Primary Mortgage

15, 20 and 30 - year Fixed Rate mortgage options


Fixed rate mortgage

Consider this type of loan if:

  • You want consistent payments year after year
  • You are planning to stay in your home for a long period of time
  • You anticipate interest rates will rise

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

Adjustable mortgage financing options

ARMs allow you to start with a lower rate than fixed-rate loans, but the rate can adjust up or down periodically. We offer 1, 3, 5, and 7 year terms.

Adjustable Rate Mortgage (ARM) 

Consider this type of loan if:

  • You want lower payments for the first few years of your mortgage
  • You desire greater cash flow options
  • You expect interest rates to drop
  • You are planning to stay in your home for a short period of time
  • You are confident you can handle higher payments if the rate increases

1-Year ARM features:

  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 6% total rate change over the life of the loan

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)
  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 6% total rate change over the life of the loan

5/1 Fixed/Adjustable features:

  • 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
  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 5% total rate change over the life of the loan

5x5 or 5/5 Fixed/Adjustable features:

  • 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
  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 5% total rate change over the life of the loan

7/1 or 7/23 Fixed/Adjustable features:

  • Fixed rate for first 7 years, variable for remaining 23 years
  • Both conforming loan programs ($500,550) and jumbo programs available
  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 5% total rate change over the life of the loan

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:

  • Maximum loan amount $750,000.00
  • 70% Loan-to-Value
  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 6% total rate change over the life of the loan

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
Apply Now

NMLS ID Number 649058 

Mortgages available in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Texas (1st TD only), Utah and Washington.

Sign Up for Online Banking

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

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  • Create a secure Username and Password for OnLine Banking.
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