In 1994, First Franklin made a switch from prime to non-conforming lending. They were the first company to offer a unique FICO based product that provided mortgage alternatives for borrowers between the traditional sub-prime and Alt-A credit tiers. First Franklin offers a combination of local, responsive service and world class lending power, which makes it easy for their mortgage brokers to offer borrowers flexible, hassle-free home loan solutions. They originated over $29.56 billion in loans in 2005. They have thirty-four locations around the country, and are a division of National City Bank of Indiana. First Franklin originates, purchases, sells, and securitizes nonconforming/nonprime, residential, first and second lien mortgage loans and home equity lines of credit. They are headquartered in San Jose, California, and operate in Texas, Massachusetts, Ohio, Colorado, Indian, New York, New Jersey, Arizona, California, Missouri, Georgia, Minnesota, Illinois, Nevada, Wisconsin, Kansas, Oregon, Washington, New Mexico, Maryland, North Carolina, Michigan, Florida, and Utah.
First Franklin does not offer mortgages directly to borrowers; they offer them to lenders, who in turn, offer them to their borrowers. If you are interested in purchasing one of First Franklin’s unique loans, find out if your mortgage broker is Franklin approved.
First Franklin Mortgage Loan Options
First Franklin offers Purchase and Refinance Mortgages. One Purchase/Refinance Mortgage that is particularly interesting is the LIV Mortgage. Short for Limited Income Verification, LIV is a great option for self-employed borrower, or borrowers with 1099 forms. This option only requires six months of bank statements for high loan-to-value (LTV) and jumbo loans. With this loan, you can receive up to 100% financing if your FICO is 640 or over. If your FICO is 620 or less, First Franklin will require one year’s worth of employment verification, and they offer up to 80% LTV for FICOs 540 and below. Up to 6% of seller contributions can be used for closing costs, and this loan can come as Interest Only, Fixed Rate, or Adjustable Rate.
First Franklin is a Fair Housing Lender. They comply with the Fair Housing Act of 1968 and do not discriminate against lenders based on color, race, national origin, sex, religion, age, familial status, or disability.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.