverse Mortgage HECM

PROGRAM CURRENTLY SUSPENDED

A HECM Reverse Mortgage (Home Equity Conversion Mortgage) is a way to convert a portion of your home’s equity into tax free money returned to you. No regular monthly mortgage payments are required. If you are at least 62 years old, live in the home, and have equity, you may qualify.

  • Pay off your existing mortgage

  • May receive monthly payments

  • Mortgage payment eliminated

  • Occupancy type: Primary residence only

Home Affordable Calculator

Calculate the home price you can afford using your income and the amount of debt you have.