Your Guide to First American Home Loans

If you’re in the market for a mortgage, First American Home Loans should be on your radar. As one of the largest mortgage lenders in the country, First American offers a wide range of loan programs and excellent customer service. This comprehensive guide will teach you everything you need to know about getting a home loan with First American.

Overview of First American Home Loans

First American Financial Corporation is a leading provider of title insurance, settlement services, and risk solutions. Their mortgage division, First American Home Loans, offers a full suite of mortgage products including:

• Conventional loans
• FHA loans
• VA loans
• Jumbo loans
• Refinance loans
• Reverse mortgages

First American operates in all 50 states and has over 120 locations across the country. They are licensed to lend in every state they operate and are an approved FHA, VA, and Ginnie Mae lender

With their scale and licensing, First American can offer very competitive interest rates and low origination fees. They have an extensive loan officer network plus offer an easy online mortgage application process. First American closes over $1 billion in home loans each month, so they have the capacity to handle large volumes efficiently.

First American Mortgage Products

Conventional Loans – First American offers conventional mortgages that conform to Fannie Mae and Freddie Mac guidelines. Down payments as low as 3% are available

FHA Loans – First American is approved to underwrite FHA loans which only require 3.5% down and allow credit scores as low as 580.

VA Loans – No down payment is necessary for a VA home loan with First American. Perfect for eligible military buyers.

Jumbo Loans – Jumbo mortgages above the conventional limit are offered for high-balance loans.

Refinance Loans – First American provides competitive refinance rates and programs like streamlined refis.

Reverse Mortgages – Borrowers 62+ can unlock equity in their home with a First American reverse mortgage.

In addition to these standard products, First American also offers niche mortgage programs like physician loans, lot and land loans, manufactured home loans, and more.

The First American Mortgage Process

Here is an overview of what you can expect when getting a First American home loan:

1. Prequalification – Get pre-approved by submitting basic financial details online or with a loan officer. This shows sellers you’re a serious buyer.

2. Find a Home – First American has a network of real estate agents that can help you find and bid on your dream home.

3. Formally Apply – Complete First American’s full application with income, asset, and identity documents. This triggers underwriting.

4. Underwriting & Appraisal – First American processes your application and values the home to finalize loan approval.

5. Closing Disclosure – Three days before closing, you’ll receive your final loan costs and fees.

6. Sign & Close – Review documents with your escrow agent and sign your closing docs. Then get the keys!

You can track progress on your First American loan application through their website. The process typically takes 30-45 days from start to funded loan.

Why Choose First American?

Here are the top reasons why First American Home Loans is a top mortgage lender choice:

Local Expertise – With lending operations nationwide, First American has specialized local expertise. This helps them tailor financing to your specific market.

Great Reputation – First American earns rave reviews for customer satisfaction and service. They have an A+ rating with the Better Business Bureau.

Wide Product Selection – From jumbos to physician loans, First American offers mortgage solutions for almost any homebuyer.

Discount Pricing – As one of the largest lenders, First American can leverage volume discounts to offer reduced fees.

Fast Processing – Automated underwriting systems help First American process loans quickly and efficiently.

Dedicated Support – Get concierge service and guidance from a personal First American loan officer.

Digital Applications – Apply completely online at your own pace or with phone/chat assistance.

Clear Communication – First American keeps you updated on your application status every step of the way.

With so many advantages, it’s easy to see why First American is a mortgage leader.

How to Qualify for a First American Loan

First American has some general requirements borrowers must meet to qualify for financing:

• Good credit – Minimum 620 score for conventional loans, 580 for FHA
• Stable income and employment
• Low debt-to-income ratio (ideally under 43%)
• Sufficient assets and cash reserves
• Legal U.S. residency status

Down payment, income, and credit qualifications vary by the specific loan program. Your loan officer will help analyze your situation and match you with the right mortgage product.

First American offers alternative qualification options for self-employed borrowers, those with past credit issues, and applicants with unique circumstances. Talk to one of their lending experts about your specific case.

How to Apply with First American

You have two options for submitting a home loan application with First American:

Online – Visit FirstAm.com and click “Apply Now.” Answer questions about your financial profile. You can complete the process digitally or connect with an advisor for help.

With a Loan Officer – Search First American’s website for loan officers near you. Reach out and schedule a meeting. The officer will walk you through the application in person.

Either way, after starting your application you will need to submit documentation like paystubs, bank statements, W-2s, and tax returns. First American offers secure digital upload to simplify the verification process.

Next Steps with First American

If you’re ready to move forward with First American, here are suggested next steps:

• Get pre-qualified to start viewing homes
• Shop mortgage rates and crunch numbers with their affordability calculator
• Contact a First American loan officer in your area to ask questions
• Read First American mortgage reviews from current customers
• Start your application online or schedule an in-person application meeting

The knowledgeable team at First American is ready to guide you on your path to homeownership. With the right mortgage solution, you can be settling into your new home sooner than you may think!