Types of Loans

Your interest rate stays the same for the life of the loan. Available with 30-, 20-, 15- and 10-year terms, these fully-amortizing loans come with no pre-payment penalty, and down payments can be as low as 3%.

Adjustable Rate Mortgages (ARMs) feature interest rates that adjust with time and may be lower initially than fixed-rate mortgages. You can choose an initial adjustment period of 5, 7 or 10 years, and your down payment could be as low as 10%.

Ready for a new home? With our Bridge Loans, the equity in your current
residence helps finance your next one, so there’s less pressure to try to
coordinate your sale and purchase dates.

First Federal Lakewood works with a number of organizations and municipalities who offer down payment assistance and grants to help make your dream home a reality. Click on a program below for more information. By clicking on these links you acknowledge you are leaving First Federal Lakewood’s website.

• Lakewood HOME Program
• City of Cleveland Heights
• City of Euclid
• City of Lakewood
• City of Solon
• FHLB Welcome Home Program
• Greater Circle Living
• NHS Greater Cleveland
• Neighborhood Stabilization Program Grants (NSP)

Other loan programs could be available in the community in which you are buying, please work with your Mortgage Loan Originator to understand all your options.

Building your home? Our Construction to Permanent Loans help you save on mortgage costs by allowing you to pay only the interest until your construction period is complete. Then your mortgage converts to a great, fixed or adjustable rate. It’s never been easier to finance a home from construction through occupancy.

If you’re a medical doctor, resident, dentist, podiatrist, ophthalmologist or veterinarian, a Doctor and Resident Loan may be for you. We offer these loans with special mortgage financing terms to help make financing that dream home an easy procedure. Enjoy special rates and up to 100% financing. Your student loan payments may be excluded from your debt-to-income calculation, making it easier to qualify for your loan.

Give the gift of homeownership with our Family Loan Program, finance the perfect home for your child or parent. A variety of adjustable rate mortgage products are available.

Fannie Mae’s HomeReady® mortgage loan can help make it easier for low-to-moderate income borrowers to realize the exciting dream of home ownership. Benefits include affordable mortgage insurance, flexible terms, competitive pricing, affordable financing and fixed rates. Read more about HomeReady.

One easy loan that covers your new home or refinance, plus funds for repairs. By combining the funds you need for repairs with the funds you need for a purchase or refinance, this new, dual-purpose loan offers a more cost-effective way to renovate a home.

Since 1934, the Federal Housing Administration (FHA) has been helping people become homeowners by insuring the loan so your lender can ultimately offer you a better deal. Benefits include low down payments, low closing costs and easy credit qualifying. FHA loans offer competitive terms and require a down payment of just 3.5% on one to four unit properties.

These types of loans provide special terms when you’re financing more than $647,200. Our Jumbo Loans may offer a lower minimum down payment requirement, and are available with both fixed and adjustable interest rates.

Our Lot Loan Program can help you purchase the land you want now, with the freedom to start building your dream home at a later date. Use this fixed-rate loan to buy up to five acres of land without the financial burden of simultaneously paying for construction costs.

Created by the Ohio Housing Finance Agency, these special grants provide down payment assistance for qualified Ohio residents including first time homebuyers, recent grads, Ohio Heroes and others. OHFA Grants can also be used with conventional fixed-rate or FHA loan programs.

A refinance could provide any number of advantages. It may lower your monthly payment, lower your interest rate, shorten or extend the number of years on your loan, or give you more favorable loan terms.

Our Low Cost Refinance Loan makes it easy. Choose from a 10- or 15-year term with low, $295 closing costs. You can use your loan as either a rate and term refinance or a cash-out refinance, even if your current mortgage is with another bank. Click here to learn more.

Looking to purchase a single-family home or condo in a rural area? A USDA Rural Housing Loan may be for you. These loans are designed for individuals to get a low mortgage interest rate and qualified borrowers can finance 100% of the home's cost.

The U.S. Department of Veterans Affairs offers eligible veterans the chance to enjoy homeownership with special lending terms, no matter if they want to buy, build, repair, retain or adapt a home for personal occupancy. Qualified borrowers can finance 100% of the home's cost – no down payment necessary. Eligibility requirements are determined by length of service or service commitment, duty status and character of service.