Remodelers Program

Account Description
  • Program is designed for our customers who have a primary residence, and wish to add an addition onto their existing home.
  • Choose from any adjustable rate product.
Eligibility
  • First Federal of Lakewood will lend up to 90% of the value of the home.
  • Private Mortgage Insurance required over 80% LTV
Documents Required (prior to making loan application)
  • Plans - Blue Prints
  • Cost Breakdown
  • Description of Materials
  • Specifications
  • Contract for work to be completed 
  • Show Additional Savings to Cover Over-Runs
  • Last 2 years tax returns
  • Most recent pay stubs (one-month)
  • Savings statement showing additional funds to close
Loan Limits
  • The cost of the improvements must be higher than $50,000.
  • The required funds are based on the estimated cost of the addition as determined by the appraiser or contract.
Penalties/Restrictions
  • Late charge of 5% of the principal and interest payment if 15 days past due.
  • $30 fee for NSF checks and ACHs submitted for payment.
  • Interest only for the first 6 months; Interest paid monthly. The loan converts to a principal and interest payment after the 6th month.

Account Features

Account Disclosure/Statements

Assistance

*Speak with a Mortgage Loan Specialist for full details, exceptions may apply.