1. First Federal Savings of
Lorain
Member FDIC
www.firstfedlorain.com
Second/ Vacation Home Mortgages *
 Fixed and adjustable competitive rates
 Well qualified buyers 15% down no PMI
Doctors Program
 Program open to Medical Doctors, Dentists, Podiatrists,
Optometrists or Veterinarians who are licensed to practice in the
State of Ohio
 Doctors in Residency or Fellowship programs are also eligible under
this program up to $417,000
 Down payments as low as 3% with NO PMI on loan amounts up to
$500,000
 Max loan amounts of up to $1,000,000, down payments vary with
loan amounts
Condominiums
 As little as 5% down with PMI
 Purchase with repairs available
 Well qualified buyers 15% down no PMI
 Non-warrantable and warrantable condos
Jumbo Loans
 Various down payment options available
 Competitive interest rates
 Fixed and adjustable rate programs with various terms available
Lot Loans
 Purchase now and build later
 Lot equity can be used towards down payment
 Fixed rates
Construction Loans—Borrow up to 95% with an approved
builder– Mortgage insurance
 Mortgage insurance required; restrictions apply
 $800 construction loan fee and a five draw schedule
 Single close loan with one set of closing costs; automatically
converts to permanent financing
Construction Loans—Borrow up to 85% of the appraised
Value– no mortgage insurance
 Act as your own general contractor or hire a builder
 $800 flat fee when working with an approved builder and a five
draw schedule
 1.5 % construction loan fee when working as your own general
contractor and no additional fees for inspections, draws and
disbursements
 Lot equity can be used towards your down payment
 Lots up to 25 acres are eligible
 Single close loan with one set of closing costs; automatically
converts to permanent financing
End Financing
 Up to an 8 month extended commitment
Purchases & Refinance with repairs
 Borrow up to 85% of the appraised value when including
$10,000 or more in upgrades, repairs or improvements
 Appraised value is determined as if repairs are complete
 As little as 5% of the purchase price down + reserves
with no PMI
* Payment example: $100,000 loan amount, 4.125% rate, 4.219% APR, 360 monthly payments of $484.65, which includes principal
and interest only. APR based on $100,000 loan amount; 15% down; 0 points. Program available on 1-4 family owner-occupied homes.
Other rates and programs are available. For well qualified customers; subject to certain underwriting restrictions and guidelines.
RATES AND OFFER SUBJECT TO CHANGE WITHOUT NOTICE. Rates effective 05/24/16.
Joseph Burkhart
Loan Originator
3721 Oberlin Avenue
Lorain, Ohio 44053
Phone: (440) 282-6177
Cell: (567) 228-9482
Fax: (440) 282-6164
jburkhart@firstfedlorain.com
NMLS# 901236