First Federal Bank Mortgage Review 2024
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Our Take
4.5
First Federal Bank Mortgage Lenders stands out for its focus on government loan lending. First Federal Bank acquired BNC National Bank’s mortgage division in 2023, and should not be confused with regional lenders with similar names. Most likely to appeal to FHA, VA and other niche loan borrowers.
Pros
- Over 40% of all loans last year were FHA, VA or USDA loans.
- Average mortgage rates are on the lower side, according to the latest federal data.
- Offers 15-, 20-, 25-, and 30-year repayment terms, which is unusually flexible.
Cons
- No dedicated mobile app for mortgage borrowers.
- Some loans (including home equity products) are geographically limited.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
$400,000 | 85% | 640 | Visit Lenderat Figure at Figure | |
$750,000 | 80% | 580 | Visit Lenderat New American Funding at New American Funding | |
$350,000 | 80% | 680 | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
First Federal Bank Mortgage Lenders is an online-only national lender based in Overland Park, Kansas. Loans are available in all 50 states.
🏠 Popular loan types include: conventional loans; adjustable-rate mortgages; FHA; USDA; VA; refinances (rate-and-term and cash-out).
🔑 Specialty loan options include: non-QM loans; FHA 203(k); nonwarrantable condo loans; construction loans; loans for second homes; loans for manufactured homes; doctor loans.
💵 Home equity borrowing options: HELOCs and home equity loans are available in Florida, Georgia and South Carolina only.
For borrowers in northern Florida and southern Georgia, closing cost assistance up to $10,000 is available. Offers special financing for buyers in northern Florida.
Offers special financing for buyers in northern Florida.
How we score First Federal Bank Mortgage Lenders
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
First Federal Bank Mortgage Lenders has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
First Federal Bank Mortgage Lenders earned bonus points for expanding homeownership opportunities through first-time home buyer assistance, credit score flexibility and loans for manufactured homes.
What borrowers say about First Federal Bank Mortgage Lenders
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from Zillow. We also contacted First Federal Bank Mortgage Lenders customer support.
→ Average customer rating on Zillow.
Customer rating: First Federal Bank Mortgage Lenders has a customer rating of 4.74 out of 5, as of the date of publication. Rating reflects more than 3,060 customer reviews.
🤓 Our Nerds say…
Borrowers can contact a First Federal Bank Mortgage Lenders home lending specialist by phone, text, email or in person. When we called, we were immediately connected with an agent.
» MORE: How to apply for a mortgage
Alternatives to a home loan from First Federal Bank Mortgage Lenders
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers interested in an FHA loan may consider PNC Bank, which was awarded the designation of Best Mortgage Lender for FHA Loans in 2024 by NerdWallet.
Borrowers who qualify for a VA loan may want to apply with NBKC, which was awarded the designation of Best Mortgage Lender for VA Loans in 2024 by NerdWallet.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
