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Loan Products

Fixed Rate Mortgages: Your loan's interest rate stays the same for the life of the loan, for predictable, easy to budget payments. Our Fixed Rate Mortgages offer the predictability of a rate that stays the same for the loan's entire term. Available in 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: We offer competitive interest rates and your choice of adjustment periods. Our Adjustable Rate Mortgages (ARMs) feature interest rates that adjust with time and may be lower than fixed-rate mortgages. You can choose an adjustment period of 1, 3, 5, 7, 10 or 15  years, and best of all, your down payment could be as low as 10%.

Construction to Permanent Loans: Building your home? Save on mortgage payments by paying only interest during the construction period. Our Construction to Permanent Loans help you save on mortgage costs by allowing you to pay only the interest during the construction period. Then, your mortgage converts to a great, fixed or adjustable rate loan. It's never been easier to finance a home from construction through occupancy.

Government Loan Programs: Our government-backed mortgage loan programs offer financing opportunities and down payment options for those who qualify. Learn more about our FHA, VA and USDA Loan Programs.

FHA Loans: Our FHA Loans are designed to help you achieve the dream of affordable home ownership. Insured by the Federal Housing Authority, FHA loans offer terms and require a low down payment of just 3.5%.

VA Loans: U.S. Department of Veterans Affairs offers eligible veterans the chance enjoy homeownership through special lending terms. Qualified borrowers can finance 100% of the home's cost - no down payment necessary.

USDA Loans: A USDA Rural Housing loan can help individuals and families by a home in a rural area. Qualified borrowers can finance 100% of the home's cost - no down payment necessary. And the loan can be used for single-family homes or approved condos.

Community Loan Programs: We offer a variety of discounted-rate mortgage loans to make homeownership possible for a greater number of people.

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

Lakewood HOME Program: Available to first time homebuyers planning to purchase a home in Lakewood, this special mortgage offers a discounted, fixed-rate mortgage combined with special savings available in conjunction with the City of Lakewood HOME Program. The HOME Program features a 0% interest, no-monthly payment 2nd mortgage to apply towards your down payment and closing costs. There's never been an easier way to become a Lakewood homeowner. Click here for more information.

Other Home Loan Options: Few purchases can match the excitement of buying your first home. First Federal Lakewood makes this exciting milestone easier and more affordable. We work with a number of organizations and municipalities who offer down payment assistance and who grant funds to help make your first dream home a reality.

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)

Jumbo Loans: If you're financing more than $417,000, a Jumbo Loan from First Federal Lakewood may be able to give you special financing terms designed specifically for larger mortgages. Our Jumbo Loans may offer a lower minimum down payment requirement, and are available with both fixed and adjustable interest rates.

Doctor and Resident Loans: We're proud to offer medical doctors and residents special mortgage financing terms to help make financing that dream home any easy procedure. Enjoy special rates and up to 100% financing.

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