PrintShare

Freddie Mac Conforming Mortgage

A conforming mortgage product is one that is sold to an outside mortgage company. The Freddie Mac Conforming Mortgage allows you to borrow up to 95% of the value of the home.

First Citizens continues to service the loan on a conforming mortgage. It has a lower interest rate but more stringent criteria required by the mortgage company, such as credit score and more limited sources for down payment and closing costs.

Summary

This product may be right for you if you have a good credit rating and your own funds available for at least 5% down payment plus closing costs.

  • Range of Terms - Fixed Rate - 15, 20 and 30 years
  • Maximum Loan Amount - $325,000
  • Make payment and receive answers to your questions from First Citizens National Bank

Minimum Down Payment

  • 5% minimum with Private Mortgage Insurance Required
  • 20% without Private Mortgage Insurance
More Info

Acceptable Sources for Down Payments:

  • 5% with PMI must be the borrower's own funds
  • 20% without PMI - can include a gift from a family member as long as at least 5% is borrower's own funds

Acceptable Sources for Closing Costs:

  • Borrower's Own Funds

Payment Options:

  • Automatic Transfer from another First Citizens deposit account
  • Coupon Book

Occupancy:

  • Owner Occupied
  • Can be up to 4 units if owner occupies at least one unit
  • Can be secondary residence