First Federal Bank Review
First Federal Bank at a glance
 Lender rating: 3 stars  | Minimum credit score: Not disclosed Minimum down payment: 0% to 3.5% Available loan products and programs: Conventional, FHA, VA, jumbo, USDA |
Our verdict: First Federal Bank offers the traditional home loan programs you’d expect but can also be a good match if you need a more niche mortgage (like a construction or manufactured home loan). First Federal has a regional bank feel, but also offers a strong online experience for those who aren’t near a branch.
| Pros | Cons |
|---|---|
Offers a wide range of mortgage products, including construction and manufactured home loans Online applications and a web portal make it easy to manage your loan online Provides convenient customer service through phone, email or chat | Doesn’t publish mortgage rate or fee information Doesn’t offer home equity loans or HELOCs Has limited branch locations compared to a national bank |
On this page
Headquartered in Lake City, Fla., First Federal Bank has been serving customers in the Southeast since 1962. After acquiring BNC National Bank’s mortgage division in June 2023, First Federal now operates mortgage offices across both the Southeast and Midwest, reaching as far west as Phoenix.
First Federal Bank mortgage products
Conventional
- First Federal offers conventional loans with both fixed and adjustable-rate mortgage (ARM) options.
- Mortgage refinancing, including cash-out refinance loans, is also available.
- Regarding minimum mortgage requirements, you’ll need at least 3% down payment and at least a 620 credit score.
FHA
- Loans backed by the Federal Housing Administration (FHA) have less stringent credit score and debt-to-income (DTI) ratio requirements than conventional loans.
- You’ll need a 3.5% minimum down payment.
VA
- First Federal offers VA loans to qualified military borrowers.
- The VA doesn’t require a minimum down payment or set credit score, but VA lenders generally require a 620 score.
Jumbo
- Jumbo mortgage loans allow you to borrow more than the conforming loan limit.
- To qualify, you’ll need to meet strict requirements, including a high credit score and a low DTI ratio.
Special programs
- USDA loans. The U.S. Department of Agriculture (USDA) backs rural mortgage loans for people with low-to-moderate incomes. Use this eligibility map to see if the USDA classifies your area as “rural.”
- Special financing. If you have a special financing need, such as a home construction loan or manufactured home loan, First Federal can help you.
First Federal Bank mortgage rates and fees
First Federal doesn’t publish its mortgage rates or fees online. You can look up current mortgage rates to see what interest rates look like in today’s market.
When thinking about closing costs, a useful rule of thumb is to expect to pay between 2% and 6% of your loan amount. At today’s median home price of $416,100 that would mean paying at least $8,322 — and up to $24,966 — in closing costs.
| Mortgage rates published online? | |
| Rate information updated daily or weekly? | |
| Lender fees disclosed? |
First Federal Bank application experience
First Federal Bank has an online application, so you won’t need to visit a branch or mortgage office in person to apply.
Tip
If you don’t have a home in mind yet, consider getting a mortgage preapproval first. When you make an offer on a home, this can show sellers that you’re financially capable — then once a seller accepts your offer, you’ll finalize the application with the lender.
It’s important not to take the first mortgage offer you get, though. Make sure you shop around and compare rates.
First Federal Bank customer service experience
You can call First Federal Bank at 877-499-0572, Monday through Friday from 7:30 a.m. to 7:00 p.m. EST. You can also chat online with a customer service rep during those hours or submit an email through a form on First Federal’s website.
For mortgage customers, First Federal also offers a special web portal that gives you access to information about your loan at any time, day or night.
How does First Federal Bank compare to other lenders?
| First Federal Bank | Homepoint | Rocket Mortgage | |
|---|---|---|---|
| Lender rating | |  |  |
| Minimum credit score | Not disclosed | 580 to 620 | 580 to 620 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3% |
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How we 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 scorecard: 3/5
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