The Loan Process

Loan Options

Service First offers a variety of loan products to meet your needs.

CONVENTIONAL

Repair Plus
Allows up to $10,000 in repairs after closing.

HomeReady®/Home Possible®
Designed to serve today’s market of creditworthy, low-to moderate-income borrowers and communities.

Cash Out Refinance
Turn your home’s equity into cash to consolidate debt, make home repairs, pay for education, and much more.

BUILDER/RENOVATION

Extended Lock
Lock in today’s rate for up to 6 months.

2/1 Buydown
Buy today, with last year’s rates!
Great for builders or listings that need to attract interest.

Construction Loans
One Time Close loan allows borrowers to finance both a construction loan and a permanent loan in one closing. Fixed and adjustable rate options for loan amounts up to $3 million.

Pool Escrow
Allows borrowers to buy a new home and include the cost of a new pool.

Renovation Loans
Allows borrowers to purchase or refinance a home that needs repairs and includes the funds needed for
renovation in the loan balance.

INVESTOR/SELF-EMPLOYED

Bank Statement Loan
Great for self-employed borrowers to qualify on cash flow.

No P&L Bank Statement Loan
When a P&L for self-employed borrowers is an issue.

Asset Depletion
Qualify with assets instead of income.

Investor NIVA, No Doc
No income verification needed on this product, just assets.

GOVERNMENT

FHA
FHA loans typically provide lower interest rates and lower down payment requirements, making it an attractive first time home buyer program for buyers with credit scores above 580.

VA
Reserved for veteran and active duty buyers and do not require a down payment or monthly mortgage insurance.

USDA
Properties in eligible rural areas, do not require a down payment, have low monthly mortgage insurance, and may allow closing costs to be rolled into the loan.

NON-TRADITIONAL

Jumbo Loans
Designed for loans above $453,100 and up to $3 million. Interest-only ARMs are also available.

Doctor Loans
Lessens the effect of student loan debt for qualification and includes future earnings as income.

Reverse Mortgages
Purchase or refinance for borrowers 62 years of age and older.

Bridge Loans
Helps buyers avoid the hassle of selling their current homes before the purchase of their new homes.
Eliminates contingencies and makes offers more attractive to sellers.

ITIN & DACA
Utilize a Tax ID Number instead of SSN.

500 FICO
Lower minimum FICO score required.

Non-Warrantable Condos
For condo projects with occupancy challenges or budgets that don’t meet guidelines.

Condo-Tels
For that hard to finance property type.

Second Chance Lending
When qualification becomes a challenge, let us great creative.

Inherited Property
Finance the family property without the hassle.

Manufactured Homes
Allow for manufactured homes that have been on site for at least 1 year, have a permanent foundation and meet minimum size requirements.

Bond/Grant
Helps underserved buyers purchase homes by utilizing one of several available State and local bond/grant
programs.