
FHA 203(k) Loans
Renovations needing 6 months or less. Lower credit scores and down payments.
Learn MoreRENOVATION
Loans
Renovating a home can be an exciting endeavor, but sometimes stressful. There are a lot of decisions to make, timelines to meet, and furniture to buy once it’s all done. One thing that shouldn’t be stressful is choosing the right renovation product for you.
We have a ton of renovation programs; all with different guidelines, loan limits, and capabilities. Use our loan finder below to explore the different product options, and when you’re ready to get started, find a branch or loan officer near you.
CALCULATOR
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?
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.