Our Products

Conventional Home Loans

A Conventional Home Loan is a loan that is not insured or guaranteed by the government.  Conventional home loans must meet the guidelines for credit, assets and income set by Fannie Mae and Freddie Mac.  (These are government sponsored enterprises (GSE) that purchase and securitize Conventional Loans.)

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FHA Home Loans

The Federal Housing Administration, a division of the US Department of Housing and Urban Development, was formed in 1934 to encourage home ownership by providing affordable housing opportunities with flexible credit requirements and low down payments.  The FHA does not lend money but insures loans made by FHA-approved lenders such as Franklin First Financial.

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The Homestyle Renovation Mortgage

The Homestyle Renovation Mortgage is a Conventional loan product that enables the borrower to include financing for home improvements into a purchase or refinance mortgage loan.

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203k Loans

The 203(k) is an FHA loan program that enables the borrower to finance the purchase and the renovation/ rehabilitation of a home all in one loan with one closing.  The 203(k) loan can also be used to refinance an existing mortgage, adding the costs to renovate or remodel that home.  Eligible borrowers may finance up to 96 ½ % of the future value of the home after the renovations have been completed.

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VA Home Loans

A VA Home Loan is a loan made by an approved VA lender and guaranteed by the Veteran’s Administration.  The VA does not lend money but guarantees a percentage of the loan amount in case of borrower default.

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USDA Home Loans

A USDA Home Loan is made by an approved lender and guaranteed by the US Department of Agriculture.  To qualify, the subject property must be located in an eligible rural area as determined by the USDA, and the borrower must be within the eligible income limits as determined by the USDA.  Only single family, owner occupied residences may be financed by a USDA loan.

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My Community Mortgage

The Fannie Mae My Community Mortgage is a Conventional loan for borrowers who have minimal down payments and whose income is low to moderate as determined by the Average Median Income in the geographical area of the home.

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Reverse Mortgage (HECM)

A Reverse Mortgage, or more accurately, a Home Equity Conversion Mortgage is an FHA loan that enables established homeowners (ages 62 and up) to convert equity in their homes into tax-free cash, without selling their home, giving up title, or incurring a new monthly mortgage payment.   The proceeds from the loan can be used for anything the homeowner desires.  With a reverse mortgage, the borrower does not have to make any payments as long as he/she lives in the home.  The loan is repaid when the borrower dies, sells the home, or when the home is no longer the borrower’s primary residence.

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The HARP Program

The Home Affordable Refinance Program (HARP) is a federal government program that enables a homeowner to refinance their home to a lower interest rate even if they owe more money than the home is worth.  A HARP loan can be used to lower your monthly payment by lowering the interest rate, or to convert from an adjustable rate mortgage to more stable fixed rate mortgage.

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Copyright 2017 Franklin First Financial Ltd. All Rights Reserved.

Franklin First Financial Ltd. (NMLS# 1630)
538 Broadhollow Road, Suite 401, Melville, NY  11747
Direct:  (631) 847-8700
Toll Free:  (888) 933-8639
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FRANKLIN FIRST FINANCIAL, LTD. 538 BROADHOLLOW RD, STE. 401 MELVILLE, NY 11747 IS A LICENSED MORTGAGE BANKER-NYS DEPT OF FINANCIAL SERVICES. LICENSE #107407 NMLS #1630, HUD APPROVED TITLE II NON-SUPERVISED LENDER #17895-0000-0. FRANKLIN FIRST FINANCIAL IS NOT ACTING ON BEHALF OF OR AT THE DIRECTION OF HUD/FHA OR THE FEDERAL GOVERNMENT. ALL LOANS ARE SUBJECT TO CREDIT & APPRAISAL APPROVAL. PROGRAMS, RATES, TERMS, AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE.OTHER RESTRICTIONS MAY APPLY. THIS IS NOT A COMMITMENT TO LEND. COPYRIGHT FRANKLIN FIRST FINANCIAL, LTD. ALL RIGHTS RESERVED.

 

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