Company Announcements
Family First Funding LLC Named 2022 Best Places to Work by NJBIZ
Commercial Loan Programs:
CoMMERCIAL
Loans
Whether you’re looking to purchase, renovate, or refinance your commercial real estate, Family First Funding Commercial Capital can help. Featuring competitive terms and commercial mortgage rates, our Commercial Real Estate Loans are designed to match your business needs. When you work with Family First, you’ll work with a team that believes you deserve exceptional solutions, no matter your location or the size of your loan.
Property Types:
- Single Family Residences Multi-Family Residences
- Multi-Family Apartment Buildings
- Office Buildings
- Industrial Buildings
- Self-Storage Facilities
- Mixed Use Properties
GET STARTED
Capital
Long-term (maturity period 15 to 30 years) mortgage loan. In real estate projects, permanent financing is obtained after completion of construction, usually to repay the short-term (non-permanent) construction loan. Also called permanent financing or permanent mortgage.
First mortgage loan on a commercial property or residential with a term of just six months to two years
First mortgage loan on a commercial property that is used to build the property. The loan proceeds are controlled by the construction lender to ensure that the building is actually built.
The SBA 7(a) loan program is a government-sponsored commercial real estate loan program that helps small businesses acquire the commercial real estate that their companies need to grow
SBA 504 loans are a little complicated to understand, but they are super-easy to get. The program consists of a conventional first mortgage, with an SBA-guaranteed second mortgage riding piggyback on top. The conventional first mortgage will typically come from a bank. It will have a fixed rate for the first five to ten years. If the loan is only fixed for the first five years, it will typically readjust once at the end of five years and then be fixed for the remaining five years. The conventional first mortgage loan will usually be amortized over 25 years, and it will balloon after ten years.
Fix and flips became very popular a few years ago as the housing market recovered, and they continue to be a profitable business today.
ADDITIONAL LOAN PRODUCTS
FOR INVESTORS
Jumbo Loans
Loan amounts from $417,000 up to $3,000,000. Credit scores as low as 680. As little as 15% down.
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USDA/Rural Loans
Zero money down and 100% financing available if you live outside of a metro area.
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Calculate
CALCULATOR
How much will my payments be?
Your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.
Just as an example, let’s say you are borrowing $250,000.00 for 30 years with an interest rate of 5.875%. If the value of your home is $300,000.00, your property taxes $3,000.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $1,958.01. This is because you need to pay $1,478.84 toward the actual loan, plus $250.00 for real estate taxes and $125.00 toward insurance.
Since your loan to value ratio is 83.33%, you will also have to pay PMI for 16 months which will add an extra $104.17 a month. Don’t forget to drop the PMI when the 16 months is complete and you might save yourself some money each month. Canceling your PMI will require a reappraisal of your home in most cases.
WHO ARE WE?
GET TO KNOW US
Family First Funding LLC is a State Licensed Mortgage Bank founded in 2011 and headquartered in Toms River, New Jersey, licensed in 35+ states. Our responsibility as mortgage professionals goes beyond just providing a rate quote. We help each client determine what their financial goals are and qualify them for a successful mortgage investment. We want you to feel empowered to make informed decisions on your mortgage. Buying a home is not only a huge financial investment, it is also a deeply rewarding experience. As you begin this next chapter, we’re grateful to guide you through the process.
We Make Purchasing Easy
THE MORTGAGE PROCESS
Get Pre-Approved
Submit a mortgage application and all preliminary documents including, but not limited to W-2s, pay stubs, and bank statements.
Establish Your Team
Connect with one of our Loan Officers who can recommend reputable Realtors, Attorneys, Inspectors, and Title Companies in your area.
Find a Home & Make an Offer
Shop with your Realtor and find a home. Purchase contracts will be written, and a small deposit will be required regardless of which loan option you choose.
Complete Your Application
Submit updated documents and finalize your loan application. Once you e-sign your application, your loan will be submitted for disclosures & processing.
Processing
You will receive your Welcome Package and one of our processors will complete all updated information verifications for credit, employment, and assets.
Underwriting
After processing, your loan is submitted to underwriting where your loan is given conditional approval. When approved, a commitment letter is issued and sent to you and your attorney to review.
Get Commitment
Submit all outstanding closing condition items for the commitment letter prior to final clearance.
Clear to Close
You and your attorney are notified that your file is "clear to close", and a closing date is scheduled by your attorney with the bank attorney.
Move In!
Congratulations! You are now a homeowner! Receive your keys and enjoy the tax advantages and personal benefits of owning a home!
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