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  First Bank and Trust of New Orleans Home Mortgage

First Bank and Trust of New Orleans Home Mortgage

in Home Purchase Mortgages from First Bank and Trust of New Orleans · NMLS ID #525613

Unaffiliated

First Bank and Trust of New Orleans Home Mortgage

Unaffiliated

in Home Purchase Mortgages from First Bank and Trust of New Orleans · NMLS ID #525613

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Highlights
Mortgage Programs
  • FHA
  • USDA
  • VA
  • Conventional Mortgages
Loan Amount N/A
Loan Term (Years) 5 - 30 years

First Bank and Trust of New Orleans Home Mortgage Review

First Bank and Trust of New Orleans Home Mortgage is offered by First Bank and Trust of New Orleans (NMLS #525613), a bank founded in 1991 and based in New Orleans, LA. First Bank and Trust of New Orleans Home Mortgage is available in 3 states across the USA.

Key Takeaways
  • 4 different mortgage programs offered. First Bank and Trust of New Orleans Home Mortgage offers FHA, USDA, VA, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, First Bank and Trust of New Orleans does not offer financing for manufactured homes.
  • Standard interest rates types. First Bank and Trust of New Orleans Home Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for First Bank and Trust of New Orleans Home Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for First Bank and Trust of New Orleans Home Mortgage.
First Bank and Trust of New Orleans Home Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 3 states.
First Bank and Trust of New Orleans Home Mortgage FAQ

What is the maximum loan term you can get with First Bank and Trust of New Orleans Home Mortgage?

First Bank and Trust of New Orleans Home Mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does First Bank and Trust of New Orleans offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does First Bank and Trust of New Orleans Home Mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, First Bank and Trust of New Orleans Home Mortgage may charge a loan origination fee.

What mortgage programs are available?

First Bank and Trust of New Orleans Home Mortgage offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does First Bank and Trust of New Orleans Home Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. First Bank and Trust of New Orleans Home Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Availability

  Available in 3 states
  • Florida
  • Louisiana
  • Mississippi

Feature Breakdown

Credit Score Range 580 - 840
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
Minimum Age 18
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Income Statement
Loan Term 5 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • USDA
  • VA
  • Conventional Mortgages

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