We have you covered with Government and Conventional loans that will meet your individual needs whether you are looking to purchase or refinance a home. Each of our products are designed and tailored for you and have been perfected over the years to provide you with a simple, straightforward loan process. Service First has YOU covered.
FHA (Federal Housing Administration): We are an approved FHA lender. FHA has remained a mainstay of our business for years. We have been recognized as a top lender for first-time homebuyers through our FHA program. Our loan officers and support staff are experts in FHA lending, allowing you a fast and worry free process. FHA loans offer as little as 3.5%* down. The standard FHA program offered is credit scores greater than 640. The FHA program allowed for gifts to be used for down payment and closing cost as well as other relaxed requirements.
FHA Freedom Loans: This is an FHA program that all lenders do not participate in. This loan series gives you the benefit-of-the-doubt and allows for common sense credit decisions. This program is for first-time homebuyers, no score buyers, or a borrower in need of a second chance. FICO scores between 600 and 640 as well as No Credit Scores are allowed on this program. This program, like the common FHA loans, requires as little as 3.5% down payment.
VA (Veterans Administration): Service First Mortgage has always made our veterans a priority. We know our veterans deserve the best, so we give them the best. We provide the best rates and best service available on these sometimes more complicated loans. TEXAS PROPERTIES: Don’t forget to tell your loan officer if you are a disabled “TEX VET” and ask about our Land Board Program. VA loans are available to eligible veterans to be used to buy a home or refinance a home loan. This program allows no down payment** in most situations and credit scores of 620.
USDA: USDA sponsors a loan program for properties located in designated Rural areas for borrowers with low to moderate income levels. USDA does set specific guidelines for this program that center around credit requirements, down payment, property location, income limits as well as standard income, down payment and property requirements. This program is available for borrowers with credit scores as low as 640 with no down payment required.
Bond Loans: There are some great government-sponsored loans with rates that are well below market rates, as well as programs featuring government-paid down payment, closing costs, or both. These programs are not just designed for first-time homebuyers. Ask your loan officer for details in your area!
Jumbo AKA Non-Conforming: Yes, financing for large loans is still available, and it’s hard to beat the rates at Service First Mortgage. These loans have loan amounts above $417,000 (the conforming limit set by Fannie Mae). These loans do tend to have more requirements but we do have some programs that can allow as little as 10% down with credit scores of 680 and greater.
Conventional/Conforming: Loan Amounts up to $417,000 with as little as 5%***. To save our customers time and money, we sell directly to Fannie Mae. This means that the middle man is eliminated. As a direct lender, we can provide our customer with a great rate! These loans follow Fannie Mae guidelines that determine the maximum loan amount, borrower credit requirements, income requirements, down payment requirements and acceptable properties. On Conventional, we offer loans for credit scores of 620 and greater.
Repair Plus Option: Do you have any repairs that the seller can’t or won’t complete prior to closing? Are they required by an inspector or appraiser? Service First would like to introduce the Rescue and Repair Plus Option. Service First will allow up to $10,000 in repairs. All repairs must be pre-defined in the real estate contract between the seller and buyer. This program was designed for those non-safety related, quick and simple fixes that only need 15 days or less in repair time. For example, but not limited to: flooring, paint, A/C repair, or simple roof repairs.
Liberty Plus: Don’t want to pay mortgage insurance? With the Service First no mortgage insurance program, you don’t have to, effectively reducing your monthly mortgage payments. This program is available along with our Conventional Conforming Loan programs. Loan amounts up to $417,000 and credit scores above 660.
Liberty Professional: Do you have a professional degree and starting a new job? No problem. This is for the professional on a regular salary with an employment contract. This way, you can start your job and close on your home before you have the traditional 30 days of year to date earnings. Ask our loan officer if you qualify. This program is offered along with our Conventional Conforming Loan Program. This allows loan amounts up to $417,000 with credit scores above 660.
Liberty Asset: Is your current monthly income a little short for qualification, but you have income from retirement assets? No problem. With this program, you can use up to 70% of your qualifying assets in income calculations. Qualifying assets include retirement assets, lump sum distribution funds not deposited into a retirement account, or the proceeds from the sale of your business. This program is for borrowers with credit scores above 660. Ask your loan officer if you qualify.
Liberty Asset Jumbo: Would you prefer to use your qualifying assets in lieu of verifiable income? No problem. With this program you can use up to 50% of your qualifying assets in income calculations. Borrowers utilizing this option must have minimum qualifying assets of at least $1,000,000 with at least $1,000,000 in assets remaining after closing costs and after the 50% is utilized for income qualification. Ask your loan officer if you qualify.
Liberty Investor Plus: Need to finance that 10 property? We have you covered. Our investor plus program allows up to 10 financed properties. See if we can help you build your future through investment properties. This program follows Standard Conventional Conforming rules that allow loan amount up to $417,000 with Credit Scores of 720 and greater.
Home Equity Loans: A home equity loan is a type of loan where you can use the equity in your home as collateral. Home equity loans can be used to handle various types of needs such as home repairs, pay off debts, college education or various other needs. So whether you need some extra cash or want to consolidate your debts, we have a home equity loan that can meet your needs.
*A 3.5% down payment on a 30-year, fixed-rate mortgage with a loan amount of $200,000 and an APR of 5.075% and 360 monthly payments of $1,396. This payment example includes mortgage insurance.
**A 0% down payment, on a 30-year, fixed-rate mortgage with a loan amount of $200,000 and an APR of 4.376% and 360 monthly payments of $1,543. This payment example includes mortgage insurance.
***A 5% down payment, on a 30-year, fixed-rate mortgage with a loan amount of $200,000 and an APR of 4.79% and 360 monthly payments of $1721. This payment example includes mortgage insurance.