First Federal Lakewood

First Federal Lakewood has been in business since 1935 and was established as a community and neighbors-first mutual bank. Over the year’s we’ve grown into the largest depositor- owned community bank headquartered in Ohio! Our physician loan program is simply one of the best available. We are deeply rooted in the communities we serve. That means that we make decisions that benefit you, the overall local economy, and our employees – NOT shareholders. We give 5% of our net profits back to the community every year.

Loan Officers

Brent Bartlett (NMLS #913802)
STATES:  OH
EMAIL:  [email protected]
PHONE:  216-239-5845

Terms:

  • 0% down up to $1 million, 5% down up to $1.25 million, 10% down up to $1.5 million, and 15% down up to $2 million.
  • NO PMI (mortgage insurance) required.
  • 700 credit score minimum.
  • Primary residence, Purchase only for single family, town home, and warrantable condominium.
  • NO Prepayment Penalties with RECAST option available.
  • Available products: 30-year fixed, 15-year fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM.
  • Closing may occur prior to employment start date with an acceptable fully executed signed contract and proper cash reserves.

Professions:

MD, DO, DDS, DMD, Resident, Fellows, DVM, OD, DPM

Strengths:

  • We close and service our physician loans in house and don’t sell your loan to another mortgage servicer after closing like most banks or lenders do.
  • You would work with me from start to finish around your schedule, I don’t pass you off to a loan processor after initial application.
  • We offer interest rate protection so if rates drop between initial application and closing, we have the option to float down your rate to match the current market rate for a one time $350 fee.
  • Many physician lenders will only close your loan if you start your new position within 30-60 days. We will allow you to close up to 6+ months before your start date using your new employment contract, as long as you have sufficient assets to cover the payment prior to starting new job.
  • Long term locks available for 9 to 12 months which are typically more affordable for a physician who is purchasing a new build that will not close until the home is complete.
  • Physician loan refinance available for currently serviced clients only.
  • Construction loans available in OH.

Disclaimer:

Equal Housing Lender. Member FDIC. NMLS #583593