Products

ServiceFirst Mortgage offers a variety of loan programs to meet your needs even in this trying mortgage credit crunch.

Freedom Series Products

At ServiceFirst Mortgage we understand that each person’s credit and financial situation is unique.

The Freedom Series is a variety of portfolio products we created to satisfy the individual needs of each client. It allows us to help a wide range of clients including those who have lower credit scores and no credit scores at all. The series also includes a specific program to serve our clients who run their own businesses.

Genesis Program (FHA product): Designed for that borrower who use limited credit and have no credit scores. It is this reason that ServiceFirst has designed a product to help the customer that just prefers not to use credit or is a new credit user. Our highly skilled team of originators & processors will package the file utilizing “non– traditional credit” to be able to extend the borrower a home loan.

Alternative 600 (FHA product): The 600 Series is a loan that gives you the benefit of the doubt as a first time homebuyer with limited credit or someone needing a second chance. 600-619 FICO.

Select 620 (FHA product): The Select 620 is a loan that gives you the benefit of the doubt and allows for common sense credit decisions. The Select 620 is similar to the alternative but with more flexibility. 620-640 FICO.

Premier 720 (FHA product): The Premier Product is a high ratio loan that gives the homeowner who has limited documentable income the ability to buy the home that meets their household needs based on expanded qualifying criteria.

Liberty Series Products

Repair Plus Option (Conventional product): Do you have repairs that the seller can’t or won’t complete prior to closing? Are they required by an inspector or appraiser? ServiceFirst would like to introduce the Repair Plus Option. ServiceFirst will allow up to $7500 in repairs. All repairs must be pre-defined in the real estate contract between the seller and buyer. This program was designed for that 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 (Conventional product): Don’t want to pay mortgage insurance; well don’t with ServiceFirst mortgage no mortgage insurance program. This program will reduce monthly mortgage payments.

Investor Plus (Conventional product): Allows investors to finance up to 10 properties.

Government

FHA: ServiceFirst Mortgage has continued to be one of the top FHA lenders in Texas for over 10 years. The Secretary of Housing and Urban Development has personally recognized ServiceFirst Mortgage as a top lender for First-Time Homebuyers six times. All of our loan officers have received the highest approval authority from HUD, allowing you fast and worry-free approvals.

Texas Veteran Land Board: Are you a Texas Veteran, well ServiceFirst has a special program designed for Veterans living in Texas, call your ServiceFirst mortgage loan officer to see if you qualify for these special rates.

VA: ServiceFirst 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. Don’t forget to tell your loan officer if you are a “TEX VET” or a disabled veteran. Also, don’t forget to ask about the Veterans Land Board program.

Bond Loans: There are some great government-sponsored loans with rates that are well below market rates or government-paid downpayment, closing costs, or both. These programs are not just designed for first-time homebuyers. Ask your loan officer for details in your area!

Teacher/Fire Fighter Program: Yes we can!! We can approve you for rates that are well below the market simply because you are a teacher or firefighter.

Conventional

Jumbo: Yes, financing for large loans is still available, and it’s hard to beat the rates at ServiceFirst Mortgage.

Conventional: Loans up to $417,000. 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!

Reverse Mortgage: A reverse mortgage is a loan designed to convert equity in a home into available cash. While most mortgages require you to make a payment, a reverse mortgage makes payments to you! The greatest benefit of a reverse mortgage is that there are no payments due as long as you live in your home. Reverse mortgages are different than a typical home loan in the following ways:

Your income is not a factor in being approved
There are no monthly payments due
It raises your monthly income
You are protected against ever owing more than your home is worth
You can never lose your home as long as you maintain the property and keep the taxes/insurance paid

In order to be approved for a reverse mortgage you must be 62 years or older and have equity in your home. If you fit this profile, you should consider a reverse mortgage to accommodate retirement rather than downsizing or renting. In addition, you could use the money from your reverse mortgage however you want!