Interest Only ARMs are designed for the customer that will only keep the property for a short period and allow for a lower payment option during that time. What to watch for are the terms, Caps and Margins with this loan program as the payment will adjust based those criteria and Margins should the property be held through the adjustment term. Typical Caps can run from 1% - 6% each adjustment with a Lifetime Cap of 4% - 6% and Typical Margins are between 2.00% - 3.00% of the base market rate.

Treasury or Libor ARMs are designed for all customers that will keep the property for less then the original ARM term allowing for a lower monthly payment and rate versus the traditional 30 year fixed rate. The interest rate remains the same for initial ARM period and then converts to a 1 year ARM which the payment will adjust once a year based on the Caps and Margins for this program. Typical Caps can run from 1% - 6% each adjustment with a Lifetime Cap of 4% - 6% and Typical Margins are between 2.00% - 3.00% of the base market rate.

Traditional 30 Year Fixed is designed for all customers that plan to keep the property for a very long time (Ten years or more). The interest rate remains fixed for the entire lifetime of the loan which means that your principle and interest payment remains the same for the entire lifetime of the loan.  Finance options up to 100% of the purchase price are available.

Traditional 15 Year Fixed is designed for all customers that plan to keep the property for a very long time but plan to payoff the loan in a shorter period of time, hence pay less in long term interest. The interest rate remains fixed for the entire lifetime of the loan which means that your principle and interest payment remains the same for the entire lifetime of the loan.   Finance options up to 100% of the purchase price are available.

Piggy Back Loan Programs are designed for all customers that would like to put minimum down payment and eliminate Mortgage Insurance. It allows the customer to have two loans for the same property. The 1st mortgage is traditionally a 75% - 80% loan to value and the 2nd mortgage would range from 5-20% of the purchase price. (MAX 95% FINANCING) The customer will be required to make two monthly payments each month. In most cases the monthly payments on both loans are lower than the single payment with the Mortgage Insurance. This is a great source of financing with low down payment options.  Fixed and variable rates are available.

Lot Loan Programs are designed for customers that plan to purchase a residential lot first prior to building a home. This program can also be used for speculative purposes. The real estate market for residential/neighborhood lot sales has traditionally been a sellers market and often times sellers will have many offers on the same lot, this is a great loan for that purpose. Secure the lot first and build later. MAX 95% financing now available on lot purchases.

Construction - Perm Loan is designed for customers that plan to build a home on a lot they already own or purchase a lot combination loan. Typical loan amount is the equity in lot plus the cost of building. This is usually a one time closing at prior to beginning of construction. Monthly payments are interest only based only on the amount of disbursements to the builder then converts to a Perm Loan at completion of construction.

Jumbo and Super Jumbo Loans are designed for all customers with loan amounts from $417,000 to $2,000,000.00. Fixed and ARMs are available and special attention to creative financing for LTV is based on the customer's credit scores and assets.

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FCFC prides itself on having access to over 300 different mortgage programs and 60 national investors. Our diverse portfolio of mortgage programs includes everything from your traditional Fannie Mae 30 Year Fixed Rate loan to the newer and more innovative Interest-Only programs and Option ARMs designed to minimize a borrowers investment into a property.

For more information on these and other programs, contact us today.