First Federal Bank Reviews

Originally established in 1962 as the First Federal Savings and Loan Association of Live Oak in Florida, First Federal Bank has grown into a diversified financial institution that reports serving over 70,000 customers across the Southeast. It offers a broad range of mortgage products, including conventional, government-backed, construction and jumbo loans. It employs more than 150 registered mortgage loan originators (MLOs). First Federal is customer-owned rather than shareholder-owned.

You can start a mortgage application with First Federal Bank by visiting its website, clicking “Mortgages” from the menu at the top of the page and then clicking “Mortgages” again in the drop-down. From there, you’ll see a button labeled “Start an application.” You’ll be directed to a secure third-party platform where you’ll review and accept terms before continuing.

The online form walks you through several steps, including:

• Providing your contact and personal information
• Selecting your property type, location and intended use
• Entering your estimated purchase price, down payment and loan amount
• Answering questions about your income, assets and real estate history
• Uploading supporting documents for review

You’ll also be asked to provide your Social Security number and date of birth. The company doesn’t disclose whether this triggers a soft or hard credit pull, so consider confirming this with a loan officer if you’re unsure.

You can contact First Federal directly by phone at 877-499-0572 or visit a branch to speak with a mortgage loan originator (also known as a mortgage loan officer) before starting your application.

You don’t need a co-applicant or real estate agent to get started, but those options are available if applicable.

First Federal Bank application features

First Federal Bank doesn’t publicly list specific mortgage interest rates on its website. Rates vary based on loan type, borrower qualifications, property location and market conditions. Prospective borrowers should contact a mortgage loan originator to receive current rate quotes tailored to their financial situation.

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First Federal Bank offers several types of mortgage loans designed to meet diverse homebuyer needs:

• Conventional loans are standard mortgage loans not insured by government agencies, suitable for borrowers with strong credit profiles.
• FHA loans are government-backed loans with lower down payment options, designed for first-time or moderate-income buyers.
• VA loans are loans guaranteed by the U.S. Department of Veterans Affairs, with favorable terms for eligible veterans and service members.
• USDA loans are government-backed loans for rural and suburban homebuyers that may not require a down payment.
• Construction-to-permanent loans provide financing for home construction and automatically convert to a permanent mortgage at closing, using a single closing so you only sign paperwork once for both stages.
• Jumbo loans exceed the maximum loan amount set by Fannie Mae and Freddie Mac for standard mortgages.
• Manufactured housing loans offer specialized financing for manufactured homes (or modular homes).
• Adjustable-rate mortgages are loans with lower initial interest rates that adjust after a fixed term.

MLOs are available in person and by phone to help borrowers find the best fit for their needs. To find a loan officer, go to the First Federal website, click “Mortgages” in the top menu, then select “Mortgage loan officers” to open a drop-down list with contacts in these areas:

• Florida
• Illinois
• Georgia
• North Carolina
• North Dakota
• South Carolina

You can also click “Nationwide Mortgage Lenders” from the same drop-down to see if there’s a loan officer near you. While First Federal has more officers in the Southeast, it does offer services in some other parts of the country.

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First Federal requires that the borrower’s income must be reliable, stable and likely to continue for at least three years. Employment changes are allowed, but the jobs must be within the same field. Borrowers must have acceptable credit and provide standard documentation.

Based on First Federal’s published information, here’s what to expect for each loan:

• Conventional loans may be available with as little as 3% down for first-time home buyers. Standard options typically require higher down payments.
• FHA loans allow up to 96.5% financing and are suitable for borrowers who may not qualify for conventional loans.
• VA loans offer up to 100% financing with no down payment required for eligible veterans, active-duty service members and surviving spouses.
• USDA loans are available for eligible rural and suburban homebuyers and may not require a down payment.
• Construction-to-permanent loans can finance most of the cost of building a new home. FHA options allow up to 96.5% financing, VA options allow up to 100%, and conventional programs typically allow up to 95% (or 97% for first-time buyers).
• Jumbo loans are designed for higher-priced properties, with loan amounts up to $2 million.
• Manufactured housing loans are available through FHA, VA and conventional programs. These loans may allow land to be used as a down payment and offer co-borrower flexibility, but the home must meet eligibility standards.
• Adjustable-rate mortgage properties include single-family homes, two- to four-unit residences, modular homes, Fannie Mae-eligible condos and non-warrantable condos.

For full eligibility details, borrowers should contact an MLO.

First Federal Bank doesn’t publish a full list of mortgage-related costs and fees on its website. However, it notes that its construction-to-permanent loans require only one closing, which may help reduce total closing costs compared to separate construction and mortgage loans.

Borrowers can contact an MLO for a breakdown of closing costs, interest rates and other applicable fees before applying.