Mortgage Loans That Fit Real Life

Whether you’re buying your first home, moving up, refinancing, or exploring mortgage options beyond the traditional path, Farmers Insurance Federal Credit Union (FIGFCU) is here to help. 

We are a full-service mortgage lender, proudly offering Conventional, High Balance, and Jumbo loans available in all 50 states. Plus specialty programs designed for borrowers with non-traditional income or investment property goals.  

Talk with our mortgage team about the loan options that may fit your goals. Use promo code GMORTGAGE at signup. Thanks for joining the family!

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More mortgage options than you might expect.

A mortgage is not one-size-fits-all. Along with conventional, jumbo, and FHA home loans, FIGFCU offers flexible specialty mortgage options for borrowers whose finances may not fit the usual checklist.

Whether you’re self-employed, qualifying based on assets, purchasing an investment property, or buying your next home before selling your current one, our mortgage team can help you explore what’s possible.

• Competitive mortgage rates
• Options for purchase or refinance
• Flexible solutions for non-traditional income
• Personalized guidance from experienced mortgage professionals 

Mortgage FAQs

What credit score do I need to buy a home?

This is one of the most common ones we hear from both first-time homebuyers and those ready to move to a new home.

The truth is, you may not need a credit score as high as you think. While conventional loans require credit scores around 620 or higher, loan qualification depends on the overall loan profile. Some government- backed programs may allow lower credit scores. Contact us to review your options.

That said, the higher your credit score, the better your interest rate may be, which may reduce the overall cost of borrowing.

Not sure where you stand? Call 323.209.6326, and we can review your options and help you understand what’s possible.

Do I really need 20% down to buy a home?

No. This is one of the biggest myths about buying a home.

Many loan programs allow much lower down payments. For example, FHA loans may allow down payments as low as 3.5% for qualified borrowers, subject to program requirements.

While putting 20% down can help you avoid private mortgage insurance (PMI), a 20% down payment is absolutely not required. There are flexible options available to fit many different financial situations.

How much home can I actually afford?

This depends on a few key things:

• Your income
• Your monthly debts
• Your credit score
• Your down payment
• Current interest rates

Most lenders look at something called your debt-to-income ratio (DTI), which basically shows how much of your monthly income goes toward debt. Lenders evaluate DTI as part of the overall application. Acceptable ranges vary by loan program and borrower profile.

Visit our calculators to find out how much you can afford. The best way to know for sure? Getting pre-approved. It gives you a clear price range and makes you a stronger buyer when you’re ready to make an offer. Pre-approval is not a commitment to lend and final approval is subject to underwriting and property review. Call 323.209.6326 to get started. 

What affects my mortgage interest rate?

Your interest rate isn’t random; it’s based on several factors, including:

• Your credit score
• The type of loan you choose
• Your loan term (15-year vs. 30-year)
• Your down payment
• Market conditions

Even small improvements in your credit or down payment can make a noticeable difference in your rate.

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