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Primary Mortgage

15, 20 and 30 - year Fixed Rate mortgage options

Fixed rate mortgage benefits:

  • Your payments won’t change
  • Great if you want to refinance your loan
  • Great if you plan to stay in your home for a longer period

Features:

  • Refinance or purchase
  • Both conforming loan rates ($417,000) & super conforming rates ($625,500) depending on county
  • Up to 80% loan-to-value - No PMI required
  • 80.01% to 95% loan-to-value primary residence - PMI required
  • 30-Day Rate Lock available after Secondary Market approval
  • No negative amortization
  • No pre-payment penalties

Note: Firefighters First 20 and 30 year fixed mortgages are sold to the secondary market

Adjustable mortgage financing options

Adjustable Rate Mortgage (ARM) benefits:

  • Lower payments for the first few years of your mortgage
  • Great for when interest rates remain stable
  • Great if you plan to move or payoff your mortgage

1-Year ARM features:

  • Up to 80% loan to value - owner occupied / 2nd home - NO PMI required
  • Review period - 12 months
  • 45-Day Rate Lock from date of completed application
  • 4% Interest rate floor – 1-Year Treasury constant maturity
  • 2% Annual Cap - 6% Lifetime cap
  • 2.50% margin
  • No negative amortization
  • One point loan origination fee

Fixed/Adjustable mortgage financing options

Fixed / Adjustable benefits:

  • Lower payments than fixed mortgages, plus lower risk than an ARM
  • Great if you want to qualify for a larger loan amount
  • Great if you plan to sell in the fixed period

3/1 Fixed/Adjustable features:

  • Fixed rate for first 3 years, variable for remaining 27 years; review period – 12 months 
  • Conforming loan programs (up to $500,550 or up to $625,000)
  • Up to 80% loan to value - owner occupied / 2nd home - NO PMI required
  • 2% Annual Cap - 6% Lifetime cap
  • 2.25% margin
  • Tied to the One-Year Treasury constant maturity Index

5/1 Fixed/Adjustable features:

  • Refinance or purchase
  • Fixed rate for first 5 years, variable for remaining 25 years; review period – 12 months
  • Both conforming loan programs ($500,550) and jumbo programs available
  • Up to 80% loan to value - owner occupied / 2nd home - NO PMI required
  • 5% interest rate floor
  • 2% Annual Cap - 5% Lifetime cap
  • 2.25% margin - Interest Rate Floor
  • No negative amortization
  • No pre-payment penalties
  • Tied to the One-Year Treasury constant maturity Index

5/5 Fixed/Adjustable features:   

  • Refinance or purchase
  • Fixed rate for first 5 years, then adjusts and is fixed for another 5 years. Adjustments occur every 5 years.
  • Both conforming loan programs ($500,550) and jumbo programs available
  • Up to 80% loan to value -No PMI required owner occupied / 2nd home, condos
  • 2% Annual Cap - 5% Lifetime cap
  • 2.25% margin – interest rate floor
  • Review period - 60 months
  • No negative amortization
  • No pre-payment penalties
  • Tied to the Five-Year Treasury Constant Maturity

7/23 Fixed/Adjustable features:

  • Refinance or purchase
  • Fixed rate for first 7 years, variable for remaining 23 years
  • Both conforming loan programs ($500,550) and jumbo programs available
  • Up to 80% loan to value - owner occupied / 2nd home - NO PMI required        
  • 2% Annual Cap - 5% Lifetime cap
  • 2.25% margin - Interest Rate Floor
  • Review period -  every 12 months after initial fixed period
  • No negative amortization
  • No pre-payment penalties
  • Tied to the One-Year Treasury constant maturiy Index

Construction Loans

Build your dream home. Use our Construction Loan to finance the land, construction of a primary home and permanent financing loan all in one closing.

Program requirements:

  • The construction loan period is 18 months
  • During the construction period, the loan will be interest only with interest payments paid from the interest reserve account. When the loan is completed, the loan converts to a fully amortized adjustable portfolio product.
  • Submission of detailed plans, specs, materials description, permits, insurance are required
  • Submission of detailed budget, total construction cost are required
  • Use of licensed, insured builder / general contractor
  • Disbursements are made on a 5-draw reimbursement basis

Features:       

  • Rate tied to the One-Year Treasury constant maturity Index
  • Maximum loan amount $750,000.00
  • 70% Loan-to-Value
  • 4% Interest rate floor
  • 2% Annual Cap - 6% Lifetime cap

To learn more about our Construction Loan product, contact a Real Estate Consultant at (800) 231-1626.

Participation in this program will not be confirmed until the completed application has been submitted to the Real Estate Department. All requests will be processed and must meet Firefighters First's underwriting guidelines. Funding of these loans is subject to credit approval and verification of employment, equity, and all other related file documentation necessary to qualify applicant(s).

First-time Home Buyers

Congratulations! You’ve made a giant step toward owning your first home. Your Credit Union has been serving firefighters and their families since 1935, so it’s our pleasure to assist you. We’ll help you every step of the way so you can make informed decisions about your first home loan.

Features:

  • Purchases only
  • Conforming loan rate (up to $417,000)
  • Up to 97% Loan-to-Value (LTV) with PMI
  • Owner-occupied only – Single family residence
  • Minimum FICO score of 680 required
  • Debit-to-income ratio – maximum 42%
  • No upfront PMI like FHA
  • Monthly PMI drops off once LTV is 78% or lower
  • 60-Day rate lock included at no additional cost
  • No negative amortization
  • No pre-payment penalties
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Sign Up for Online Banking

Ready to sign up for FIRE OnLine Banking? Follow these instructions or give us a call at 800.231.1626

  • Log in to FIRE Online at the top of the page by using your member number and the last four digits of your SSN, or if it is a business, the last four digits of your tax ID as your temporary password. You will be prompted to change your PIN through this process.
  • Confirm personal account information and accept the disclosure agreement.
  • Create a secure Username and Password for FIRE OnLine.
  • Verify your identity by receiving and entering your One Time Passcode.
  • Select "Yes, register my private computer" if you are using a private home computer, or "No, this is a public computer" if using a public or shared computer (work, library, internet café).
  • Keep your personal User Name and Password private and confidential for future use.
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