First Federal Bank Mortgage Review 2024

First Federal Bank mortgage overview

Since 1962, First Federal Bank Mortgage Lenders has helped families nationwide become homeowners. Although the lender specializes in U.S. Department of Veterans Affairs (VA) mortgages, it also offers a variety of government-backed loans and conventional mortgages. The company boasts strong customer reviews, with a rating of 4.7 out of 5 stars on Zillow.

• Areas of service: 50 states and District of Columbia
• Digital service: Online application
• Headquarters: 7007 College Blvd., Suite 600, Overland Park, KS 66211
• Website: FFBML.com

First Federal Bank rates, terms and fees

First Federal Bank Mortgage Lenders is a national lender that operates physical branches in select states.

Rates

First Federal Bank doesn’t disclose its mortgage rates online. However, we analyzed data that was issued under the Home Mortgage Disclosure Act (HMDA), and found that its rates were competitive. Across all loan types approved in 2023, First Federal Bank’s rates averaged 0.22 percentage points above the average prime offer rate (APOR). This difference is known as the rate spread.

Fees

First Federal Bank doesn’t publish its fees on its website either. Instead, you have to submit your personal information and speak with a loan officer to receive details about its rates and fees.

Based on HMDA data, we found that the average total loan cost for purchase loans from First Federal Bank was $7,269 in 2023, which is in line with the industry average.

What discounts does First Federal Bank offer?

First Federal Bank doesn’t disclose information about discount programs on its website.

What types of mortgage loans does First Federal Bank offer?

First Federal Bank offers a variety of home loans including:

• Conventional loans
• FHA loans
• VA loans
• USDA loans
• Jumbo loans

Conventional loans

With First Federal Bank, you can qualify for a conventional loan with fixed or adjustable rates, and you can choose a term of 15, 20 or 30 years. Depending on your credit profile, you could qualify for a conventional loan from First Federal Bank with a low down payment — or even no down payment at all.

First Federal Bank also offers conventional loan refinancing.

Conventional loan qualification requirements

First Federal Bank doesn’t disclose its minimum loan qualification requirements. In general, you’ll need a down payment between 3% and 5%.

FHA loans

For those homebuyers who may not qualify for conventional loans because of their credit score or because they don’t have a large enough down payment, Federal Housing Administration (FHA) loans could be a solution. These government-backed loans have lower credit-score and down-payment requirements than conventional loans.

In addition to FHA loans, First Federal Bank offers FHA 203(k) loans, which can be used to purchase and renovate a home.

FHA loan qualification requirements

First Federal Bank doesn’t disclose its minimum credit score. However, borrowers will typically need a down payment of at least 3.5%.

VA loans

VA loans — mortgages for military veterans and service members — are First Federal Bank’s specialty. These loans are available without a down payment, and information from First Federal Bank indicates that its VA mortgage rates are typically 0.5 to 1.0 percentage points lower than conventional rates.

VA loan qualification requirements

First Federal Bank doesn’t disclose its credit requirements. In general, lenders require VA loan applicants to have a score of 620 or higher.

USDA loans

With a First Federal Bank mortgage issued under the U.S. Department of Agriculture (USDA), potential homebuyers can purchase a home in eligible rural areas without a down payment.

USDA loan qualification requirements

• 640 minimum credit score

Jumbo loans

If your desired home has a higher price tag than the maximum for conventional mortgages, you can use a jumbo loan to complete the transaction. First Federal Bank doesn’t disclose its maximum jumbo loan amount, but these mortgages tend to have substantially higher limits.

Jumbo loan qualification requirements

First Federal Bank doesn’t disclose its jumbo loan requirements. Generally, borrowers need a good credit score and a larger down payment; typically, you’ll need a down payment of at least 10%.

First Federal Bank mortgage qualifications

  Don’t know your credit score? Get your free score on LendingTree Spring today.

How to boost your loan approval odds

In 2023, First Federal Bank approved about 90% of its purchase loan applications. To improve your odds of qualifying for a loan — and securing competitive rates — follow these tips:

• Pay down debt: Your debt-to-income (DTI) ratio, or how much of your monthly income goes toward debt payments, plays a big role in determining your eligibility for a mortgage. Most approved homebuyers for purchase loans with First Federal had a DTI under 40%, so paying down debt can help you qualify for a loan.
• Improve your credit: Although First Federal Bank doesn’t disclose its minimum credit score, it has several mortgage options for those borrowers with less-than-perfect credit. Boosting your credit by reducing your debt, making your payments on time and limiting new credit applications can help you get the best rates and terms.
• Save: A larger down payment shows you have the discipline and financial ability to save, so amassing a larger down payment can enable you to qualify for a mortgage with competitive rates. With First Federal Bank, the average down payment was about 17%.

How to apply for a First Federal Bank mortgage

1. Choose your loan type

On the First Federal Bank website, navigate to “Apply Now” where you can opt to learn more about rates, programs and preapproval or begin the mortgage application process. The lender has a variety of mortgage options, including conventional loans and government-backed loans. Based on your credit, desired property and down payment amount, you may find that some mortgage options are a better fit than others.

For example, people with less-than-perfect credit and less money available for a down payment may be good candidates for FHA loans, while those homebuyers with excellent credit and more money saved may be eligible for a jumbo loan.

2. Get prequalified

First Federal Bank doesn’t allow you to view your rates or loan options without undergoing a full credit check. To begin the process, you can submit a basic form with your personal details, and the company will connect you with a loan officer. Or you can contact a loan officer near you.

The loan officer will discuss your goals, budget and your mortgage options. When you’re ready, the loan officer will ask you to submit your application to qualify for a preapproval letter — an essential tool in the home-buying process.

3. Submit a loan application

First Federal Bank allows homebuyers to fill out and submit an application online. The system allows you to upload documents and other supporting information to complete the application process.

Documents you’ll need for prequalification or preapproval

• Identification
• Tax documents
• Bank statement
• Pay stubs
• Debt and asset statements
• Gift letters (if you’re using gifted funds)

  Find out more about how to apply for a home loan.

Is it safe to get prequalified with First Federal Bank?

First Federal Bank is a well-established lender, and it’s a reputable company. You can submit your information with confidence since it’s a well-known mortgage lender.

First Federal Bank doesn’t have a prequalification option, however. The only way to view your rates is to submit your details and consent to a hard credit check, which can cause some temporary damage to your credit.

First Federal Bank’s customer service experience

You can contact First Federal Bank via phone or email, or you can schedule a meeting with a loan officer. Its customer support team is available Monday through Friday, from 8:30 a.m. until 5 p.m. CST.

• Phone: 913-647-7000
• Email: [email protected]

Unlike some lenders, First Federal Bank doesn’t have an online chat feature, nor does it have a mobile app, so you can’t monitor your application progress or submit information with your smartphone.

How does First Federal Bank compare to other lenders?

LendingTree’s rating	Back to our First Federal Bank summary	Read our First Federal Bank vs. Chase comparison	Read our First Federal Bank vs. Alliant comparison
Minimum credit score	Not disclosed	Not disclosed	Not disclosed
Minimum down payment	0% to 5%	0% to 3.5%	0% to 5%
Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan.	0.22%	0.17%	2.06%
Loan products and programs	Conventional FHA VA USDA Jumbo	Conventional FHA VA Jumbo	Conventional FHA VA USDA Jumbo HELOC
Better for:	Borrowers who want to apply for USDA, FHA or VA loans.	Borrowers with good credit who need a large jumbo loan.	Borrowers who want to use their home equity to finance renovations.
	Get offers	Get offers	Get offers

First Federal Bank vs. Chase

Unlike Chase, First Federal Bank offers more government-backed loan options; applicants can take advantage of FHA, VA or USDA loans to buy a property with a low down payment.

However, those borrowers with good credit or who want a larger jumbo loan may find Chase to be a better fit; Chase allows homebuyers to take out loans as large as $9.5 million.

→ Read more in our full Chase mortgage review.

First Federal Bank vs. Alliant Credit Union

Unlike First Federal Bank, Alliant is a credit union, and it offers some financing options that First Federal Bank doesn’t. For example, Alliant offers home equity lines of credit (HELOCs), which homeowners who have built equity can use to finance home renovations or consolidate debt. However, Alliant tends to have a higher rate spread than First Federal Bank.

→ Read more in our full Alliant Credit Union review.

  Ready to compare lender offers on LendingTree? Get Your Rates Today

How LendingTree rated First Federal Bank

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

First Federal Bank’s scorecard:

 Publishes rates online
 Offers standard mortgage products
 Includes detailed product info online
 Shares resources about mortgage lending
 Provides an online application

 = 0 points  = 0.5 points  = 1 point